MAGNOLIA SQUARE

CONDOMINIUM ASSOCIATION, INC.

 

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MINUTES OF MEETING OF THE BOARD OF DIRECTORS   

REGARDING 2009 PROPOSED OPERATING BUDGET

 

The meeting of the Board of Directors was held on Monday November 10, 2008 at the Association Clubhouse.  Notice of the meeting was posted in various locations within the common property.  A copy is attached.

 

The meeting was called to order by President Ray Biggart, at 6:30 p.m.

 

Present:  Ray Biggart, Frank Corbeil, Sarah Hengstebeck, Steve Leonard, Barb Peacock, Managers Joyce Adams & Scott Dvorak

Unit Owners present:  Sign-in sheet attached

 

Ray Biggart gave a brief overview of the Magnolia Square 2009 proposed operating budget.  He explained that the 2.9% increase in the budget is primarily due to the increase in insurance, as well as increases to electric and water.  This translates to a $6.00 per month increase in assessment fees.

 

Motion made by Frank Corbeil and seconded by Barb Peacock to approve the 2009 operating budget.  Carried unanimously.

 

There being no further business, Ray Biggart moved to adjourn the meeting.  Carried unanimously at 6:40 p.m.

 

 

Respectfully Submitted,

 

 

Barb Peacock

Secretary

 

Minutes not Approved