The meeting minutes taken on November 16, 2004 seem especially important. Here is the first paragraph:
The Board returned to the table to review changes to the proposed budget and to accomplish additional work on it. Major line items that experienced increases were discussed at length. These were (1) legal fees (mostly attributed to the pursuit of homeowners dues paid late to the association, or not paid at all, as well as liens and foreclosures), (2) the increase in the budget amount for taxes on our common property (this was due to an increase in taxes), (3) the increase in the budget amount for repairs and maintenance (this was a result of repairs related to drainage problems near two of our buildings), (4) the increases in the budget amount for electrical (this increase is due to a repair to a light near one of our buildings, (5) an increase in the amount for propane (cost increase), (6) an increase in the amount for electricity (cost increase), (7) the 2004 revenues dedicated to the capital reserves were depleted by half because of the repair costs due to a fire in one of our buildings (the board elected not to submit the claim to our insurance as we would almost certainly have been penalized for it), and (8) our ongoing commitment to maintaining the funds necessary to do two new roofs per year.
