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HomeMy WebLinkAbout10-16-2024 and 11-20-2024251135 MINUTES OF MEETING OF THE BOARD OF DIRECTORS OF FOREST HILLS VILLAGE, INC. HELD OCTOBER16,2024 Pursuant to written notice to each ofthe directors, the monthly meeting ofthe Board of Directors of Forest Hills Village, Inc. was held at 7:30 a.m. on October 16,2024, at Little Castle Restaurant. The following directors were present: Paul King, Brad Arterburn, Melissa Yates, and Shirley Walker. Also attending present were Lori Morgan and David Denton. THE FOLLOWING BUSINESS WAS TRANSACTED: ITEM I: Upon Motion made by Mr. Arterburn and seconded by Ms. Walker, the minutes of the meeting ofAugust 21,2024, were approved as written. ITEM II: Mr. Arterbum and Mr. King gave an executive report. Financial matters remain as targeted. ITEM lll: Ms. Morgan presented the stalf report including the follo*'ing: a. Forest Hills received 2 applications for rental units during September 2024, with I being approved, I being rejected. b. Forest Hills has 97 active applicants on the waiting list as of September 2024. The breakdown ofapplicants is as follows: apartments-22; two-bedroom small-23; two-bedroom large- 8; 3-bedroom small-18; 3-bedroom lo4e-26. The September maintenance report was unavailable. ITEM IV: Ms. Morgan will review the possibility of establishing Health Savings Accounts ITEM VI: The next meeting is scheduled for November 20,2024. There being no further business to come before the Board, the meeting adjoumed. w"J&V-.-- c d Secrc Fi&id.rr The occupancy rate for September 2024 was 96.84%. ITEM V: There has been no significant progress with the plans for constructing a new rental unit on one of the vacant lots. 257411 MINUTES OF MEETING OF THE BOARD OF DIRECTORS OF FOREST HILLS VILLAGE, INC. HELD NOVEMBER2O,2024 Pursuant to written notice to each ofthe directors, the monthly meeting ofthe Board of Directors of Forest Hills Village, Inc. was held at 7:30 a.m. on November 20,2024, at Little Castle Restaurant. The foltowing directors were present: Paul King, Brad Arterburn, and Shirley Walker. Also attending present were Lori Morgan, James Burgett, and David Denton. THE FOLLOWING BUSINESS WAS TRANSACTED: ITEM I: Upon Motion made by Mr. Arterburn and seconded by Ms. Walker, the minutes ol the meeting olOctober 16,2024, were approved as written. ITEM Il: The directors reviewed year-to-date budget financials. It was obserwed that actual income through October was 5945,324.00 versus the budget amount of $947,320.00. A difference of only $ 1,906.00. The actual expenses were $916,804.00 versus the budget amount of $942,889.00. A positive difference of $26,784.00. A[[ budgeted matters are performing as projected. ITEM lll: Ms. Morgan and Mr. Burgett presented the staff report as follows: b. Forest Hills has 97 active applicants on the waiting list as of October 2024. The breakdown ofapplicants is as follows: apartments-22; two-bedroom small-23; two-bedroom large- 8; 3-bedroom small-l7; 3-bedroom large-27 . The occupancy rate for October 2024 was 97 .42%.c d. The October maintenance report involved 3 houses, 0 apartments, 3 water heaters, 487 fumaces serviced, I tub kit, and 126 maintenance requests for tenants. e Security carneras have been installed in the office and shop. ITEM IV: Regarding site and proposed new resident construction, Chair King presented a topo with accessories plan as prepared by Bacon Farmer Workman Engineering & Testing. Mr. King stated that there are a few details that he personally wanted to examine. He will report back at the next meeting. Bid solicitations are anticipated thereafter. ITEM V: A Health Reimbursement Account plan (HRA) is an employer-funded plan that reimburses employees for qualified medical expenses. Employers are allowed to claim tax deductions for reimbursements and reimbursement dollars are tax-free for employees. The employee would receive a "visa like" HRA card with a $ I ,000.00 annual credit balance' The card may be used only for qualified medical expenses. Forest Hills Village will receive invoices notifuing it of approved charges. The plan would have an annual "use it or lose it" provision- The a. Forest Hills received 4 applications for rental units during October 2024, with 3 being approved, 1 being rejected, and 0 with no response. agents are familiar with HRAs and saw no difficulry in implementing such, with board approval, commencing on January 1,2025. The administrative cost to Forest Hills Village is minimal. After further discussion, Ms. Walker offered a motion to implement an HRA plan at $ 1 ,000.00 per eligible employee, per year effective January l, 2025. Mr. Arterburn seconded the motion. After further discussion, the motion passed unanimously. Staffwill notiff the agents and complete the necessary paperwork. ITEM VI: Chair King recently held a discussion with Mayor Bray regarding vacancies on the Forest Hills board. Directors were asked to be prepared to make replacement suggestions at the next meeting. Action is expected at the meeting. ITEM VII: The next meeting is scheduled for December 18,2024. There being no further business to come before the Board, the meetiug adjourned. Pre t T