Prestonfield HOA Wiki

Board Packet — November 21, 2022 (Budget Adoption Meeting)

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Summary

This is the board packet for the November 21, 2022 budget adoption meeting, held at Aurelio’s Pizza. The packet is 29 pages, text-based. It contains the October 31, 2022 balance sheet and income statement, AR aging report, contract log, the 2021 cost share chargeback email (third appearance — same as April and July 2022 packets), Hey buffer reestablishment proposal (now signed 10/25/2022), and the 2023 proposed budget (pages 21-22 were image-embedded and did not extract; adoption outcome confirmed in the ingested minutes-2022-11-21 at $350/unit).

Key new data: October 2022 financial snapshot; fence insurance windfall ($4,000 received vs. $1,690 repair cost); Rollins Aquatics confirmed active in October 2022 (winterization at $108.75); statement fee line item ($25/month) appearing in AR for the first time; RV fine ($700) in AR.

Key Provisions

  • October 31, 2022 balance sheet: Operating $71,411.84; Total Reserves $220,974.83 (MM $37,650.21 + CD-4383 $75,802 + CD-3330-2 $54,221.53 + CD-5236-2 $53,301.09); Total Assets $308,414.95; Replacement Reserve equity $190,411.65; YTD Combined Net Income $37,046.95
  • October 2022 income statement (YTD): Total Operating Income $78,787.64 vs. budget $71,927.40 — over by $6,860, driven by fence insurance proceeds and fines. Owner Assessment YTD $64,655 (essentially fully collected); Fines $700; Other Income $4,789.16. Reserve Interest YTD $787.47. Total Operating Expense $49,879.16 vs. budget $67,670.50 (under budget — seasonal timing).
  • Fence insurance windfall: $4,000 check received September 1, 2022 from driver’s insurer (American Alliance). Repair cost was $1,690 — net gain to HOA of $2,310. Manager’s note: “The association only paid $1,690 to repair it!”
  • Rollins Aquatics confirmed active October 2022: Winterized the aeration system at end of October 2022 for $108.75. Latest confirmed Rollins activity in the ingested record.
  • AR aging as of October 31, 2022: Gross $16,075.17; Prepaid credits ($5,131.48); Net balance $10,998.29. New vs. prior reports: “Statement Fee 2022” ($725 total) reflects $25/month fee formalized July 2022; “Fine (Extra Fee) 2022” ($700) is the RV fine. Three accounts in KSN legal collections.
  • Buffer reestablishment (283 Hemlock Lane): Hey proposal signed October 25, 2022; work scheduled for last week of November. Homeowner paid $1,500 to API — confirmed as ($1,500) prepaid credit in AR.
  • Burn update: Hey waiting on subcontractor scheduling as of November 2022.
  • 2023 budget: Mailed to homeowners October 12, 2022. Budget pages image-embedded; did not extract. Adoption outcome: $350/unit assessment confirmed in minutes-2022-11-21.
  • Contract log: API $12,960/$13,390/$13,568 (three annual rates); Fisher Burton $14,120 (2022), $15,320 (2023), $16,400 (2024); Hey $9,000/yr (2023/2024/2025); Cukierski & Associates $1,850 (compilation) + $514 (tax return).
  • Solar panel approval: 397 Post Oak Circle approved for solar installation (consistent with Board policy). Three routine roof replacements also approved; not separately tracked.

Topics Covered

hoa-annual-finances, assessment-collection-policy, vendor-contracts, solar-panel-installations, violations-and-fines

Notable Details

  • The embedded July 21, 2022 minutes confirm details already captured in minutes-2022-07-21, including the RV fine: $700 ($25/day x 4 days/week x 7 weeks) after homeowner requested hearing but did not appear.
  • The fence insurance recovery ($4,000) substantially exceeded the repair cost ($1,690), producing a $2,310 net gain. Appears in income statement “Other Income” line.
  • The 2021 cost share chargeback email thread appears for the third consecutive board packet (April, July, November 2022), confirming the Board continued to table the item through year-end.
  • Rollins Aquatics winterization at $108.75 in October 2022 is the most recent confirmed Rollins activity in the ingested record. Resolves the standing open question about Rollins status after 2021.
  • The ($1,500) prepaid credit for 283 Hemlock in the AR reflects the homeowner’s payment for the wetland buffer damage — the HOA invoiced and was paid before this meeting.

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