HomeMy WebLinkAbout03-15-2023 - Minutes245650 MINUTES OF MEETING OF THE BOARD OF DIRECTORS OF FOREST HILLS VILLAGE, INC.,
HELD MARCH 12, 2023 Pursuant to written notice to each of the directors, the monthly meeting of the Board of Directors of Forest Hills Village, Inc., was held at 7:30 a.m. on March 12, 2023 at Little Castle Restaurant. The following directors were present: Brad Arterburn, Shirley Walker, Melissa
Yates, Bruce Brockenborough, and Paul King. Also present were Lori Knight, James Burgett, David Denton, and resident Randall Barnes. THE FOLLOWING BUSINESS WAS TRANSACTED:
ITEM I: Mr. Barnes addressed the Board. After explaining that he has been a resident for several years and complimenting the company’s staff, he mentioned various matters which he judges are deserving of attention. Specifically cited were: upgrading and enhancing George Wiley Park, the use of a Citizens Advisory Board, and the rundown condition of the Paducah
Independent School District property once known as Forest Hills School.
After general discussion, Mr. Barnes concluded and remained present for the business meeting.
ITEM II: Upon motion made by Ms. Walker, seconded by Mr. Arterburn the minutes of
the meetings of February 15, 2023 were approved as written. ITEM III: The operating report for February 2023 was reviewed. All income and expense items continue to track with the existing budget. Each item to be discussed later in the
meeting in conjunction with the pending budget proposal.
ITEM IV: The Staff Report was then presented by Ms. Knight and included the following:
a. Forest Hills received 8 applications for rental units in February 2023, with
3 being approved, 1 being rejected, and 4 having no response. b. Forest Hills has 119 active applicants on the waiting list in February 2023. The breakdown of applicants is as follows: apartments-18, two-bedroom small-38, two-bedroom
large-3, 3-bedroom small-27, 3-bedroom large-33.
c. The occupancy rate for February 2023 was 98.47%. ITEM V: Mr. Burgett gave the following maintenance report. Maintenance performed in
February 2023 consisted of 1 house and 1 apartment. Also, 1 water heater, 1 set of kitchen
cabinets, 1 drain job, and 127 maintenance requests for tenants were completed. A tree fell on the back corner of 134 Glenwood. Due to the tree felling, the corner of the house had to be rebuilt, the roof repaired and the weather head replaced.
2
ITEM VI: The Chair announced that three (3) business matters were in need of
discussion and/or action at this meeting.
1. A committee of the Board met during the preceding month to study the possibility of an annual rate increase for Forest Hills Village units. An increase of operating expenses due to inflation and anticipated cost of living were studied by the committee. They also conducted a
survey regarding rental rates being charged by area landlords. Well thought-out handouts were
distributed to board members on the topics. Across the board rental increases ranging from potentially $15.00 to $25.00 per month were contemplated. It was generally determined that a moderate, middle range rise would be in the best interest of all concerned. The Chair stated that he would call for a vote on the rental rate matter after the committee’s entire report has been
heard.
2. Next contemplated was a possible level wage increase for Forest Hills Village employees. The committee had also studied this matter. Again, the impact of inflation and its erosion of buying power was considered as well as cost of living adjustment information for
2023 as published by the Social Security Administration. No formal action was taken on the
subject but a four percent (4%) increase seemed to be favored. 3. A proposed Forest Hills Village operating budget for 2023-2024 was circulated by staff and committee members. The proposal covered all line items for income and expenses.
Changes were explained. At the moment Forest Hills Village has not been told what to expect in
the way of premium increases for employee insurance benefits. For purposes of discussion, a hypothetical ten percent (10%) insurance premium increase was used. The new budget proposal is suggesting 2023-2024 income and expenses of $2,187,303.00. In order to balance the budget, $37,907.00 will be transferred from cash reserves (compared to $82,837.00 transferred in fiscal
year 2022-2023).
At the close of conversation, the Chair declared the action for adoption of the budget and wage increases will be on the April agenda.
The Chair further stated that the floor was now open for action regarding rental rates
increases. Subsequently, Mr. Brockenborough moved for approval of the following. Upon being duly seconded, the motion passed. MOVED, that effective upon the adoption of the 2023-2024
budget, the monthly rental rages for al units at Forest Hills Village,
Inc. shall be increased by $20.00 and implemented as follows: Apartments $370.00 2-bedroom large $365.00
3-bedroom large $410.00
2-bedroom small $350.00 3-bedroom small $385.00 ITEM VII: The next board meeting is scheduled for April 19, 2023.
3
ITEM VIII: There being no further business to come before the Board, the meeting
adjourned.
__________________________________________ President
ATTEST: __________________________________________
Secretary