OAK CREEK HOMEOWNERS ASSOCIATION INC.

Minutes of the February 2, 2004 Oak Creek Homeowners Board Meeting

Meeting started at 7:05 p.m.

Board members present: Beth Johnson, Tom Hytry, Fred Krug and Dave Hanck.

The following homeowners were also present: Connie Krug, Sarah Hahn and Arlene Wymer.

The board gives it sympathy to Sandy and Rick Worzala on the death of their daughter

Jennifer Worzala last month.

Treasurers: Report: Attached is a summary of last years expenses and the draft 2004 budget. The budget will be voted on at the March meeting.

Note on last year expenses – the Homeowners Association reserve increased by $12000.

By-Law: At the annual meeting it was suggested that the board look into a Covenant change addressing additions to existing houses in the sub-division. It was decided to postpone any By-Law changes until next falls annual meeting.

New Business: The board approved a motion to have the grounds committee plant two trees in memory Jim and Carol Koski daughter Alyssa who died last spring and for Sandy and Ricks daughter Jennifer.

Meeting adjourned: 7:35

Oak Creek Homeowners Association

Treasure’s Report, End of Year 2003

In 2002 we sustained some extraordinary expenses to refurbish Association property including a new roof for the Clubhouse and a upgrade of the landscaping surrounding the Clubhouse property. These improvements were necessary to maintain the allure of the common property and enjoyment of property owners. However, this left the Association assets depleted to the level of $18,867. The 2003 Board of Directors recognized that in order to bring our reserve assets to a reasonable level and maintain our property and services to a standard desired by the community Association dues must be increased. After careful consideration, the Board of Directors decided to raise property assessments to $75 per month. This was the first raise in assessments since the inception of the Oak Creek Homeowners Association.

A stipulation, tied to the raise in assessments before homeowner approval of the raise, required the Board of Directors to increase reserve funds by at least $5000 a year for the next 5 years. I am happy to report that at of the EOY 2003 the board has surpassed this requirement. As of December 31, 2003 Association reserve assets were increased by $12,149 to $31,016. This increase was not possible without the support and consideration for our budget by our operating committees. They are to be commended on their hard and diligent work to maintain an expected level of service and integrity of our physical facilities while at the same time being mindful of our situation and budget.

Increasing our reserve funds was not accomplished by neglecting our property. In 2003 a new pool heater was installed and the cost came in under budget. The clubhouse required many emergency corrections including a new water softener, replacement of our well pump, septic system pump out (for the first time ever, which led to additional cost in finding the septic tanks), a new exhaust fan for our pool pump room and repair of the cupola on top of the clubhouse. Because of the extraordinary costs required to fix clubhouse systems this year, we abandoned some planned improvements such as, interior painting and some new tables. Our Grounds committee succeeded in planting new trees at our entrances greatly adding to their appeal but again because of the extraordinary expense incurred by the clubhouse fixes, plans for resurfacing of the tennis courts were forgone. It is our intent that the projects delayed in 2003 will come to fruition in 2004.

The new Board of Directors and Committee Chairpersons are actively developing a new budget for 2004. The proposed budget was discussed at the Homeowners meeting on February 2, 2004. Ratification of the preliminary Budget (p3) will occur at the March homeowners meeting.

The operation of the association is solely accomplished through the association dues we all pay. Your Board of Directors realizes that many people would rather pay their association dues quarterly or semi-annually. However, because the association requires these funds to operate we request that if you would rather pay quarterly, semi-annually or annually, that you pay your dues at the start of the new period instead of in arrears. This will aid in preventing the association from having to dip into reserve funds to pay current obligations.

As you are aware, management of our Homeowners Association is accomplished by volunteers from our community. These people, as well as, your Board of Directors need your support, constructive feedback and yes, appreciation for the sometime thankless job they do in keeping our community operating and improving. Without these people that spend their time and energy in keeping our community operating optimally all of us would not be able to enjoy our facilities at the level we have become accustomed to. I urge everyone to take a more active role in the operations of your association by joining a committee or at the least attending homeowner meetings and providing your input or approval for the job that these people do.

Respectfully Submitted,

Fred T Krug
Oak Creek Homeowners Association
Treasurer

Attachment: 2003 Budget Summary Report, 2004 Proposed Budget

2003 Financial Results

* Administration Expense Included $5000 earmarked for “reserve”

2004 PROPOSED BUDGET

	2003	2003	2004
	Budget	Actual	Proposed Budget
Administration	$ 18,520.00	$18,245.24	$18,530.00
Pool	$ 16,921.00	$12,564.59	$13,150.00
Landscape	$12,225.00	$ 9,130.00	$12,500.00
Clubhouse	$ 14,050.00	$17,631.85	$17,120.00
Total	$61,716.00	$57,571.68	$61,300.00
	Includes $5000 Savings Reserve
Assets Goal 2004
$36,016.13