Minutes of the Pinnacle Mountain P.O.A. Board
Meeting April 21, 2007
Members Present: Tom Pfaffl, Ronnie Styles,
Robert Graham, Cindy Maddox, Mark Smith,
Frank Stroman, and James Hardin
Secretary's Report
Minutes from January 20, 2007 meeting was
approved as read.
Treasurer's Report Jul 1, 2006 through Jan
20, 2007 Income Expense
Homeowners dues 20,600
Fees, meetings & website 873
Road Insurance 480
Grading and Ditches 3950
Gravel 6173
Pinnacle South 4500
Dave Robinson's Road Maintenance 475 Total
Expenses 16,450
Interest Income 52
Net Income 4,202
Banking Accounts
Checking 1,510
BB & T CD's 20,922
Reserve Fund 1,445
Total Checking and Savings 23,877
Accounts Receivable 1,150
Total Current Assets 25,027
Road Committee Report
There is approximately $3,000 left in this
year's budget for road maintenance. Approximately
$500 has been spent but the bills have not
reached the books, leaving a balance of $2,500
for road maintenance for the fiscal year
ending June 30, 2007. The committee intends
to order gravel before the annual meeting.
Gravel deliveries are difficult to schedule
and may not necessarily fit into our fiscal
year budgets. The board will deal with this
issue as needed
The lower association has used the entire
allocation of $4,500 from our association.
We are happy to report that the condition
for the roads for both associations is very
good. The lower association has all new board
members and we are finding it easier to work
with them. There have been no further talks
about combining the associations.
Reflectors have been fastened to the concrete
barriers as a safety improvement.
We will be installing a two-way mirror by
the switchback in front of Dave McCaughan,s
house. This will enable drivers coming up
the mountain as well as those drivers coming
down the concrete strip to have a full view
of the traffic on the switchback. The mirror
may not be pleasing to look at, but should
be effective. The mirror will be similar
to those installed on the Blue Ridge Parkway
and other North Carolina Mountain roads.
Other New Business
There are two lot owners that have not paid
their dues. The owner for Lot Number 52 has
agreed to pay the two years back dues in
two installments. A lien will be taken out
on the other lot.
The dry hydrant at Chalk Lake has been developed
by the private developer marketing Queen's
Gap. The board approved a motion to move
this money to the reserve fund. There was
a special assessment for these funds. Since
the board approved operating fund to pay
for projects that exceeded the budget, we
felt that it was appropriate to move these
funds to the reserve fund.
After a preliminary review, it appears that
we will keep the budget the same as the previous
year. The budget for this fiscal year did
not include an addition to the reserve fund,
but the addition of the Chalk Lake funds
will improve our reserve fund. If the budget
is approved at the general Meeting, the dues
will remain the same for the next fiscal
year. Because of increasing costs, the board
would approve withdrawing as much as $2,000
from the reserve funds in the next fiscal
year. If this were necessary, we would likely
see the dues raised by as much as $50 per
year for the 2008-2009 fiscal year. The board
favored this method versus a small raise
in fees each year.
The General Meeting will be scheduled for
Saturday, July 14, 2007. A newsletter will
be sent to all members in early June detailing
an agenda for the meeting. We are hoping
to have an increased attendance since the
budget and the setting of dues will be a
primary function of the meeting. With this
process, dues must be received by 8/15/2007
to pay the discounted amount.
Meeting was adjourned.
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