Princeton Lakes Property Owners Association, Inc

Princeton Lakes Property Owners Association, Inc. Budget Committee Meeting March 22, 2001

Meeting Minutes

I. Call to Order (Robin Trickel – Committee Chair)

First Meeting of the Budget Committee

II. Review of Financial Information

A. 2000 Information

Books for 2000 were made available for review by the committee (no major issues discussed.)

B. Budget (provided by LSF at closing)

Reviewed Budget for 2000 as prepared by Gordon Hall and provided to each lot owner at time of closing.

C. 2001 Outlook

2001 Budget is primarily based on the 2000 Budget. Since the POA has yet to experience costs for a complete year or ski season, these estimates should be used and carefully tracked in order to prepare a budget for 2002 that reflects any necessary expenditures that vary greatly from this budget.

III. Shared Ideas

D. Cost saving ideas 1. Irrigation Alternatives

Discussion of possible major underestimation of irrigation costs using City water to irrigate common areas. David Halloin feels that irrigation costs for the common area could be far in excess of the $1,500 budgeted. Much of the common area is in the form of a berm along the North side of Lake 1. David’s knowledge of soil mechanics and hydrology leads him to believe that much of the water spread on the berm will enter the lakes either through surface runoff or through the soil. In effect, this means paying to put city water in the lakes.

One option may be to change the irrigation system to use lake water, especially since most water that does not evaporate will end up back into the lakes. It is not clear why this was not done originally. David Halloin and Doug Taft will look into Princeton water rates, and the cost of converting the system to use lake water. It is thought that even if it possibly leads to some pumping of water into the lakes from the well, this method could still be a much less costly alternative.

For the time being, any irrigation will use City water, but the committee will carefully monitor related expenditures.

2. Grounds Keeping Sven Hallerman is getting quotes for grounds keeping

3. Portable Restroom Facilities We will continue to temporarily operate portable restroom facilities, but will look into possibilities of eliminating such facilities in the future, other than for special events. There is some concern about the appearance of such facilities, especially their visibility to adjacent lot owners. This may become an issue for the Board or the Compliance Committee in the future.

E. Spending ideas for future 1. Website additions 2. Playground 3. Gates for the Entrances

IV. Other Items of Discussion to Benefit Lot Owners

F. Possible Playground 1. Could provide a place for children to play, other than bridge, jump ramp, and area near boat ramp 2. Could lead to a big increase in POA liability 3. Would probably be a huge expense to the POA a. Additional lot and associated taxes b. Additional insurance costs

B. Addition of a bulletin board to the website for informational postings

II. Future Meetings

A. Next Meeting – Tuesday May 22

B. Future Budget Committee meetings to take place on 4th Thursday of every other month

C. Meetings to be held at Dickeys’ Barbecue in Allen, off of US 75/Central Expressway

D. Robin Trickel will provide the Committee with expenses to date, along with the agendas (via e-mail) in advance of future meetings.

III. Meeting Adjourned