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Board reviews storm damage and November finances; hazardous‑tree cleanup totals climb above $330,000
Summary
The association’s finance director reported year‑to‑date operating net income and reviewed storm‑damage costs tied to the November bomb cyclone. Board members discussed categorizing cyclone‑related hazardous‑tree work separately from routine hazard‑tree maintenance.
Director of Finance Joel presented the association’s November financial statements and detailed storm‑related costs that have accumulated since the bomb‑cycle wind events.
Joel said the organization showed operating net income for the period and that collection rates remained above budgeted goals. On storm damage, Joel reported roughly $330,000 in cleanup and hazardous‑tree removals tied to the storm, plus an additional vendor invoice of about $27,000 — a total the meeting referenced as roughly $357,000 so far.
Directors debated how to classify those costs in the budget and whether to treat them as part of routine hazardous‑tree spending or as cyclone‑specific cleanup that might be covered by a special assessment or reserves. Michael and Joel said payroll for staff time clearing trees is not yet fully captured in those line items and would add to the overall cost.
Audit and reserves: the board also reviewed an engagement letter for the year‑ended 2024 audit. The audit firm (Larson Gross) provided an estimated base fee of $37,500; with an expected required level‑2 reserves study and tax return work, the total was projected to be near the board’s $49,000 audit budget.
Why it matters: storm cleanup costs are material to reserve and operating plans; the board must decide how much to charge members, whether to use reserves, or to seek a special assessment for cyclone damage. The audit schedule and budget affect year‑end reporting and required filings.
Quoted detail: Joel said the association’s net operating income was $451,613 for the period discussed and reported a collection rate around 97.9% year to date. On hazardous‑tree spending he said: "Basically, it's about 330,000 so far and then on top of that, another 27,000." Directors asked staff to separate routine hazard removals from cyclone cleanup in future reports.
Next steps: staff will prepare more granular breakout of cyclone‑related costs (including payroll), and the board will consider whether a special assessment remains necessary given the updated totals.
