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a. Annual Budget Review—The fee accountant was introduced. Mrs. Campos asked the <br /> accountant whether he thought there were any extraordinary expenses worth noting. He <br /> mentioned that the property insurance saw an increase of 30%. Ms. Allen asked whether such a <br /> substantial increase is normal. Mr. Joy explained that the cause of the increase is related to the <br /> California wildfires and the pandemic. He feels that even with the increase, the overall cost is <br /> reasonable. <br /> Mr. Joy stated when he initially prepared the budget, he did so with a 4% ANUEL reduction. <br /> This week however, DI-ICD announced the 4% was reinstated which required him to revise the <br /> budget he had drafted. Mr. Joy explained how the budget is funded and presented the annual <br /> budget line item by line item to the board members. After the budget was presented, Ms. Allen <br /> questioned whether there will be sufficient funds to cover expenses. A discussion ensued. <br /> A brief discussion transpired regarding unit turnovers, how they impact the budget and the <br /> Operating Reserve balance. <br /> Mr. Gault discussed the PUM. <br /> Ms. Allen entertained a motion to approve the 4000-1 budget as presented. Ms. Meizinger <br /> moved, Mr. Halpern seconded to approve the 4000-1 budget as presented. The motion <br /> carried. 4-0-0. Roll call vote—Mr. Halpern—yes, Mr. Shackett—yes, Ms. Meizinger—yes, Ms. <br /> Allen—yes. <br /> Ms. Allen entertained a motion to approve the MRVP budget as presented. Mr. Halpern moved, <br /> Mr. Shackett seconded to approve the MRVP budget as presented. The motion carried. 4-0- <br /> 0. Roll call vote----Mr. Halpern—yes, Mr. Shackett—yes, Ms. Meizinger—yes, Ms. Allen--yes. <br /> Ms. Allen thanked Mr. Joy for his presentation. <br /> b. Warrants for November and December <br /> The warrants for signature tonight are for the month of November and December 2020 and total <br /> as follows: November 2020 - $52,223.42 for 40001, $30,313.70 for Asher's Path Apartments, <br /> $8,547.66 for HAP, $10,979.96 for Great Cove Community and $53,108.00 for MRVP. <br /> December 2020 - $39,449.42 for 40001, $53,616.38 for Asher's Path Apartments, $12,037.36 for <br /> Great Cove Community and $49,985.00 for MRVP. <br /> A motion was made by Kevin Shackett and seconded by Lisa Meizinger to accept the <br /> Treasurer's Report as presented. The motion carried. 4-0-0. <br /> Executive Director's Report & Updates: <br /> o Executive Director Transition Update - Mrs. Campos informed the members that <br /> Margarete Maillho has been hired as the assistant property manager at Asher's Path <br /> Apartments. She stated that Margarette has been an enormous help and because she's a <br /> fast learner and works well independently, she will be a tremendous asset to the <br /> organization. Mrs. Campos stated Janet Falone has been hired as the assistant executive <br />