Highlights from our Annual General Meeting
- We had a 46% (48 out of 104) attendance rate by combination of proxy, in-person or virtual.
- On the proposed budget as presented [Total Budget of 835,600]: Of Total 48 votes cast, 40 were in favor, 4 opposed and 5 abstained.
- On the question of waiving down a full audit for 2025 as presented: Of Total 48 votes cast, 37 were in favor, 6 opposed and 5 abstained.
- On the adoption of the revised Rules & Regulations as presented: Of Total 48 votes cast, 35 were in favor, 8 opposed and 5 abstained.
Questions posed by owners & answered by the Board:
Q1) Seeking clarification on registration of guests and need
A1) It is only when guests are staying in your unit more than 48 hours without the owner/tenant being there. Purpose is so that we know who is the complex, no different than guest registration in many other associations.
Q2) Are there any Air B&Bs still active in our community?
A2) As far as we know none, all ones that were advertised have been shut down.
Q3) Are we fully funded?
A3) Our reserves are not fully funded according to the Reserve Study & Plan, however we continue to make a significant contribution to the reserve fund each year and are managing a plan to keep within budget.
Q4) Why is our insurance so high?
A5) We have a robust property insurance policy, limiting our exposure for a major catastrophe and also have flood insurance that other associations might not have.
Q5) Why are our fees higher than some of our neighboring condo associations?
A5) We are in a flood zone and required to take out flood insurance for anyone carrying a mortgage. This accounts for $56,000 a year or 7% of our budget.
Q6) Are we paying any fees to the East Lake Woodlands Community Association?
A6) We are not members, however that must continue to provide us gate access. The high cost of membership per unit did not provide any substantial benefit or cost reduction elsewhere.
Q7) Please clarify the pool hours?
A7) Dawn till dusk — daylight hours — There is no night swimming because the pool area is not lit enough — liability issues.
Q8) Concerns about maintenance and roof for building #4
A8) Regular landscaping work rotates between all buildings and a new roof is in the plan for 2027.