Professional Documents
Culture Documents
BOARD OF DIRECTORS
KEY ROYAL CLUBHOUSE
THURSDAY, OCTOBER 9, 2008 @ 6:30 P.M.
Call to Order - The meeting was called to order at 6:32pm by Joe Kalinowski, President.
Roll Call - Roll Call was taken and all Directors were present.
Approval of Minutes – A motion was made to approve the Meeting Minutes for the
meeting held on June 25, 2008. Approved by vote of 3-0.
Old Business - Gate installation has begun. On October 6 the first phase began with the
removal of a bougainvillea where a new gate arm controller will be installed.
Additionally, a new concrete pad was needed to anchor the controller. Progress slowed
temporarily due to inclement weather. New exit gate comprised of two swing sections
with two heavy duty operators. Completion expected week of October 13, followed by
reprogramming of codes, etc.
Officer Reports
Presidents Report –
• Joe Kalinowski reviewed a proposal from Elias Brothers to provide painting
services for the community at a cost of $232,148 if signed before end of year.
• This includes painting all 17 residential buildings and clubhouse along with
compactor out building. Includes exterior of buildings, front entry doors, exterior
door frames.
• Additionally, breezeways and stairways would be painted with two coats to treat
stains and cracks.
• As of this discussion lanais would be optional and require an additional $85 to
paint walls and ceilings per lanai.
• Steve Rodeiro interjected that painting payments will be made after job
completion with 50% upon completion and then 12 equal monthly payments with
no interest charge.
• Delinquencies and foreclosures are at an all time high. As of the meeting
$174,112 is owed with a portion of that being from the new quarter ($80,636) and
the remainder ($93,476) in arrears from previous quarters.
• An update was given on the status of reserve monies being moved to Certificates
of Deposit. A deal had been struck in late June to provide for 3.45% on CD's and
went into effect with deposits in July. Balances were given for each CD. (also see
below Treasurers report)
Treasurers Report –
Ken Stephens reported the following financial balances:
• Operating Account Balance stands at $84,909.27
• Insurance Escrow Account Balance - $24,086.02
• Egress (Laurel Lakes Easement) Account Balance - $7,037.03
• Overall Reserve Balances (breakdown below) - $260,415.54
CD #1 - $100,699.95
CD #2 - $50,349.97
CD #3 - $50,349.97
• Progress on metering the lake fountain has been slow due to low number of bids
received. Cost of those have been prohibitively high. In the meantime we will be
computing how much we owe based on power ratings for the fountain and street
light.
8204 Key Royal Circle
Naples, FL 34119
Phone: (239) 304-3266
Fax: (239) 304-3270
• Median improvements of a non-landscaping nature would cost approximately
$4,000 and bids are being solicited to clean up the mulch and
plantings.. Also, there has been discussion to add two more street lights on the
Laurel Lakes Blvd.
Budget Committee
• Two meetings were held on September 25 and October 7 to discuss proposed bud
get numbers for 2009.
• After working through the various big tickets increases, looking at reductions and
cost cutting are possible there was consensus that a modest increase in
assessments for 2009 was needed.
• Suggested increases were in the range of $30 to $50 per quarter which translates
to no more than an 8% increase over the current 2008 budger numbers.
• Final budget numbers will be presented at the Annual Budget Meeting.
• We are entering the 6th year of existence (building wise) and have seen several
big repairs over the past several months. This will continue and the possible
increase will allow the Association to take a more proactive stance to
maintaining the community.
Management Report
New Business