The meeting opened with a statement from Board President Laura Civiello, who notified attendees that Fannie Mae and Freddie Mac’s new loan requirements for condos were made official on September 18 and that she, Manager Sherri Giles, and Board Director Steve Haggerty would be attending a webinar with Fannie Mae and Freddie Mac officials to hear more details.
Other discussions include the 2024 VGOA Budget, linking assessment fees to the Consumer Price Index (CPI), and the potential for solar panels on garages and carports.
A draft of the Association’s 2024 Budget was presented to the Board for discussion. Treasurer Claire Knowlton shared preliminary figures for next year that did not diverge significantly from this year’s. Operating budgets were higher, reflecting inflation and cost of living adjustments. Reserves budgets reflect an uptick in costs associated with long-term projects, like the property’s electrical upgrade and landscape rehabilitation and irrigation system replacement endeavors. Knowlton recommended a hike in assessments of about five percent. The Board will vote on the budget at next month’s meeting.
Tying Dues to the CPI
Board member Joseph Khoury proposed that the Association link assessment fees to the Consumer Price Index (CPI), a measurement tracking the prices paid by urban consumers for things like food and gas. While various Board members expressed appreciation for the approach and attendant analysis, they argued that the needs of the property may often exceed this figure. After discussion, the proposal was withdrawn.
Green Goes Solar?
Board member Chris Scornaienchi recommended the Association consider installing solar panels on existing garage roofs and building solar-hooded carports in the open areas of the Garage Courts. He suggested the Association could save on electrical bills and that the panels could supply infrastructure needed to facilitate charging stations for things like electric cars. Directors were in favor of the idea and open to considering concrete proposals at future board meetings.