BOARD OF DIRECTORS MEETING MINUTES
Tuesday, April 20, 2021
BOARD MEMBERS PRESENT
Joe Engle, President; Sandy Bagley, Secretary; Ed Ring, Vice President; Victor Blanc, Treasurer
BOARD MEMBERS ABSENT
None
MANAGEMENT COMPANY REPRESENTATIVE(S) PRESENT
Ellona Hess and Josie Fajardo of Scott Management Company (SMC)
CALL TO ORDER
The following are the minutes of the 555 Esplanade Condominium Owners Association Board of Directors open session meeting, held on Tuesday, April 20, 2021 via Zoom. A quorum of Board Members was established, and Mr. Engle called the meeting to order at 10:03 AM.
HOMEOWNERS FORUM
Homeowners were provided with the opportunity to address the Board regarding items of interest or concern, in accordance with the open meeting act, CA Civil Code 4925(b).
APPROVAL OF BOD MEETING MINUTES (03.16.21)
MOTION Mr. Engle made a motion to approve the March 16, 2021 meeting minutes as prepared. Ms. Bagley made a second to the motion. The motion carried with all in favor.
APPROVAL OF FINANCIAL REPORTS (FEBRUARY, MARCH)
As of February 28, the Association had $72,188.66 in operating funds and $1,004.621.92 in reserves. There were no accounts in collections as of February 28, and ($11,002.29) in receivables.
As of March 31, the Association had $141,220.81 in operating funds and $1,005,110.68 in reserves. There were two (2) payments processed out of the reserve account in the month of March: 1) $4,000 to Byers & Butler to replace the overhead vehicle gate operator, and 2) $7,640 to Moffitt Electric for LED lighting improvements. There were no accounts in collections as of March 31, and ($1,477.57) in receivables. The Association is current with the monthly reserve contributions, each in the amount of $9,400.
CD LADDER PROGRAM LAUNCH
The Association will invest $550,000 of reserve funds into laddered CDs through Merrill Lynch, with the guidance of Sirus Turkzadeh, Senior Portfolio Advisor. This action will ensure that the funds are covered by the FDIC.
MOTION Mr. Engle made a motion to purchase CDs with reserve funds as follows: $150,000 with a maturity date of August 23, $100,000 October 21, $100,000 January 21, 2022 and $220,000 April 21. Mr. Ring made a second to the motion. The motion carried with all in favor.
OLD BUSINESS
- 517 Balcony Deck Repairs
- Balcony Railing Repairs by ProTec
- Exterior Retaining Walls
- Sundeck Resurfacing & Spa Cover
- Gym Room Fan Repairs
- Hydrojetting
- Digital Unit Door Locks, Policy & Procedure
MOTION Ms. Bagley made a motion to adopt the Policy as proposed. Mr. Blanc made a second to the motion. The motion carried with all in favor.
- Tree Trimming
MOTION Mr. Engle made a motion to accept the proposal, for a total amount of $2,275, which takes into account Rancho removing a few trees at no additional charge. Ms. Bagley made a second to the motion. The motion carried with all in favor.
- Insurance Policy Renewals (May 14)
MOTION Mr. Engle made a motion to accept the renewal proposals, with funds to be borrowed from the reserve account to pay for the premium(s) in full, with a plan to pay back the loan within a twelve (12) month period by way of monthly payments. Mr. Ring made a second to the motion. The motion carried with all in favor.
NEW BUSINESS
- Surveillance Camera System, Upgrade Cameras & WiFi
MOTION Mr. Engle made a motion to move forward with recommendations by Mr. Blanc and Mr. Ed Ring for an amount not to exceed $5,000. Mr. Ring made a second to the motion. The motion carried with all in favor.
- Electric Vehicle Charging Stations
- Gym Reopening, Protocols
- Annual Meeting, Inspector of Elections
MOTION Mr. Engle made a motion to accept the proposal by Elect 2 Inspect, for full Inspector of Election services, for a fee of $700. Ms. Bagley made a second to the motion. The motion carried with all in favor.
- Repairs to Common Doors (555 S Wall Main Entrance, 535 N Wall 1st from West)
ADJOURNMENT | CONFIRM NEXT MEETING DATE
The meeting was adjourned at 12 PM. PM. The next meeting of the Board is scheduled to take place on Tuesday, May 25, 2021, 10 AM via Zoom.
EXECUTIVE SESSION
An executive session was called to order at 12:01 PM to review the executive session meeting minutes, the aging report, and governing document enforcement matters. The meeting was adjourned at 12:25 PM.