MEETING OF THE BOARD OF DIRECTORS OF PLAZA EAST ASSOCIATION
November 12, 2008
Pursuant to notice the Board of Directors of Plaza East Association, Inc. met in special session on Wednesday November 12, 2008 at 7:00 P.M. in the Ocean Room, 4300 N. Ocean Blvd., Fort Lauderdale, FL 33308. Directors in attendance were Robert Buehler, Donald Galczak, Richard Madey, Armando Namis, Jeanne Poore, Tim Smith and Alex Soufrine. Absent were James Brady, Rafick Henein, DiAnne Shumard and John Toklucu. Also present was Property Manager David Beswick. Mr. Smith chaired the meeting and Mr. Beswick recorded the proceedings. The meeting was called to order at 7:12 P.M. and began with the Pledge of Allegiance to the Flag. Being that there is no Secretary, President Smith directed Mr. Beswick to proceed with Roll Call. A quorum was established.
Thereafter, President Smith introduced Mr. Bob McMinn of Wells Fargo Insurance Services, Inc., who was present to speak about the newly-enacted State Statutes concerning mandatory insurance coverage for homeowners and associations. This included the mandatory coverage of all air conditioning units, and the responsibility of the Association. There was a lengthy question and answer period.
John Toklucu arrived at 7:17 P.M.
Thereafter, upon a motion by Mr. Madey, seconded by Mr. Galczak, it was unanimously voted to move the unallocated interest monies in the Special Assessment Accounts to cover the deficit in the Fire Alarm Special assessment Account.
Thereafter, upon motion by Mr. Madey, seconded by Mr. Toklucu, it was unanimously voted to produce and ratify a Resolution by the Board of Directors authorizing the use by the Property Manager, of a commercial credit card issued by Banco Popular.
Thereafter, Mr. Madey presented the proposed Annual Operating Budget for Plaza East for Calendar year 2009. The budget is based on expected expenditures and anticipated costs including employee benefits, insurance requirements and anticipated maintenance.
Thereafter, Mr. Galczak presented the proposed Annual Reserve Budget for Plaza east for Calendar year 2009. Mr. Galczak fully explained that State Statutes allowed for Reserve funding can be calculated using the Cash Flow, or Pooled Reserve Method rather than a Straight Line Method. This method, which was approved by the State legislature in 2002, would allow for fully-funded reserves to be collected on an as-needed schedule, and would result in a lower assessment for the membership. Mr. Galczak referred to the Reserve Study recently completed by Armstrong Associates and made specific reference to Section 7, pages 1-4 of said study.
Thereafter, upon motion by Mr. Toklucu, seconded by Mr. Namis, it was unanimously voted to adopt the pooling method for calculating and collecting Reserves.
Thereafter, upon motion by Mr. Madey, seconded by Mr. Galczak, it was voted to approve the Annual Budget for 2009 with Mr. Galczak, Mr. Madey, Mr. Namis, Mrs. Poore, President Smith and Mr. Soufrine voting in favor and Mr. Nuehler and Mr. Toklucu voting in opposition to the motion.
Thereafter, Mr. Galczak presented a motion to move the current Reserve Funds from the Straight Line Reserve to the Cash Flow Reserve. Mr. Buehler objected based upon the premise that the matter was not listed on the agenda for this meeting. The matter was dispensed of by scheduling a Special Meeting of the Board of Directors for Monday November 17, 2008 at 7:00 P.M. with only one item on the agenda: A Vote to Have the Membership of Plaza East Vote to Move the Total Plaza East 2008 Reserve Balance to the 2009 Plaza East Cash Flow or Pooled Method Reserve Account.
Thereafter, it was unanimously voted to adjourn at 9:40 P.M.
Respectfully Submitted:
David L. Beswick, CAM, CMCA, AMS
Property Manager