Minutes of the Oak Terrace Improvement Association Board Meeting- October 3, 2018
Board members present: William Yarbrough, Dan Griffin, Alfonso Contreras, Colleen Hodges, Tracy Kleinschmidt, Jim Loring, Ramona Triebold, Greg Denny, and Jill Bates.
Members at large present: Katie Eaman, Rich Rieck, Ken Hohs, and Amanda Welle.
The meeting was called to order by President Greg Denny at 7:01pm.
Minutes- Colleen Hodges read the minutes of the September meeting. Dan Griffin made a motion to accept the minutes as amended. Jim Loring seconded and the motion passed.
Treasurer’s Report- William reported a balance as of August 2018 of $37,072.67 in all accounts. Accounts receivable has a balance of $26,107.27 giving the OTIA a total of $63,179.94 in assets. Ramona Triebold made a motion to accept the treasurer’s report. Jill Bates seconded and the motion passed.
William reported that currently we have approximately 20 residents over $500 in arrears. These residents will be receiving notice from our attorneys to pay what is owed by November 7, 2018 (the date of the Annual Meeting). If these owners do not comply the next legal steps will be taken.
William went on to present the proposed budget that will be distributed to our members along with the ballot and notice of the Annual Meeting. This notice will be mailed early in October. He highlighted that the dues will remain unchanged at the amount of $170 per PIN. An overall increase of 3% was added to any of the services for which we budget. With an expected income of $30,430 in dues from 179 PINs, our proposed budget for 2018-2019 is a balanced budget.
The issue of spending of reserve funds was broached by Dan Griffin looking for clarification on seeking member approval for reserve fund spending. Our OTIA attorney and accountant have advised us that reserve fund spending is at the discretion of the OTIA Board and limited only by what is recorded in our bylaws. Dan cited an Illinois state statute that he believes limits the control of Board spending of discretionary funds. He has provided the statutes and we will address this issue with our attorney for further clarification.
Lake Issues- Tracy Kleinschmidt shared that there will be one more Diamond Lake Preservation Alliance meeting this year. It will be held Tuesday, October 16th, at Countryside Fire Station #1 and will begin promptly at 7:00pm. There will be speakers to address the lake conditions and discuss any treatment and future plans for the lake.
Parks- Dan has asked Dave Garcia to have his crew move all garbage cans from the parks and place them at Beach Park for the winter. The cans will be emptied and placed upside down. Dan will make sure they are chained for security. This will stem the issue of people using the cans for refuse during the months that we do not have regular pickups.
Restoration Areas- Jim Loring reported that he is waiting on a bid from ILM for work in the restoration areas. Some of this work may be done next year and some may have to be budgeted for 2020. The question arose about the wetland delineation going on at Hansen Park. No one is sure who is doing the project nor why it is happening.
New Business- Dan brought up the funds that have been set aside for the boat launch and pier repair. This money is earmarked to keep up the maintenance on these structures for many years to come. He proposed that we get some information on the cost of possible repairs or rebuilds so that we can release any extra funds into the general fund to be used for other expenses. We will procure an estimate on the cost of installing rip rap at the boat launch and part of the beach shoreline to minimize damage by waves to the shore. We will also get estimates on the cost to replace the boat launch and pier so that an informed decision may be made about the necessary reserve funds we would need to maintain these structures.
Communications- The community message board is filled with information and it seems people are stopping by to check it out. We will continue to post important information for our residents and update it is as often as necessary.
There being no other business before the the Board, Ramona made a motion to adjourn. Jim seconded and the motion carried. The meeting adjourned at 7:53pm.
Respectfully submitted by Colleen Hodges OTIA Secretary
