2009 Annual Membership Meeting Budget Voting Results
The following items needed a simple majority vote for approval:
Operations and Maintenance Budget
The Operations and Maintenance Budget is the portion of our dues that maintains our assets, common areas, as well as the operating costs, such as employee wages, insurance, governmental fees and taxes.
Approved by a vote of 147 Yes – 19.5 No – 4 abstained
Capital Expense Budget
Capital Expense Items are major expenses that are presented on an individual basis. One item was voted on this year:
$47,000.00 to sandblast and paint the water tank interior
The cost to sandblast and paint the interior of the water storage tank will be $54,499.00 plus tax (approximately $60,000.00). If the sandblasted material is determined to be hazardous waste, there will be an additional cost of approximately $13,000.00 to dispose of it.
The Club will be using $6,000.00 of reserved funds from the 2008 Operations and Maintenance Budget for this project. The Board proposed that the $20,000.00 not used for bridge insurance as budgeted for 2008 be used for this project with the balance needed withdrawn from the Asset Replacement Fund. The balance needed will be either $34,000.00 or $47,000.00 depending on the hazardous waste determination.
Approved by a vote of 156 Yes – 14.5 No
Speed Bump installation at 151E
Most speed bumps have between 7 to 9 lot widths between them. The lot spacing for the area where a speed bump was requested is 15 lot widths. Installation of an additional speed bump at 151E would provide spacing consistent with the other speed bumps around the island.
Failed by a vote of 147.5 No – 23 Yes
Speed Bump installation at 631E
One more area on the east side of Treasure Island has a spacing of 14 lots between speed bumps. Installation of a speed bump at 631E would provide consistent spacing of speed bumps around the island.
Failed by a vote of 146.5 No – 24 Yes
The following items needed a 2/3’s majority vote for approval. With a total of 170.5 lots represented at the meeting, approval required 114 yes votes:
Revised Bylaws and Amendment to Articles of Incorporation, Article V
The Board of Trustees proposed approval of the revised Bylaws as presented to the membership with the annual meeting notice. Approval of the Bylaws required approval of an amendment to the Articles of Incorporation. Outdated references to membership certificates were deleted from the revised Bylaws; an amendment was needed to delete the same reference from the Articles so the two governing documents would correspond.
Approved by a vote of 135.5 Yes – 31 No – 4 abstained
$70.00 annual Dues increase effective January, 2010, for Operations & Maintenance.
With 2009 Standard Expenses totaling $63,975.00 and annual Dues income currently netting $64,000.00, the Board proposed a $70.00 increase. The additional $17,570.00 would provide funds for improvement and repair projects, annual bridge inspections which will cost approximately $10,000.00 each year, and to provide a contingency fund for unexpected expenses.
Failed by a vote of 61.5 No – 109 Yes
$130.00 annual Dues increase effective January, 2010, for the Asset Replacement Fund.
The Asset Replacement Fund was started in 1987 to provide the Club with an emergency fund, to save money for major repair projects, and to prepare for the day that our assets will need to be replaced. Information recently received with regard to the cost to replace the bridge indicates that the Club is underfunded when it comes to replacing our major assets. The additional $32,630.00 will bring the total amount allocated to the Fund up to $81,575.00 each year.
Failed by a vote of 58 No – 112.5 Yes