Meeting of the Board of Directors of Aquarius Condominium

Date: January 5, 2016

Location:  2751 S. Ocean Drive, Hollywood, FL 3019 at the Multipurpose Room of Aquarius

complete proposal available here  →    2016 BUDGET AND RESERVES

Minutes of the Board of Directors Meeting for 2016 Regular Assessment and Reserves Funding.

1. Meeting called to order 7:10 pm.
2. Proof of Notice of meeting: certified by the BOD Secretary Linda Satz.
3. Quorum of the Board of Directors certified by BOD Secretary Linda Satz. Present: Ilya Gonorovsky, Linda Satz, Sofia Feremburg, Boris Eydelnant and Eugenia Volcheck. Quorum of owners required by Law to decide on the approval of Reserves not obtained. Proposal to start with the Budget discussion and conduct second quorum verification at later time.
4. Bill Colleman, Regional Manager of Atlantic Pacific Management, Aquarius Condo. Management firm presented the 2016 budget. The 2016 Budget has the same grand total of the 2015 budget. Regular Assessment (Maintenance quotas) will not change if budget proposal is approved. Budget proposal was prepared with a zero base approach. Some additions on hours of Security Personnel, Pool  Services,  Management fee, improved health insurance and a few merit pay increases on regular staff are possible thanks to some reduction on insurance premiums. Mr. Colleman assures owners that all staff will have their payments maintained or improved under 2016 budget. Some owners express concern about the way the BOD handles personnel matters with frequent layoffs. Mr. Colleman assures the total correctness of A&P handling the legal aspects of the payroll. Owners raised questions regarding costs incurred in 2015 such as fine for the dismissal of the Andrew Surdovel. Mr. Colleman informed that fine would be paid up by A & P Management without onus for the Aquarius.  Elevated legal counsel fees: The President of the BOD informed that the legal fees were already brought into acceptable level and no increases are foreseen.
5. General aspects presented by Mr. Colleman: He believes this budget without any increase will be able to support the regular maintenance of the building even considering the pressing needs of an aging building. In Mr. Colleman experience well maintained buildings that avoid surprise large special assessments have reserves. He recommends a long range plan where the “life expectancy” of al facilities and installations such as elevators, air conditioning, concrete, other appliances, paint, floors are established and regular replacements and repairs are timely done.
6. The proposed US $ 4,333,872.80 proposed budget for Reserves, is in Mr. Colleman assessment adequate for the most immediate needs of the building. A more complete evaluation would require specialized personnel to evaluate the needs and preparation of a solid propose a long range master plan.
7. The Board votes on the Regular Assessment 2016 Budget for maintenance and approves the US $ 2,288,828.03. The motion carried with 4 votes to 1. Linda Satz, former Treasurer and present Board Secretary, votes against the proposed budget in the grounds it is not sufficient to cover the real needs of the Condominium Association. She also pointed out current deficit in the 2015 budget has not been addressed by the BOD.
8. David Slavin, Resident Manager of the Condo. Association reports that the quorum to consider the funding of Reserves was not met. Colleman informs that the owners have 90 days to reconvene and, if so desired, reject to proposed Reserves. If there is no formal rejection of the reserves they, according to Florida Law, should be imposed.
9. Meeting adjourned.

Minutes recorded and submitted by Linda Satz, Board of Directors Secretary for the Aquarius Condominium Association.

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