Valleyhi Community Club, Inc.
Minutes of September 21, 2023 Board Meeting
Location: Ingalls Creek Enrichment Center
The meeting was called to order at 6:01 P.M. by President, Karl Ruether.
Proper notification of the meeting was given, and a quorum was present.
The meeting was attended by:
Trustees: Susan Raley, Danielle Small, and Mike Weil
President: Karl Ruether
Vice President: Position Vacant
Treasurer: Ginger Hall
Secretary: Peggi Lopez
Members: Juan Lopez
Absent Board members: Trustee, Tom Freeburg
Minutes: A MOTION to approve the minutes of the July 2023 meeting as presented was made, seconded, and passed.
Treasurer’s Report
The Summary of Checking and Cash/Asset Accounts as of August 15, 2023 showed a water checking account balance brought forward of $117,277.59. After accounting for all deposits and checks, the balance was $124,288.14. The Dedicated Repayment Account balance was $1,174.82. The Community Dues Checking Account balance was $11,980.93. The savings account balance was $51,587.23. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. The CD balance was $0.00 because the account was closed and the balance was transferred to the savings account in preparation for depositing the money into a higher interest yielding account. After factoring in the accounts receivable of $28,318.47, our total assets as of August 15, 2023 were $223,045.70. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $10,032.74, our total liabilities and equity are $223,045.70.
The Water System Operating income for July was $3,069.79; expenses were $1,174.03.
The Community Dues income for July was $244.34; expenses were $356.40.
The Summary of Checking and Cash/Asset Accounts as of September 19, 2023 showed a water checking account balance brought forward of $124,288.14. After accounting for all deposits and checks, the balance was $120,607.47. The Dedicated Repayment Account balance was $1,174.88. The Community Dues Checking Account balance was $10,024.12. The savings account balance was $51,589.56. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. After factoring in the accounts receivable of $26,677.86, our total assets as of September 19, 2023 were $215,770.00. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $17,308.44, our total liabilities and equity are $215,770.00.
The Water System Operating income for August was $8,494.44; expenses were $4,806.35.
The Community Dues income for August was $726.00; expenses were $3,040.47.
Ginger and Susan will be going to the bank next week to withdraw the money to make the annual DWSRF loan payment. A MOTION was made, seconded, and passed to accept the July and August 2023 financial statements as submitted.
Water System
Reservoir Replacement Project Funding: Danielle and Susan are working on a letter to members to find out how they would prefer to proceed in obtaining funding for the new reservoir. Possible options include paying off the current loan before proceeding with new funding, paying current loan off more quickly with a special assessment and then getting a new loan (which is a two-year process from the actual award to beginning construction), or assessing the community for the entire cost of the new reservoir enabling the community to complete the project in the shortest amount of time. This letter will allow us to document members’ feedback. A draft will be submitted to the Board for review. The Board plans to hold a Special Meeting in March of 2024 to authorize a special assessment for the new reservoir.
Unfinished Business
Extra Principal Payment on Current DWSRF Loan: The Board decided against making an extra principal payment on our current DWSRF loan. However, while discussing it, they decided that the most prudent use of the money would be to hire Torrence Engineering to go ahead with the reservoir designs. A MOTION to hire John Torrence now to do the engineering for the reservoir construction with operation funds was made, seconded, and passed.
Generator: We are still trying to find a new generator. In the meantime, Jason, Mike, and Gary are going to try something with the existing generator to see if it will shed some light on the problem.
New Contract with Water Manager: This was tabled.
CD: We pulled our CD and temporarily put it into our savings account in preparation for depositing it into an account with a higher rate of return. On September 1, 2023, it was deposited into a new account at First Federal with an interest rate of 3.5%.
Letter of Demand: The file on the member who is challenging the existence of the original bylaws remains in the attorney’s office.
Recruitment for Secretary Position: No one has volunteered for this position yet. Danielle came up with new wording for signage.
New Business
Number of Check Signers: We no longer need to have three people sign checks; only two are necessary.
Research to Send to Attorney: Items to include in an email to attorney were discussed.
Members’ Concerns
Water Shut-offs: No one’s water has been shut off yet because of the hot weather. Mike will personally talk to each one tomorrow and give them until next week to pay their bills.
Gazebos: After discussing the condition of the gazebos, the causes of the problem, and possible solutions, the Board decided to investigate the pergola option with fabric over the top for shade. The fabric would be removed at the end of the season, and the open structure would make it less likely for snow to pile up on top.
Dry Hydrant: This needs to be addressed in the spring, not the fall.
Ten-foot Walkways on Plat of Valleyhi: These walkways are not easements but are on the Valleyhi plat, so they are the property of Valleyhi Community Club. One walkway in particular leads to private property, so it is unusable. A property owner asked the Board about the possibility of getting rid of it. The process is not fully understood, but would involve the County and a vote of the membership.
Short-term Trustee Appointment: The Board is searching for a member to fill the vacant trustee position, preferably one who lives locally, thereby more able to make it to the meetings, sign checks, etc.
After a motion to do so, the meeting was adjourned at 7:24 P.M.