TEAL LAKE VILLAGE

ANNUAL MEETING

NOVMEBER 14, 2005

BAY CLUB

4:00 P.M.

The meeting was called to order by President Dick Rudy.

Dick introduced the Board Members:

            Vice President  -                       Dave Wheeler

            Treasurer                      -           Tom Kingston

            Secretary                      -           Carol Katuzny

            Landscape Chair          -           Dave Bobanick

            ARC Chair                   -           Doug Schiebel

            SBCA Liaison              -           Bill Browne

            Gary Moore                 -           Member at Large

Ballot measures were introduced.

Dick Rudy asked if everyone has voted; everyone had, so Betty Kingston and Tom Albus proceeded to tally the ballots.

Tom Kingston explained the 2006 Budget Plan, to be ratified.  The 2006 Budget Expenses are $169,887.  This is up 6.79% from the 2005 expenses of $159,744.  Our net worth of $73,862.93 on deposit at American Marine Bank is in a checking account, a savings account, and a Certificate of Deposit.  We have reached a point in our budget that the Board needs to decide if we should refund homeowner fees. The projected budget which Bob Duncan set up, projects that by the end of 2006 it will be necessary to start using our savings account and we will need to increase our dues by 2008.     It is most practical to leave the money in savings since it will start diminishing by the end of 2006.

Questions from the floor were called for:

Dan Darrow questioned why there is nothing in the column for PLVC donation.  Dave Wheeler explained this was a one-time donation to PLVC  of $4.00 per lot, in hopes other Villages would follow suit in order to help PLVC with their finances.  PLVC thanked us for our donation, but regretfully, did not pursue it any further. The Board felt it was not necessary for another donation since they are financially sound.

Jim Richards asked what the percentage of increase for the landscape budget has been projected.  The budget has projected a 10% increase each year, which Jim feels is higher than necessary.       The increase may not be as high as projected in the budget. Bids will go out for future contracts

Dick Rudy reported an Annual Audit was completed by a TLV  resident (CPA), with no charge to us.  There were no discrepancies, and a copy will be on public record at the Bay Club.

The new nominees for the 2006 Board members were introduced:  Gary Moore, Luanna Cooke, and Marge Haverstick.   The Board of Directors voted to have Marge Haverstick replace Lois Ruggles on the ballot after Lois withdrew her name.  Dick Rudy asked if there were any nominations from the floor.  There were none.  It was moved, seconded, and approved to close the nominations.

Any ballots not yet turned in at this time should be given to Tom Albus or Betty Kingston to finalize the ballot count.

Landscape Chair, Dave Bobanick reported on the landscape contract.  On July 25th, the Board approved a one-year contract with Four Seasons with a 10% increase for CY2006.  This is still less than the previous years contract.  Next year there will be other bids and possibly a three-year contract. Most contractors prefer one-year contracts.  Questions from the floor:  

            Are there any changes in the new contract?  No, the services remain the same.

            Will they continue pruning this year?  Yes, they are still pruning.

Several compliments on Four Seasons were heard from the floor, and hope they will continue as our landscape contractor in the future years.

            Dick Rudy expressed his pleasure of serving as our President for the past two years. He then thanked each Board Member.  A round of applause was given to the three Board Members retiring this year: Dick Rudy, President; Bill Browne, Member at Large and SBCA Liaison; Doug Schiebel,

ARC Chair.  Special thanks and applause was given to Bev Browne, Editor of our Teal Squeal.

            Dave Bobanick reported there are problems with our Teal Lake website.  Dave will work with Jack McKay, who is the webmaster of SBCA and The Golf Club websites, and hopefully will be able to connect us through the SBCA website.  It should be operational within two weeks.  If anyone needs landscape or ARC forms before then, they can be obtained at the Bay Club or from Block Captains.

            Betty Kingston reported on the result of the ballots.  There were 68 out of 97 ballots cast, which is more than required for a quorum.

The following are the ballot results:

              I.  Ratify 2006 Budget

                        Yes - 66

                        No  -   2

             II.  Waive Requirement for Formal Audit

                        Yes - 61

                         No  -  7

            III.  Approve New Board Members

                        Yes - 67

                         No  -  1

Thanks and applause were given to outgoing President Dick Rudy for an excellent job. Dick then thanked those homeowners for attending the Annual Meeting and invited everyone to enjoy cookies and coffee, complements of he and Adele.

It was moved, seconded, and approved to adjourn the meeting.

Respectfully submitted,

Carol Katuzny, Secretary