Dear Indian Hills Owners:
The Board of Directors for Indian Hills Homeowner’s Association met on Saturday, June 17, 2023. Minutes from each Board meeting, which constitute the official report, will be posted in draft form on our website within 30 days after the meeting. The minutes are saved in final form after they are approved at the next scheduled Board meeting. The purpose here is to provide a quick update soon after Saturday’s meeting.
Items discussed during the June 17th Board meeting include:
May 2023 Financial Report & Snow Removal Expenses. Except for snow removal expenses, the Association is tracking favorable to budget through May, the seventh month of our fiscal year. As noted in the March Bulletin, Indian Hills, like all Lake Tahoe owners, experienced unprecedented snowfall this last winter resulting in high snow removal expenses. Snow removal expense was $247k vs. a budget of $85k, or a variance of $162k. General maintenance expenses were $31k below budget due to the long residual snow on the ground and the termination of our security contract with Vail Resorts. Further, the Association was below budget $106k for snow removal for the relatively dry 2016 to 2021 winter seasons. The Board approved an amendment to the 2022-2023 budget to reduce contributions to the Reserve account by roughly $100k to achieve the combined Reserve Account/Operating budget targets for the fiscal year. CAMCO is actively evaluate snow contracting service options for the upcoming winter.
Financial Audit. The Association’s financial auditor, McClintock Accountancy Corporation, approved the financials for the fiscal year ending October 31, 2022. They concluded that our financial statements accurately reflect the financial position of the Association and that the results of operations and cashflow are in accordance with Generally Accepted Accounting Principles (GAAP). Significant reserve account expenses included the Deck Replacement/Inspection Project ($424k) and Window/Door Replacements ($13k).
General Maintenance Update.
New Legal Counsel. The Board approved a contract with Baydaline & Jacobsen LLP to provide legal services for the Association. John Hansen has been assigned as our legal representative.
Open Board Seats. With the departure of Ms. Riggins and Mr. Irwin from the Board, we have two open seats available to fill as well as two existing seats that will be up for re-election at the September annual meeting. Owners are encouraged to reach out to CAMCO or any active Board member if you are interested in serving on the Board. In addition, elections for NPOA Board seats are coming up and we encourage our condo owners to serve and to support other condo owners that may choose to run.
June 17th 2023 Indian Hills Executive Meeting Report
The Board approved a contract with Serafini Studios to provide web site maintenance.
The next Indian Hills Board meeting is scheduled for September 2nd at 9:00 AM. The annual Homeowners meeting will follow the same day at 10 AM.
The Indian Hills Owner Association Board of Directors
Carol Miller firstname.lastname@example.org