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Perimeter Park West board approves $39,400 HVAC replacement, adopts EFT policy changes and ratifies quarterly spending
Summary
At a special Feb. 10 meeting, the Perimeter Park West board approved a $39,400 HVAC replacement in Building A, adopted updates to electronic funds transfer (EFT) and monetary-transaction policies, and ratified spending for October–December 2025; staff warned HVAC work will push capital spending over budget.
Perimeter Park West’s board of directors approved a $39,400 HVAC replacement in Building A, adopted changes to payment policies to allow and control electronic funds transfers, and ratified October–December 2025 disbursements during a special called meeting on Feb. 10.
The actions were taken by voice vote after brief presentations and discussion. The chair asked for a motion to approve the minutes from Nov. 19 and to proceed with several routine governance items; both motions were moved, seconded and adopted with no opposition recorded in the transcript.
Why it matters: the board’s policy changes formalize electronic funds transfer (EFT) procedures and require dual PPW agent approval for EFTs, shifting certain vendor payments away from paper checks. Staff said recent HVAC failures have already pushed capital-improvement spending over budget and will reduce the dividend available at year-end, making the replacement approvals a near-term budget issue.
Connie, the staff member who led the policy review, told the board that the bank-operations policy now “includes electronic funds transfer” and that “two PPW agents will approve the EFTs for payment,” adding procedures for handling failed EFTs and verifying supporting invoices. The board moved to approve the policy edits and adopted the motion.
Anne, who presented the facilities update, warned the board that replacing another aging HVAC unit “will tip us to be over budget for the year.” Based on comments during the meeting, board members estimated replacing the seven oldest units could cost roughly $300,000 in total; a board member’s quick calculation agreed with that figure. The board then approved a single-unit replacement in Building A for $39,400; the motion was moved, seconded and adopted.
Liz of Harrod and Associates, the board’s bookkeeper, presented financial statements for the six months ended Dec. 31, reporting total assets near $5.8 million, revenues of $490,000, operating expenses of $381,000 and a net increase in assets of $109,000; she reported approximately $669,007.54 in two Community Trust accounts. Liz said capital-improvement overruns related to HVAC work will affect the dividend the board can pay at year-end. The board voted to ratify the agents’ spending for October–December 2025 and adopted the motion by voice vote.
The meeting closed after scheduling the next PPW meeting for Tuesday, May 5 at 10 a.m. and an adjournment by the chair.
