Board Meeting, July 17, 2024

• July 10, 2024

Minutes for the San Antonio Village Homeowners’ Association Board of Directors
Monthly Meeting on July 17, 2024

The Board Meeting was called to order by President Dawn Lucian at 7:00pm. Other Board Members present were Diane Kirchner (Vice President), Mike Porter (Treasurer) and Cindy Capra (Secretary). Also present were Daniel Ortiz (Manager) and 4 residents.

1. A motion was made by Cindy Capra and seconded by Mike Porter to approve the prior meeting minutes held on June 19, 2024.

2. Financial Statement: June, end of fiscal year 6/30/2024.

a. Waiting for adjustments from CPA, mid to late September. The financials are preliminary.
b. Income: At the end of June 2024 our total income was $699,458 or 98.8% of our budget plan. The $8200 difference to plan is due to interest income from investments not being booked yet.
c. Total operating expense for fiscal year is $740,611 on a plan of $747,580, or 103.3% of budget.
d. While administrative expenses were at $261,626 or 93.2% of plan, maintenance expense was $134,487 or 112.8% of plan. The overage in maintenance was due primarily to carport repairs over past 12 months.
e. Utilities under plan by $947 or 99.5% (gas under, water over).
f. Overall net income for fiscal year slightly higher than projection at 103.3%; rental income will increase for next fiscal with the rent increase notice to tenants.
g. Reserves: $314,315 spent this fiscal year. Reserve estimated $443,000; underspent by about $120,000. Daniel will investigate if the difference is due to replacing fewer roofs than estimated or if the replaced roofs were less expensive than estimated. $662,000 is the 2024-25 plan for reserve spending. Daniel will look at carports and what exactly the reserve is meant for in regards to carport repair.

3. CD Discussion:

a. Closed ARB CD.
b. Community West MM pays a little over 1%.
c. First Republic – 4.75% (Chase purchased bank about 7 months ago)
d. Mechanics West paying 4.5%
e. Montecito Bank – paying 2.85% matures December 3, 2024.
f. Mike will research better money market accounts and how to allocate for maximum earning potential. We need to keep in mind the need for emergency money and any penalties for early withdrawal.
g. Banc of California – will investigate what their interest rates are before we move money there.
h. Budget plan for this year is $40,000 in interest; as the reserve balance goes down the interest income will go down. We can explore using a broker for investment compared to just CD or money market with bank. We should also look into Treasury Bills and their potential for earning.
4. A homeowner submitted a letter regarding the roofers and how great their experience was.
5. Additional discussions:
a. Summer party caterer was secured.
b. There was a recommendation to remove the sign near section 2 entrance. It is an eyesore.

Meeting was adjourned 7:37pm.
Respectfully submitted by Cindy Capra, Secretary