NOVEMBER 2013 PRESTON HOLLOW UPDATE

NOVEMBER 2013 PRESTON HOLLOW UPDATE

On October, 15 neighbors sold and bought treasures at the fall garage sale in Preston Hollow. A board member visited all of those homes and enjoyed an opportunity to meet and greet the neighbors in a casual setting. Our gratitude and thanks go to homeowners Tim and Kathie Butler for enhancing the entry way with the colorful chrysanthemums they put into the ground last month.

On November 12 at the annual meeting, 34 homeowners were in attendance. Counting 24 proxies, a quorum was easily met to conduct further business of the Associations. Lisa Groeneveld was re-elected to serve for a two-year term. Unfortunately, John Cucinella and Joe Deller, both of whose terms will end in December, tendered their resignations, leaving the board with only four members, and a vacancy of two. John has worked hard and spent countless hours in tending to the common ground areas, resulting in savings to the Association. He was observed many times on his tractor or walking the grounds tending to the common areas. Thank you, John!

 Also, there are three vacancies on the Architectural Control Committee. The ACC duties consist of changes to property requests such as painting, cutting down trees, etc. It does not require a great deal of time and the community would greatly benefit from having members serve on the board, as well as the ACC. Please come forward and offer your talents to join the board or ACC. The next meeting is Tuesday, January 14, 2014 at 7 PM. In July 2013, the legislature passed amendments to the Florida Statutes 720 governing HOA’s. To that end, a requirement necessitated the filing of certain forms by the HOA board concerning revenue and expenses for 2012 by November 22, 2013.

The board complied with the new requirements which are listed here for your information: 2012 Actual Revenue - $34,660.20; Actual Expenses - $23,640.39. Further to the financial situation of Preston Hollow, a member asked the board whether an audit had been conducted of the Association’s finances. Treasurer Joe Deller explained that the HOA budget is well below total budget figures required by the State to warrant such a review, and that no previous audit has ever been undertaken. In previous years, the dues were steadily increased, but no audit was called for. The previous HOA treasurer commented she was pleased with the frugality of this board with respect to the board’s ability to transfer a significant amount from checking ($4000) to the savings account this year.

For two consecutive years, a transfer from checking to savings was achieved with $7500 in 2012. The board voted to conduct an internal review of the financial records for the 2012 and 2013 years at the close of this year. Plans are underway now to obtain a neutral individual to help with this review. We will keep everyone apprised of the results as soon as they are finalized and ask for your patience as the timeline is very short and the holidays are upon us. The HOA budget has been an open item on every agenda with a report of income and each expenditure noted.

The projected income and expenses through 2013 are as follows: Estimated Total Revenues at Year End: $28,727.40; Estimated Total Expenses at Year End: $23,540.14; Estimated Checking Account Balance at Year End: $12,866.00. And Estimated Savings Account Balance at Year End: $14,915.53. This figure for the Savings Account balance will increase with the addition of the $4000 agreed upon at the last meeting. At the meeting just past, the Treasurer recommended, and the board approved, a reduction of the annual assessment for 2014.

This is a savings to all homeowners at a time when all other expenses are rising. This is the second year this board has reduced annual assessments. For 2014 the amount will be $260. The board anticipates that due to the age of the electrical equipment, namely involving the lighting system and the maintenance of the sprinkler systems in the common areas, costs may be significant to repair or replace them. There are monies available in savings, if the need should arise. Unfortunately, after December and with Joe Deller’s resignation, the Community will be left without a Treasurer. He is owed a great debt of gratitude for his expertise and efforts on behalf of the Preston Hollow Community.

To all of you, the Board sends our Warmest Wishes for a great Holiday Season!

Sincerely,

THE HOA BOARD OF PRESTON HOLLOW