Second Meeting of the Finance Committee of the Aquarius Condominium

February 11, 2015 2:00 PM

AJ Mitchel, Chair, Eugenia Volcheck, Linda Staz, Sofia Ferenburg, Ilya Gnorovsky and several owners assisting.

Topics approached:

• Expenses with the refurbishing of the Gym considered high by some Committee Members. Impact windows and impact doors installed may have contributed to cost.
• Committee considered advisable the acquisition of new air conditioning compressors and accessories on both towers. The source of funds for this was not identified.
• Water bills in the high end. One reason may be the several tests conducted on the West Pool. In order to alleviate the Maintenance Budget some of this cost with water could be charged to the Capital Budget since the constant refilling of the West Pool is a consequence on the work being there performed in addition to the tests conducted in the entire deck to assure the absence of leaks in the waterproofing work.
• Andy will investigate the source of the authorization of the Balcony Edges Repair being executed by RTI. The estimated cost is around eighty thousand dollars. Thirty three balcony edges are being repaired as a result of a City of Hollywood building code violation ticket awarded to the Aquarius Condominium. This work is not part of the structural rebuilding of balconies recommend by the physical inspection conducted June and July 2014.
• Ilya G. recommends the hiring of a professional management company for the day-to-day maintenance work and supervision of major renovation contracts. Some members of the Committee believe it would be difficult to come with funds to cover the overhead a Professional Building Management firm would charge.
• Some members recommended a complete investigation of past administration. They offer the argument that there are many charges, bank transferences and other items hard to understand. The Finance Committee should work on these open questions. This recommendation, on the view of the Committee Chair AJ Mitchel and others, is not in the scope of the Finance Committee mandate. AJ Mitchel and others recommend the creation of another Committee for this specific purpose in order to allow the Finance Committee work inside the scope determined by the new Board of Directors. Investigation of past administration according AJ and others would be a distraction of the work cut to this Finance Committee.
• Meeting adjourned.