portview board members - umass · set 2017 annual meeting date ! other business/questions 20 mee1ng...

PortviewBoardMembers

! AndyArmitage,President! GaryAbrams,Member! MarciaCurtis,Secretary! KevinDubray,Member! MaryLouiseFraker,Member! BarbaraGoodwin,Member!  JeanPorte,Treasurer

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Mee1ngAgenda! ApproveMinutes! President’sReport!  Self-ManagementCommitteeUpdate! ReviewofAssociationFinancialMatters!  LandscapeCommitteeReport! RoofingCommitteeReport! ElectionofDirectors!  Set2017AnnualMeetingDate! OtherBusiness/Questions

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2017Budget

$99.05$93.20

$95.65$93.56

$80 $85 $90 $95 $100 $105InThousands

FY2014 FY2015 FY2016(BV) ProposedFY2017

2017CapitalPlan

Reflects:•  Staggeredroofreplacement(2peryear),updatedwithrevisedestimates(roof&paint).•  Capitalplanfundcontributionreducedaftersufficientsavingsmomentum.•  SavingsthroughCapitalFundcontributionreductionsredirectedtowardsUnallocatedReservesFund.

Rev.8/22/2016

Planning@Portview! Currently,twodesignatedfundingpoolsatPortview:

!  OperatingBudget!  “Reserves”

!  UnfortunatelyReservesandCapitalPlanarereferredtointerchangeably.

! OperatingBudgetandCapitalPlanFundaddress“well-knownknowns.”

! UnknownsarelefttoencroachontheOperatingBudgetand/orCapitalPlan–erodingtheabilityofthosevehiclestoexecuteunimpaired.

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Planning@Portview!  Problemstatement:Howbesttoprotecttheoperatingbudgetandcapitalplanfromtheunknown?

!  Possiblesolution:!  DesignateaCapitalPlanFund–forwell-known,recurringwork/

maintenance.!  DesignateanUnallocatedReserveFund–forunknownworkitems

notaddressedviatheOperatingBudgetorCapitalPlan.!  Contributionstobothfundsarefromthebudgeted“Reserve”

contribution(e.g.$28,980inFY17),butindifferentamounts,basedonneed.

!  Couldreinforcenotionoffundsthroughaccounts.E.g.!  Checking–Operatingfund!  Savings–UnallocatedReservesFund!  MoneyMarket/CD–CapitalPlanFund

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PossibleWorkFundingModel

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Isproposedworkitemsupportedbyoperatingbudget?

•  IfYES,thenfundthroughoperatingbudget

IsproposedworkitemcontainedintheCapital

Plan?

•  IfYES,thenfundthroughthecapitalplan.

Aretheresufficientresourcesinthe

UnallocatedReservestofundtheboard-

approvedworkitem?

•  IfYES,thenfundthroughReserves

Proposealternatefunding

mechanisms

•  Assessments•  Financing•  Reallocationoffunds

No?

No?

No?

Possibleresultsofseparatefundmanagement.

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Fund

sBa

lanc

e(inTh

ousand

s)

Cap

Ex(inTh

ousand

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CapitalPlanFundVsUnallocatedReserveFund*

PAVING SEWER STREETLAMPS

DEHUMIDIFIER ROOF PAINT

SIDING CapitalFundBalance ReserveFundBalance

*excludesReserveFunddraws.


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RoofingCommiEeeUpdate!  4Requestsforbidssolicited.! Estimatesrangefrom$84kto$119kforthe4buildings,usingarchitectural-gradeshinglesandentireroofwater&iceshield.

! Currentthinkingistoroof2buildingsayear,startingin2017.

! Nextsteps:vetshort-listedvendors(insurancecerts,referencecheck);verifyfundingviacapitalfundassets;selectvendorbyFall2016.

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TermsofDirectors

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*AppointedBoardMembers:August29,2015**AppointedBoardMembers:August23,2014+AppointedOffices7/15/15and8/29/15


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Mee1ngAgenda! ApproveMinutes! President’sReport!  Self-ManagementCommitteeUpdate! ReviewofAssociationFinancialMatters!  LandscapeCommitteeReport! RoofingCommitteeReport! ElectionofDirectors!  Set2017AnnualMeetingDate! OtherBusiness/Questions! AdjournMeeting

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portview board members - umass · set 2017 annual meeting date ! other business/questions 20 mee1ng...

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