Minutes from the October 18, 2016 CCDC Monthly Board Meeting
[Prior to the meeting, the Finance Committee met. (Board members present: Kim O’Brien, Mary Reed, Teri Taylor. Others present: Rose Gabriel.) Rose reported that she will share monthly credit card statements with the Finance Committee and will see that Mary receives copies of the timesheets when they are sent to the payroll processing firm. The proposed budget was discussed (specific notes included below under Agenda Item #2.)]
Board members present: Aubrey Carter, Paula Hern, Kim O’Brien, Mary Reed, Terry Taylor, Chris Thomas, Gregory Tran
Others present: Rose Gabriel (property manager)
1. On a motion by Aubrey, seconded by Teri, the minutes from the September 20, 2016 monthly board meeting were approved.
2. Rose gave the financial report. In September, we showed a net gain of $1601. The checking balance is $9861.53, and savings balance is at $129,000.
Teri presented the proposed budget for the next fiscal year. The budget shows $269,750 in income, and $284,491 in expenses, a net loss of $14,741. Since we ended the previous fiscal year with net income in the amount of $219,142, there will be ample funds to cover this imbalance. Three items on the budget were highlighted for discussion. Under Income/Grants, the $50,000 included anticipates returning to the Austin Housing Finance Corporation to request additional bond funds for the Alley Flat; if received, this will cover costs we had planned to pay from our own sources. Under Expense/Local Historic District, $4000 is included should we decide to pursue the LHD designation process. Under Expense/Loan Payment, $6000 is included to cover payments to HomeBase, but it is not known at this time if these payments will be required.
The budget included a 12% pay increase for property manager Rose Gabriel, a well deserved pay increase, and her first in a number of years.
In response to a question about the Expense/Renovations, repairs, supplies, Teri explained that the $28,404 budgeted is a ballpark figure and includes adding insulation and tankless water heaters to units, work that can only be done when there is turnover in tenants.
On a motion by Chris, seconded by Aubrey, the budget was approved unanimously.
3. Rose presented the property management report. One tenant remains behind due to a work-related injury, but is on a payment schedule and is getting caught up. The lease on the Neighborhood Center will be up at the end of the month. She is waiting to hear back on whether they will renew or not. Another lease that is up for renewal will be discussed next month in Executive Session
4. The foundation has been poured, lumber is on site, and framing is scheduled to begin on October 19. Rose will be taking photos as the project progresses. These will be shared on the CCDC blog (ClarksvilleCDC.org)
5. Mary reminded the board of the upcoming Halloween Haunted House, Saturday, October 29. 6:30-8:30 p.m. Admission will be $3/child. Tenants Brooke and Kate will be decorating the outside. Aubrey will work on this inside.
6. There was no Other Business
7. The board did not meet in Executive Session.