Certifying of Quorum & Call to Order
President, Sharon Dowling called the meeting to order at 5:05 PM, quorum present.

Roll Call
Sharon Dowling – present
Peter Tedone – present
Joe Dembek – present
Marc Larochelle – present
Mike Bisaha – present
Dennis Rosenfeld – present
Rik Shafer – present

Management Present

Bonita Vandall, LCAM, CMCA, AMS, CBA, PCAM from The Wright Community Management, LLC. was present as well as other unit owners in the social room and on the zoom meeting.

Proof of Notice of Meeting

The Notice and Agenda was confirmed by email to all owners and placed on the bulletin board.

Presentation of The Budget

Sharon Dowling explained the proposed and stated an updated option 2 of the budget was emailed as well. Dennis Rosenfeld spoke to the members concerning the sale of his unit and that the maintenance is higher than other buildings in the area. There are buildings that have hurricane impact windows for the entire building and their maintenance fees are lower. When you sell there is a capital gains tax deduction for assessments but not for maintenance fees. Peter Tedone agreed with Dennis in his assessment of the fees. Peter Tedone is investigating how many units still require impact windows and doors as well as the common area windows and doors. Hopefully next year this time, we will have a clear direction on how to capture those savings.

Sharon further explained the budget operating expense increases and decreases for the year. The insurance is the largest part of the budget at $288,180 this year which includes an anticipated increase for commercial insurance and flood insurance when we renew in August and October. The largest expense in utilities is water and we expect to pay over $2000 a month. Sharon explained the reserve schedule including the SIRS reserves. Sharon recommended Option 2.

By proper motion by Peter Tedone, seconded by Marc Larochelle, Option 2 of the budget was approved with a greater amount being funded to the assessment.

Adjournment

There being no further business to be brought before the Board, by proper motion by Sharon Dowling, seconded by Joe Dembek the meeting was adjourned at 5:29 PM.