Gig Harbor, Washington 98335

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Bridgewood Estates
Annual Meeting Minutes
May 26, 2011

The meeting was called to order at 6:35pm. Including the 60 proxies received, a quorum was achieved.

  • A motion was made, seconded and approved to accept the minutes of the last meeting.

Year in Review

  • Monty presented information about the location, clearing, and inspection of the retention ponds. He has invested 200 hours of his own time on the project. Annual inspections will now occur every May.

  • The only other large expenditure was repairing the gates.

Nominations

  • Joshua Hunter was nominated for the Board. The motion to appoint him was seconded and was approved unanimously.

Reserve study and budget impact.

  • New legislation requires a reserve fund study at a cost of about $2,000. Any shortfall must be disclosed to the membership. Once money is moved to the reserve fund, it cannot be taken back for the operating budget.

  • The members who were present at the meeting asked the Board to present options about how to move aggressively to establish a reserve fund. The issue will be presented at next yearís meeting.

Treasurerís Report

  • Audit findings for 2009. No significant deficiencies were identified. In 2009 we raised insufficient money for ongoing repairs, but we were able to use funds remaining from the previous year.

Other business

  • The Board will ask homeowners to recommend landscapers so that the contract can be put out to bid.

  • The annual garage sale will be held on Saturday June 25.

Voting Results

  • The 2012 budget was approved

  • In lieu of a full audit, a CPA will review the financial status

The meeting was adjourned at 8:06pm