November 17, 2010

Annual Homeowner’s Association Meeting

Meeting Purpose

Communicate past achievements and coming changes

Review the 2010 budget

Adopt the 2011 budget

Community communications: (Two way dialogue & Q / A)

Nominate & elect two board members

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AGENDA

7:00 to 7:15 Call to Order Introductions Accept 2009 Annual Meeting Minutes

7:15 to 7:45 Presentations Highlights of 2010 Changes in Common Interest Ownership

Act

7:45 to 8:15 Budget Review 2010 - Plan vs. Actual Adopt 2011 Budget

8:15 to 8:45 Community Communications

8:45 to 9:00 Nominate & Elect Two Board Members

9:00 Adjourn & Refreshments 3

BOARD MEMBERS in 2010

President Marie MacDonald6 Timothy Lane

Vice President Bobby Woods 22 Arrowwood Lane

Treasurer Jeff Olmstead15 Timothy Lane

Secretary Ann Hanks 36 Arrowwood Lane

Assistant Patrick DeLorenzo Secretary 15 Timothy Lane

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2010 Highlights

Balanced Budget

Funded Reserve Accounts

Ownership of Knoll Area Researched and Discovered

Home Designations Corrected on Town Records

1. Achieved best possible financial outcome in difficult economic times

2. 4 of 5 Board Members attended CIOA meetings this year

3. Three home resales completed in subdivision

4. Completed the final phase of the root collar excavation on the common area trees

Notable activity:

5

Common Interest Ownership Act

Act was amended and signed into law by Governor Rell

(effective July 1, 2010)

• Requires additional insurance (‘fidelity’ policy)

• Specific requirements for meetings, recordkeeping, notices and governing documents -- most of which we

were already meeting

• Allows some discretion in enforcing rules

… most comprehensive overhaul in laws for associations in 25 years …

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Other Highlights

Welcoming Committee – Visited and welcomed 2 new neighbors

Covenant Committee – Reviewed and approved homeowner improvement projects

Tag Sales – Spring sale was small, but successful

Community Event – Picnic get together was held in July at the free concert on the Bloomfield Town Green

Website – News, updates and info are easily accessed

Beautification – Russo planted flowers at entrances and in several cul-de-sacs

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2010 Plan vs. Actual

CategoryBudget

PlanProjected

Actual

Actual is over or (under) budget by:

Notes

Administration 3,500 3,875 375 Includes $887 for collection

fees

Maintenance (Snow Plowing, Lawn Mowing, Fertilization & Weeds)

32,836 32,836 0

Tree Services 4,300 4,282 (18) Includes cost of Root Collar Excavation of Common Trees

Insurance 1,900 1,631 (269)

Legal Services 1,800 2,024 224 Actual includes legal expense

associated with Knoll research

Utilities - Water 2,000 2,009 9

Utilities - Electric 2,400 2,250 (150)

Infrastructure (improvements/repairs)

0 0 0

Reserve Fund 3,500 3,500 0

Capital Fund 4,100 4,100 0

Unplanned 0 398 398

Total Budget 56,336 56,905 569

Maintenance fees generate $56,760 $215 per Qtr per Home8

2011 Budget ProposalCategory Budget

Administration 3,750

Maintenance (Snow Plowing, Lawn Mowing, Fertilization, Weeds, Plantings & Mulch)

32,836

Insurance 1,750

Legal 2,000

UtilitiesWater 2,000Electric 2,400

4,400

Infrastructure Maintenance 0

Reserve Fund 2,000

Capital Fund 6,400

Budget for Maintenance Fee Delinquencies

3,440

Total $56,576Assumes income from maintenance fees of

$56,760 ($215/qtr. x 4 qtrs. X 66 homeowners)

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Current Account Balances

Checking Account (cash) $5,073.09

Reserve Fund (money market) $18,259.60

Capital Expenditure Fund (money market) $9,906.03

Capital Expenditure Fund (CD) $10,304.10

Total Liquid Assets $43,542.82

as of November 15, 2010

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Reserve Fund - dollars reserved for unplanned projects (i.e., emergency situations)

Capital Expenditure Fund - dollars accumulated for planned future projects (i.e., road

repaving)

Fund Definitions

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Outstanding Maintenance Fees (More than one quarter late, including acceleration and

penalties)

Date # of homeowners Amount

November, 2008 2 $3,650

Mid-October, 2009 7 $9,325

Mid-October, 2010 9 $17,160

Change

Since Last Year $7,835

as of November 15, 2010

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Overdue Maintenance Fee Breakdown

(By Street)

Street # of homeowners Amount

Spring Hill Lane 3 $5,830

Spice Bush Lane 3 $6,210

Quail Run Lane 2 $3,520

Arrowwood Lane 1 $1,600

as of November 15, 2010

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Homeowner Input & Questions

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2 Board Positions Are Open for ElectionNomination & Election

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