Ocean Reef Resort Owners Association, Inc.
Annual Meeting Minutes
Tuesday, December 21, 2010 – 3:00 p.m.
Ocean Reef, Unit #605
14415 Front Beach Road
Panama City Beach, FL 32413
Director, John Skinner called the meeting to order at 3:30 p.m. It was determined that a quorum was not present. Board members present were John Skinner and Greg Martin.
FINANCIAL:
The independent audit for Ocean Reef year 2009 was completed in April 2010. The HOA Fund Balance as of 12/31/2009 was $84,215. The reserves were $61,435. All bills paid and all owners current on HOA dues for 2009. As of December 2010, all bills paid and one owner delinquent on HOA dues. This will be verified by independent auditor and published in April 2011.
There are no short sales or foreclosures in Ocean Reef. Owners that would like a detailed copy of audit report and current budget may send an e-mail to John Skinner at condoman@cox.net.
The total budget for 2011 is $552,744. The HOA dues will remain at $284 dollars monthly for the third consecutive year.
MAINTENANCE:
Rainwater Runoff Drain - Following a lengthy discussion with many good ideas, Mr. Burns, a civil engineer (owner of Unit 1506), volunteered to work with the city to find a cost-effective solution to the rainwater runoff drain from the north side of Ocean Reef.
Indoor Heated Pool - After open discussion from owners, the following actions items were generated regarding the indoor heated pool:
A. The de-humidifier was malfunctioning, causing excessive moisture in the indoor pool area, including bathrooms. This issue has been resolved and the pool area and bathrooms will be cleaned and re-caulked as required.
B. The times when the pool will be heated are to be posted in the office on the 6th floor.
Emergency Access to Units - All owners please contact Rob Power, Head of Maintenance for Ocean Reef, at 850-588-8690 and provide either key or access code to be used in case of emergency.
SECURITY:
It was noted that a new security system was installed in November of 2010. Security signs have been posted and cameras are capturing visual data twenty-four hours a day.
OTHER BUSINESS:
Florida State law requires owners to obtain insurance coverage for inside of unit.
627.714 — Residential condominium unit owner coverage; loss assessment coverage required.—
(1) For policies issued or renewed on or after July 1, 2010, coverage under a unit owner’s residential property policy must include at least $2,000 in property loss assessment coverage for all assessments made as a result of the same direct loss to the property, regardless of the number of assessments, owned by all members of the association collectively if such loss is of the type of loss covered by the unit owner’s residential property insurance policy, to which a deductible of no more than $250 per direct property loss applies. If a deductible was or will be applied to other property loss sustained by the unit owner resulting from the same direct loss to the property, no deductible applies to the loss assessment coverage.
Owners are advised to consult their insurance provider for details of new HO-6 insurance changes.
ADJOURNMENT:
With no further business the meeting was adjourned at 4:30 p.m.
Respectfully Submitted:
John Skinner
Board of Directors
