Riverside Terrace

Board Budget Meeting Minutes

December 12, 2017

Call to Order:
The meeting was called to order at 12:00 p.m. at the Riverside Terrace Social Room.

Establishment of Quorum
Members present: Barbara RowBotham,Sharon Dowling,Tom Cassidy, Pierre Forget,Barbara Ellis, Bill Todd, Dan Creedon, Dan Taylor, Harold Hernandez representing TMG Management. A quorum was established.

Approval of previous meeting minutes
Motion: to waive reading of previous meeting minutes by Barbara Ellis. (2nd) by Dan Creedon. All in Favor. Motion Passed.

Budget Report
Sharon Dowling reported the proposed 2018 budget per line item provided to all unit owners and Board of Directors. Sharon explained there are two options. Option (1) to fund the common area at $6000.00 or Option (2) at $12000.00 with option (2) there will be a increase of $36.00 per unit per quarter for common area improvements that being the only
difference between the two.

Motion: to adopt option (2) budget for 2018 by Dan Creedon. (2nd) by Barbara Ellis. All in Favor. Motion Passed.

Rules and Regulations
Motion: was made by Bill Todd to accept corrected Rules and Regulation Book. (2nd) by Dan Creedon. All in Favor. Motion Passed.

Fining Committee
Motion: was made by Dan Creedon to establish a fining Committee. (2nd) Tom Cassidy. All in Favor. Motion Passed.

Adjornment
Motion: to Adjourn the meeting at 1:15 pm by Barbara Ellis. (2nd) by Sharon Dowling. All in Favor. Motion Passed.