Submitted by Katie Newnam, Director of Administration and Human Resources, 512-948-7704, [email protected]
Click Here to view videos of the Board of Directors and the Annual Members meetings on the Sun City Texas website.___________
Reports
Sandy Goodman, Board Secretary, reviewed and acknowledged the unanimous consent items approved by the Board since the February 2018 Meeting. The Board recognized the various Committee reports submitted and thanked the volunteers for all their efforts. Representatives from Elections, EMC and Nominating Committees reviewed their quarterly Board reports with the membership.
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CA Financials
The Community Association's Financials for April 2018 were presented to the Board by Ann Dodson, Director of Finance. HOA revenue of $970,795 was reported for the month of April compared to the budgeted amount of $967,000. CA expenses were $855,885 compared to budgeted expenses of $989,169. Home closings for the month were 21 on a budget of 22. The Golf revenue was $449,178 compared to the budgeted amount of $402,547. Golf expenses were $395,757 compared to budgeted expenses of $361,420. Overall, the CA ended the month with a surplus of $168,331 on a budgeted surplus of $18,958 for a favorable variance of $149,373. The Board unanimously approved the February, March and April 2018 Financials.
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Board Direction on 2019 Budget
The Board presented their draft 2019 Board Goals and Budget Guidance to the staff. The document includes guiding community goals and budget parameters. The Board unanimously approved this item.
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LMH Committee Structure Review
The Board is reviewing a restructure of the Landscaped Maintained Homes (LMH) Committee. Due to the unique structure and function of this group, the CA resident board members have proposed that the LMH Committee be a separate entity from the Advisory committees (as is the Neighborhood Rep Organization). The LMH Organization would be at the same organizational level as the CA Staff, NREPS, and Advisory Committees (refer to the SCTX current Directory P. 26). This will allow the Organization to work directly with the CA staff. The LMH Committee submitted a revised draft of a new charter as an Organization for the Board’s review. The Board unanimously approved this item.
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Strategic Plan Update
In 2016, the Board established a Strategic Plan for the community with plans to review and update every six months. In the most recent review, the Board reported a continued commitment to addressing community safety and security. The plan also continues to address both short and long term goals/objectives for golf. Additional items addressed in the plan include future amenity needs, the balancing of SCT revenues and expenses, future office space and IT needs, water, as well as several other items. The Board unanimously approved this item.
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Audit
The Audit Committee reviewed the draft Audit that was conducted by the auditing firm, Morrison, Friedrich & Spinn CPA’s, LLC last month and approved the audit noting the CA’s statements are accurate and in accordance with generally accepted accounting principles. The Board unanimously approved this item.
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Line of Credit
Approximately two years ago the Board asked the Finance Committee to opine on the adequacy of the Association’s operating cash level. The Investment Subcommittee of the Finance Committee was tasked to research the project and report back to the Board. Following the research, it was reported to the Board that the CA’s current and projected future operating cash levels are adequate. Additionally, the Finance Committee made a recommendation to employ the services of Raymond James Bank to handle our letter of credit needs should they arise in the future. The Board unanimously approved this item.
