Summary
The October 2023 board packet covers the October 26, 2023 meeting held at Aurelio’s Pizza. It includes the July 2023 Annual Meeting and board meeting minutes, reduced financials through September 30, 2023, the contract log, and the 2024 draft budget. The meeting minutes from the July 2023 Annual Meeting (election results, board composition) are separately documented in minutes-2023-07-20.
The embedded October 26, 2023 meeting minutes (included in the January 2024 board packet) confirm that the 2024 budget was approved, streets in Prestonfield are scheduled for repaving in 2025–2026, the Kwik Trip PUD is dead, and no traffic light at Rt 59/Heritage Woods will be installed until a business opens on the east side of Rt 59.
Key Provisions
- Balance Sheet (9/30/2023): Total Assets $330,995.91; Reserves $231,318.76; Operating $81,220.98; Net Income YTD $31,769.73
- New CD #1125 (mat. 7/24/2024) at $131,546.71 — proceeds from two May 2023 CD maturities reinvested
- Contract log: API escalated to $14,578/yr (new 11/1/2023–10/31/2024 term); Fisher Burton mulch $4,585 (confirms May 2023 add-on was approved); State Farm now $4,016; Travelers now $590; CAIS $600
- 2024 Budget approved at this meeting
- Streets in Prestonfield: repaving scheduled 2025 and 2026 per City of West Chicago
- Kwik Trip PUD dead — must restart entire process; board considers it unlikely to proceed
- No traffic light at Rt 59/Heritage Woods until business on east side of Rt 59; developer bond expired, no escrow left
- Monument on Rt 59 flagged for rejuvenation in 2025 budget
- Hey & Associates directed to clear overgrown trees at sidewalk near park
Topics Covered
hoa-annual-finances, vendor-contracts, community-areas, assessment-collection-policy
Notable Details
- Fisher Burton mulch total of $4,585 = base $2,960 + the $1,625 island/parkway add-on proposed in May 2023 — confirms the add-on was approved
- The CD #1125 at $131,546.71 (mat. 7/24/2024) represents the reinvestment of two CDs that matured May 2, 2023 ($75,802 + $53,323 = $129,125 + accrued interest)
- AR gross $18,503.06 as of 9/30/2023 — elevated from year-end 2022 ($9,062) due to Q1 billings and accumulated delinquencies