Prestonfield HOA Wiki

Board Packet — October 10, 2019 (PSI Management Report 297)

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Summary

91-page PSI Management Report prepared for the October 10, 2019 Board meeting. Covers the 2020 budget proposal, active vendor contracts, the August 2019 balance sheet, an accounts receivable aging report (9/30/2019), a KSN legal status report, Hey & Associates’ natural area management proposal for 2020–2022, and the new Apex Landscaping contract extension through 2022. Also contains the embedded July 2019 board meeting minutes (already ingested as minutes-2019-07-11).

Note: PDF was originally ingested from a pre-compaction session summary. Subsequently re-read directly with Poppler/pdftotext and verified. The budget figures below reflect the October proposal — the Board revised the reserve contribution upward before formal November adoption. See board-packet-2019-11-14 for the adopted figures.

Key Provisions

  • 2020 assessment proposed at $312/unit — flat from 2019; 0% increase. 215 units × $312 = $67,080 total assessment revenue. (This is the October proposal. The November adoption raised it to $320.02/unit after increasing the reserve contribution — see board-packet-2019-11-14.)
  • 2020 reserve contribution proposed at $5,000 — 6946 Operating Contingency Reserve: $0; 6950 Replacement Reserve: $5,000. Below the 2014 Waldman Engineering study’s recommended $7,535 for 2020. (The November adoption raised this to $6,725 — still below Waldman’s recommendation but substantially improved.)
  • 2020 budget total (October proposal): $67,080.09 — operating $62,080.09 + reserve $5,000 = $67,080.09.
  • PSI contract renewed through April 30, 2021 — Addendum A to the management agreement (PSI Addendum A effective January 1, 2020) covers 5/1/2019–4/30/2021.
  • Apex Landscaping 2020–2022 contract — dated October 2, 2019: 2020: $15,720 + $1,725 aeration; 2021: $15,720 + $1,725 aeration; 2022 (optional): $16,200 + $1,800 aeration.
  • Hey & Associates 2020–2022 proposal — proposal 19-0316, dated September 11, 2019: 2020: $8,500; 2021: $8,500; 2022: $14,000 (adds prescribed burn + additional services).
  • PSI management team change — Julie Maggio (CMCA, Property Manager); Brittany Kojzarek (COO, CMCA, AMS, Regional Manager); Victoria Kritikos (Assistant Property Manager).
  • ARC report (7/12/2019–9/30/2019): One solar panel application approved 8/8/2019 — [address redacted per routine A&A exemption for addresses; owner name redacted].
  • August 2019 balance sheet: Total Assets $278,629.93; Total Reserves $224,436.77 (OC $10,483.40 + Replacement $213,953.37); Two Barrington Bank CDs: $51,223.82 (1.95%, matures 1/2/2020) + $71,713.35 (2.55%, matures 1/2/2021).
  • Choice Services fence post proposal: Option 1 — 160 green treated posts $38,051.43; Option 2 — 160 galvanized posts $45,025.15. Board requested additional proposals; ultimately chose First Class Fence at $42,360 (see minutes-2019-11-14).
  • Historical reserve contribution (per budget worksheet 5131): 2011–2016: $6,000/yr; 2017: $6,896 actual; 2018: $7,103 actual; 2019: $4,417.27 actual (replacement only; +$970 OC = $5,387.27 total).
  • Historical assessment income (per budget worksheet 5111): 2008 actual: $53,341; 2009: $52,402; 2010: $60,622; 2011: $63,681; 2012–2013: ~$61,900–$61,949; 2014–2015: ~$56,039; 2016: $56,673; 2017: $56,472; 2018: $57,497; 2019: $61,693; 2020 budget: $62,080.
  • Rollins confirmed as pond aerator service provider (seasonal).
  • Cukierski & Cochrane engagement confirmed through 2020 fiscal year.
  • Commercial lot contribution: $647.51/year (26.44% of Outlot 218 costs) credited against operating budget.

Topics Covered

hoa-annual-finances, assessment-structure, vendor-contracts, assessment-collection-policy, reserve-study-findings, cost-share-arrangement

Notable Details

  • PSI contract end date correction: Prior ingested records (October 2018 board packet) showed PSI contract running 5/1/2017–4/30/2019. This packet’s Addendum A shows a renewal for 5/1/2019–4/30/2021, extending PSI’s confirmed tenure by two years. The wiki’s prior record of “5/1/17–4/30/19” for the PSI contract was incomplete.
  • Apex Landscaping extension correction: The October 2018 board packet showed Apex’s contract running 4/1/2018–11/30/2019. This packet contains a full Apex contract for 2020–2022, meaning Apex continued well beyond November 2019.
  • Reserve underfunding trajectory (October proposal): The October 2020 budget proposes only $5,000 for reserves versus the Waldman study’s $7,535 recommendation — a 34% shortfall. The November adoption raised this to $6,725 (still 10.7% below Waldman’s recommendation).
  • Budget revision between October and November: The reserve contribution increased from $5,000 → $6,725 between the October proposal and the November adoption, raising the annual per-unit assessment from $312 → $320.02 and the total cash required from $67,080.09 → $68,805.09.
  • 215 vs. 217 units: The budget worksheet uses 215 units for revenue calculation (215 × $312 = $67,080), consistent with prior packets. Open question persists.
  • KSN eviction timing: Eviction filed 9/16/2019 ($3,891.50 balance); court date 10/9/2019. One earlier case resolved at a home sale closing on 8/16/2019. Homeowner details redacted per Hard Rule 11.

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