TIME & PLACE: 7:00 PM on Thursday, January 8, 2009 at the Moorage Office (C-7) located at 2630 N. Hayden Island Drive, Portland, Oregon, 97217.
Board Members Present:
· Mr. C.W. Taylor, President
· Mr. Steve Weisensee, Vice President
· Ms. Lorraine Creek, Vice President
Mr. Walt LeDoux, Secretary
Board Members Absent:
· Ms. Pat Buescher, Treasurer
Order Of Business
· Call to Order; Determination Of Quorum.
o The President called the meeting to order and announced that with 4 Board Members present, a quorum was established.
· Reading & Approval Of The Minutes Of Previous Meeting
The Secretary passed out minutes from the previous meeting.
Moved, seconded and passed unanimously to approve December Board Meeting minutes.
· Treasurer’s Report – The Treasurer provided a written narrative and accompanying information.
P&L .
We ended the year on target and in the black.
Balance Sheet.
Assets – $3,693,385.98
$16, 783.56 in checking.
$258,660.21in Schwab account.
Total in Checking & Savings - $275,443.77
Aging.
Payments continue to come in as expected.
Schwab Account
$258,660.21 in account.
$165,000 in CDs with interest ranging from 3.35 to 4.75% and maturity dates from May ’09 to Sept. ‘12.
$91,961.97n high yield MM (1.60%).
$1,698.24 in cash.
Walt – we need to check with Pat to make sure we have continued to register our corporation with the State.
Moved and seconded to accept the Treasurer’s report. Passed unanimously.
· Old Business
o Standing Committee Reports
Facilities & Grounds.
o Gutters have been cleaned
§ They will send us a bill and we will send a check.
§ They repaired several small leaks.
§ Steve – there were 3 spots that were really bad and we need to check them
§ Some siding has been damaged and will need replacing.
o Everything survived the recent storm.
§ We need to discourage clearing snow from ramps – it just makes them slicker
§ Need to restock deicer.
o Suggested we buy a snow blower.
§ Lorraine – 2 storms in 4 years, not needed
§ The snow will just be blown onto our individual front decks.
Fire, Security And Safety
o No Report
Architectural Review
o Received a complaint about furniture placed on front deck of #42.
§ Furniture is gone. – no longer an issue.
o Complaint about #55.
§ CW and Walt talked with Dave
§ Dave has removed the foam.
§ He is working on his side walk
§ Barge still remains – Secretary will send a letter giving him 10 days to remove the barge.
§ The letter will also encourage him to complete his side walk ASAP.
By-Laws, CC&Rs And Rules
o No Report.
Violation & Adjudication
o No Report.
o HINOON & Columbia River Crossings Project – Neighborhood Representative Esther Wright.
No Report – their meeting is tonight as well.
2009 Vote.
Board Position #5 candidates.
Charlie Arkebauer #33.
Clyde Cornell #27.
Excess Income(RR70-604).
Long Range Planning.
Charlie provided a written report (attached) and an Excel spread sheet of expense projections.
Charlie will provide a condensed expense projection for our General Membership meeting.
Internet WiFi for moorage.
Will ask Skip to present something at the GM meeting.
§ New Business
Annual meeting agenda.
New Board member.
2009 Budget.
Long range planning.
Internet WiFi.
Annual Board meeting agenda.
Election of officers.
Approve the actions of the previous board.
Walt will give the Board a “Cheat Sheet” to help them thru it.
Ramp lighting proposals – Mike Maiden
Sent us some “cut sheets”.
Will get a second bid.
Announcements
None
§ Reminder Date, Time, & Place for next Board Meeting.
Note: We will have a short Board meeting immediately following the General Membership meeting to elect officers and indemnify the actions of the previous board.
Day – Second Thursday in February (Feb 4, 2009)
Time – 1900 (7:00pm).
Place – Moorage Office.
Reminder Date, Time, & Place for 2009 Annual Membership Meeting.
Day - 4th Sunday in January (January 25th, 2009). (The next 4 Super Bowls are in Feb.)
Time – 1600 (4:00 PM).
Place – Jantzen Beach Village East Clubhouse (Community Room On Hayden Bay Drive)
§ Adjourn.
Attachment 1 – LRPC report - Charlie Arkebauer (#33)
To: Board of Directors, WHIMOA
From: Long Range Planning Committee
Date: Jan 8, 2009
Following is an update of committee findings:
As you know, we have four components in our long range planning; Asphalt, Dock Whalers, Dredging and Garages.
We have projected reserves needed through 2027 for most projects; longer for Garage roofs and siding. From the estimates we received I have projected that they would increase in cost the same amount each year as our reserves would earn in interest. I've also assumed that our operating expenses will increase by 5% per year, and therefore reduce future funds going into reserve by that same amount. I have scheduled the amount needed in reserve for a particular component expenditure to be available by the end of the year prior to when it will be expended. So for example, if we need to spend $11,200 for Asphalt sealing in 2009, those funds are reserved by the end of 2008.
Projections for Asphalt and Garages are complete. Dock Whalers and Dredging projections are still to be firmed. For Dock Whalers, we are awaiting a contractor visit, and for Dredging, we still need to determine if, in fact, we need to do it; and if we do, to what extent.
So, I am including a spreadsheet showing the reserves earmarked for Asphalt and Garages.
On this sheet, I assumed our reserve fund would earn 3% interest; future costs
for performing work would increase 3% per year from the current estimates,
and our operating costs diminish the amount available to go into reserves by
5% per year if we do not raise our monthly assessment.
On line 35 of the spreadsheet, if we were planning only for Asphalt and
Garages, you can see that we would have more than enough reserved to
cover their ongoing costs, and we could in fact, reduce our monthly moorage
fees. However, it is too early to make that assumption until we get a handle
on Dock Whalers and Dredging.