November 2024 General Meeting Minutes

HEATHER HOUSE CONDOMINIUM ASSOCIATION
November 20, 2024

Call to Order at 7:00 PM

Roll Call: Denise Healy, Steve Papp and Bill Rotella, HHCA Accountant            Absent: Janet Sassano

Approval of October Minutes: Delores Cipolone and Eileen Bennett

Treasurer’s Report:     

Reserves          $  59,512.26
Checking          $    4,978.09
Savings            $  16,930.41
CD’s                  $  37,314.29
Total               $ 118,735.05

Old Business – from October 2024

• • Board Elections: Liddy Tuleja, Unit 27, will join the Board in January 2025.
  • Pool Update: An ongoing leak has been identified.  It will be repaired in the spring.  The pool was winterized and furniture removed in late October.
  • Trash Room: Please follow information from October meeting regarding recyclables and the size of trash bags.  Bulk Items like any furniture can’t be placed in the Trash Room.  Please refer to bulk trash removal directions, from Haddon Township, located by the trash chute
  • Fresh Focus: Rugs were cleaned on all three floors on Friday, November 8^th.

New Business – October 2024

• • Budget: HHCA’s accountant, Bill Rotella, presented information on the 2025 budget.  Our 2025 budget will be attached along with our meeting minutes.  At the December meeting, our budget will be voted on by residents in attendance or who have submitted a vote to the Board.  Bill offered the following suggestions and information for our reference:
    • The importance of having enough savings so we could finance any large expenses, (plumbing, boiler, paving), with the goal to finance everything ourselves rather than borrow from the bank and pay interest. Currently, we have $75K in savings and no outstanding loans.  Going forward, Bill suggests we aim to accumulate $300K, which would eliminate the necessity for future loans.
    • The current annual inflation rate is 4%, back to levels last seen in February 2021. Prices are still 21.4% more expensive since the pandemic-induced recession began in 2020.
    • Our 2025 budget includes a 3% increase in our condo fees.
    • Questions and answers, from residents, were provided by Bill.
    • If approved in December, Condo fees for 2025 are listed below.
  • Residents
    • Please welcome our new resident Nick Abbate, unit 50
    • Marcella Chambers, Unit 53, passed away on October 17^th
    • Fond farewell to Tammy Fitzpatrick, a long-time resident, who always contributed her time, energy and knowledge to Heather House
  • The annual Heather House Christmas Party will be on Saturday, December 28^th.
  • Next condo meeting:  Our next meeting will be on Wednesday, December 18th at 7:00 PM.

Move to adjourn at 7:30 by Eileen Bennett and Liddy Tuleja