Meadowlark Village Condominium Association

Minutes of Special Meeting, December 5, 2023

Following notice to unit owners, the meeting was called to order on the Zoom platform by Director Leyden at 7:07 p.m., who welcomed unit owners to the meeting. She then turned the meeting over to Director Ramsay, who explained the the agenda and how communications would work. When asked by Director Ramsay, our representative from Great North, Sarah Grant, who served as Inspector of Election, confirmed that a quorum of 89 percent of voting power was in attendance in person or by proxy.

Following the confirmation of a quorum by Ms. Grant, Director Ramsay turned the meeting over to Director Flanagan, the Association's Treasurer, who discussed the Association's financial condition. In summary, Director Flanagan said the many if not all of the Association's normal and recurring expenses have increased due to inflationary pressures over the last four years following the pandemic. In addition, other unanticipated expenses have cropped up, including road, pipe, and chimney repairs as the Association's facilities have aged since it was established in 1972, more than fifty years ago. He explained that after a great deal of review by himself and board members, it was regrettably necessary to call for a vote on special assessment to replenish the reserve account. Director Flanagan explained how the special assessment would be collected: in two payments, one of January 1, 2024 and the second six months later, in order to help unit owners. Director Flanagan then asked for any questions or comments. 

Several unit owners asked questions and made comments. One unit owner asked whether, assuming the assessment was approved, the Association could take advantage of high yielding savings accounts now being offered by banks in to generate extra income. Director Flanagan indicated that is the plan. Director Ramsay then commented that while interest accrual would help the Association, the plan was not to use unit owner money unnecessarily by over-estimating the amount required for a reserve, but rather only to establish a reserve that would reasonably cover the Association's needs.  Another unit owner expressed his support for the special assessment, but disagreed with the Board's decision to raise dues. He further suggested that the Board should explore ways to cut costs, such as cancelling the bulk-rate subscription to Spectrum cable service and allowing unit owners to stream their TV content on an individual basis. He expressed his belief that all unit owners should vote on dues increases in the future, and requested that the Board furnish him with information about amending the Association's By-laws.  After those comments, another unit owner voiced thanks to the Board for their service, dedication, and the time they spend on behalf of unit owners of the Association.  A further comment by another unit owner was made about the interrelationship between the dues increase and the bolstering of the reserve account through the special assessment. Director Flanagan acknowledged this, but stated that the reserve account would be for unexpected or unanticipated events, whereas the the new dues level would be expected to handle ongoing, foreseeable and recurring expenses, all of which have increased over the last four years.  Finally, another unit owner asked for some assurance as to whether the level of the reserve account following the special assessment would be adequate to serve to Association's needs. Director Flanagan responded that he believed the Association's reserve would be sufficient for at least the foreseeable future absent any catastrophic events.

At the conclusion of the question and comment period, the unit holders were asked to vote. Following the voting of those unit owners who had not previously submitted proxies, the Inspector of Election tabulated the results and gave her report. The report showed that 89 percent of the total voting power was in attendance at the Special Meeting, that 83 percent of total voting power approved the assessment, and that 6 percent of the total voting power voted against the assessment. The assessment therefore passed, whereupon the meeting was adjourned at 8:14 p.m.

Respectfully submitted,

Jeff Werthan, Secretary