Rosewood Estates Open Board Meeting Minutes
 7 P.M. Wednesday October 26, 2022 

* Current quorum requirement is 62.5% of occupied homes in attendance or voting by proxy through a HOA Board member.

Key Decisions/Discussion:

Topic 1: Should we waive audit?

Discussion:

●        As a small HOA, we have the option to waive audit with a majority vote of community members.

●        The recommendation from this preliminary vote will be formally ratified when we vote on the budget. 

Topic 2: Board Member Vote: Do you support the manager recommended budget to present to the community?

Discussion:

●        The community currently generates revenue in excess of foreseeable operating expenditure.

●        We have not yet conducted a reserve study, and as such do not know how much we will need in reserve.

●        Money in the reserve account can be borrowed with vote from the community in case of unforeseen expenditures, but must be returned to the reserve fund within 24 months.

●        The budget is just a plan. The actual transfer of funds to the reserve will only take place when instructed by the Board. 

●        Prior budget by Manager did not factor in carried surplus from prior year. As such the recommended transfer to reserve increased from ~$2K to ~$12K.

●        There are three options for what to do with excess in budget: 1) Keep in contingency fund, 2) Reduce HOA dues and refund surplus, or 3) Transfer to reserve. Option #1 exposes us to risks because as a non-profit, we should not be generating a surplus. Option #2 is inadvisable until we know the outcome of the reserve study and how much we need to maintain in reserves, otherwise we would need a special assessment or increased dues in future.  

Other Topics:

●        This was a special community (board) meeting (not usually required) to close on the budget recommendation. We will need an additional Annual Meeting with all homeowners to ratify the Board recommended budget, elect new Board members, and close on other business.

o   Action: Moz to post suggested dates for the next HOA Community Meeting on Facebook Group.

●        In order to nurture shared accountability for the HOA, we recommend rotating out 1 Board member annually. For this year, Moz Thomas (Secretary) will be rotating out.

o   Action: Manager to recommend formal policy consistent with our CCRs on Board member rotation for approval by Board and vote at next Community meeting.

o   Action: Community members to reach out to Jeff if they would like to be in running for the open Board position.

●        Several homeowners have filed an appeal against assessed property taxes. If other homeowners wish to do so as well, please go to https://blue.kingcounty.gov/Assessor/eAppeals/Index.aspx.

o   Action:  Jeff to set up a meeting for interested parties on how to complete appeal and lessons learned.

●        Our contract with Navigate (former HOA) ended on October 1. Homeowners should have received an email stating that their user account has been deactivated.

●        Homeowners should submit HOA dues to My-HOA per instructions sent to all homeowners. In future, we will be able to submit payment electronically once our community portal is activated.

●        Terrene will be hydroseeding some of the common areas. They also communicated that King County may be adding a second access point to the stormwater pond. Jeff will share details as he learns more.

●        Group reminder that winterization of sprinkler system is now advised, Austin Irrigation is recommending scheduling of appointments due to volume of requests.