Annual Meeting Sept. 19, 2012

• September 30, 2012

SAN ANTONIO VILLAGE OWNER’S ASSOCIATION
MINUTES OF THE ANNUAL MEETING
SEPTEMBER 19, 2012

The Annual Meeting of the San Antonio Village Homeowners Association held on September 19, 2011 was called to order at 7:30pm by President Dawn Lucian. Present were Board Members Bettina Johnson, Lynn Nichols, and Jeff Litherland; Manager Karel de Veer, and twelve homeowners.

Call for Quorum: Karel de Veer announced that a quorum of homeowners was present with attendance and proxies.

Nominations for 2012-13 Board: All of the existing directors were candidates for re-election and each one gave a short presentation of their experience and time on the Board. There were no other nominations.

The treasurer, Bettina Johnson, delivered the Board of Directors’ Report:

The report explained how the final numbers from the SAV Fiscal Year
2011-12 fit into the context of our 30-year Capital Reserve Plan.

The SAV thirty-year plan is about reserving funds over the long term for such major expenses as new roofs, painting stucco and/or trim, asphalting roads, and pool maintenance with each of these items having it’s own time schedule.

For example, the roofs are scheduled for replacement in 2031 at an estimated cost of $1,400,000. Each year a portion of the cost is set aside in is the reserve account so that the project will be totally funded by 2031.

San Antonio Village Homeowner’s Association is made of a lot of different kinds of people: seniors, singles, married, some with children, etc. For everyone’s financial planning purposes we administer our 30-year plan in three-year cycles, evaluating our monthly fee in relation to our yearly Capital Reserve requirements. FY 2011-12 was the second year of the current three-year cycle. The FY 2012-13 which ends in June of 2013 will complete the three-year cycle

The Association frontloads our savings targets by reserving 40% in the first year, 33% in the second and 27% in the third, i.e. if our 3-year target was $300,000, we’d reserve $120,000, $100,000 and $80,000 respectively. This is partly because non reserve expenses can change unexpectedly and are subject to inflation. We also stay ahead to have the flexibility needed when for example the water rates changed and we weren’t sure of the impact, and we were required to have Village-wide back flow devices installed in the same year.

Another source of SAV Association income is from investments Until 18 months ago we had an excellent instrument from Fannie Mae paying 5%. Interest during the past few years have greater declined. Currently, our highest income is derived from $200,000 CD with Rabobank at 2.4%.

According to the South Coast Homeowner’s Association, with 126 Association members, the average association fee in Santa Barbara County is $410. SAV’s $330 rate places us in the lowest 20% of all associations.

Election Results: Dawn Lucian, Bettina Johnson, Carey Rogers, Lynn Nichols, and Jeff Litherland were re-elected for a one-year term.

The meeting was adjourned at 8:15 p.m.

Respectfully submitted,

Jeff Litherland, Secretary