January 10, 2023

Board Members Present

•         Ronny A. Marino, Jr.

•         Jennifer Triolo

•         Anise Black

Residents Present

1707 Rushing Wood

1711 Rushing Wood

1838 Rushing Wood

1826 Mill Creek Rd

1824 Mill Creek Rd

1820 Mill Creek Rd

Meeting was called to order by President, Ronny Marino, at 6:38 pm.

Secretary's Report

Each Board Member was presented with a copy of the minutes from the previous meeting held on December 5, 2022. The minutes were unanimously approved with a correction to the amount of time in which the end of year report will be mailed out.

Treasurer’s Report

Ronny Marino reported on the Treasurer’s report and stated that several documents were presented only the day before. Therefore, the numbers will not be complete accurate.

Bancorp South merged with Cadence Bank. Therefore, our Infinex investments will be transferred to Cadence’s investment group, LPL Financial. When the Infinex statement was run, they closed it out at $57,874.13 in withdraws. However, only $56,062.25 was accounted for on LPL statement. Ronny questioned the difference to our focal, Ms. Shannon Lusk who clarified that there is actually $58K and it should be reflected in next month’s report.

First CD from CIT came in. Check delivered to EREM for $37K. Ronny discussed CD options and interest rates with Ms. Lusk. LPL offers CDs at 4.55%. Resident, 1824 Mill Creek Rd suggested we look into their corporate CDs which are getting rates at 9%. We will look into that and see if we qualify.

Received first report from EREM which covered through December 28 2022.

Checking and savings = $257,063.43 (this may not account for the $8K still at Bankcorp South)

Total Assets (including Accounts Receivable) = $268,813.85

Net Income = $7,102.49 (tentative)

Next action item for BOD is to update signature cards and transfer balances to Cadence Bank.

Old Business

Outside Christmas lights - will be taken down soon. No power to the right side of the clubhouse possibly due to mandatory power outages during freezing weather. Ronny examined all outlets. Will need to call an electrician. 

Lawsuit - Case dismissed. Plaintiff has 42 days from date of dismissal to appeal. We will follow up after the 42 days. At this time, we are no longer under the threat of a lawsuit.

RV Parking Lot Decals – New project for the year will be issuing new decals to current and future vehicle owners while collecting data to keep an organized record of all the vehicles in the lot. Resident, 1825 Rushing Wood has volunteered to draw a diagram of the RV lot to show the individual parking spots. Plan is to also change the combination code on the lock to the gate. Once a resident pays their annual dues which are due NLT February 15, 2023, they will be given a new decal sticker and the new combination code.

Annual Budget – Most items had not changed from 2022 to 2023. However, some did. Items were discussed line-by-line.

One concern residents have was the price we pay to Riley Security ($18,300). Discussed their scope of work. The possibility of starting a neighborhood community watch was mentioned. Installing more cameras in the neighborhood was also suggested.

President, Ronny Marino set a motion to approve to send the budget to EREM. Approved by all BOD.

Fence Repair – Fence along east alley of Rushing Wood by the horse farm – the bottom rail shifted and slats slipped out. Was repaired by residents, 1825 Rushing Wood and 7317 Woodmill Way.

Reserve study and capital improvements projects still ongoing.

New Business

We will mail out the end of year report when we get it from EREM. Also, next year’s budget will be sent out.

Facebook – Unless it’s an emergency, Facebook is not a means for communicating with the HOA BOD. All questions and concerns need to be sent via info@woodmilltracehoa.org or to the management company at manager@ereminc.com. The WMT website (www.woodmilltracehoa.org) has a lot of information that may answer the question before having to reach out to someone.

Areas in neighborhood between sidewalk and curbs which have lost grass due to irrigation issues was discussed. ALM quoted $20K to replace the grass. Options suggested (seeding, sod, plant shrubs). Will need to discuss long-term plan as to what to do with the trees.

Board of Directors Manual – ongoing plan to create a binder/manual which will be helpful to the next BOD. It will contain instructions to navigate the website, information regarding the irrigation systems, how to access the security cameras, etc. A new Homeowner’s manual was also discussed.

The Reserve Study for capital improvements to cover big ticket repair items such as replacing the roof, pool liner, pool pump, HVAC, parking lot, etc. is still an ongoing discussion.

Discussed scheduling a time to meet with Ms. Shannon Lusk at Cadence Bank to set up meeting to update signatures.

_____________________________

Meeting was adjourned at 8:02 pm by President, Ronny Marino, Jr.

Respectfully submitted

Jennifer Triolo, Secretary