POA Board of Directors Meeting September 16, 2010

Governors Village Property Owners Association Board of Directors Meeting September 16, 2010 Draft Meeting Summary

President’s Report

Rosemary McGee gave the results of the Nominating Committee, and the board approved the following candidates:

Three-year terms

  • At Large Seat: Trent Leonard & Terrance O’Brien
  • Governors Lake Seat: Christopher Gamber
  • Governors Park Seat: Josephine “Jo” Watta

One-year remaining on unexpired three-year term

  • Townes of Governors Village Seat: Thomas Wilson

Financial Report

The POA’s financial position is good. Current position of income less expenses is $168,834 with some significant expenses not yet received.

Management Report

  • The 2010 Reserve Study is completed and the board approved a budget item to put $67,000 into the reserve account in 2011.
  • The firm of Petway, Mills and Pearson was selected to do the 2011 audit.
  • The board approved the 2011 budget. Highlights are as follows: Improvements for the lake and townes areas — $25,000, Improvements to neighborhood natural and physical assets — $25,000 There is no increase in the yearly assessment, which stays at $980 per year. The complete budget is available on the Talis web site.
  • Terrance O’Brien was approved as a new ARB Member.
  • The board approved research into available options to reduce the interest rate on our loan by Finance Committee member Peter Firoretino. Savings gained will be used to more quickly reduce the loan principle.
  • The board approved keeping the pool open one more week.

The Annual Meeting will be Thursday November 18th at the Mount Carmel Baptist Church