Board of Directors Meeting February 20 2021 Approval

Board of Directors Meeting February 20, 2021

Approval of Agenda

Approval of Minutes January 20, 2021 – Regular Meeting January 26, 2021 – Special Meeting January 26, 2021 – Closed Meeting January 29, 2021 – Special Meeting January 29, 2021 – Closed Meeting February 4, 2021 – Special Meeting

President’s Remarks Larry Perrone

GM Team Report John Viola Drainage Pipe Lining Example Before After

GM TEAM REPORT (CONTINUED) Cured-in-place pipe (CIPP) • A cured-in-place pipe (CIPP) is a trenchless rehabilitation method used to repair existing pipelines. It is a joint-less, seamless pipe lining within an existing pipe. • The process of CIPP involves inserting and running a lining into a pre-existing pipe. Resin within the liner is then exposed to a curing element to make it attach to the inner walls of the pipe. • CIPP is a trenchless technology which is more cost effective and less disruptive. • As the resin cures, it forms a tight fitting, jointless and corrosion-resistant replacement pipe. • CIPP requires bypass of the flow in the existing pipeline while the liner is being installed.

GM TEAM REPORT (CONTINUED)

GM TEAM REPORT (CONTINUED) q Drainage/Pipes • Budget 2020/2021 - $375, 000 • Estimated cost of planned repairs - $207, 000 q Recreation & Parks Update • Parking lot project will pick back up in spring when asphalt plants reopen • Robinhood playground should start by end of March, will schedule demo with Public Works q Marina maintenance: • Maintenance on replacing boards 2/8/21 – 4/1/21. • They should be completed by April 1, weather permitting, which will be a month before the marina opens. • Tracking to a budget of 15 K. q Golf Update • Maintenance Team fully engaged, continue to work on greens, fairways and trees near holes 2 & 3. • Communications – Email sent to members last week. Passed on information about new handicap program and Clubhouse Grille hours

GM TEAM REPORT (CONTINUED) q Yacht Club Maintenance • Ballroom: Removed wallpaper and Painted walls; Entryway/Hallway removed wallpaper and painted; Changed all the bulbs to LED. • Foyer/Stairway: Painted the bottom half of the walls; Will be installing a second AC unit this spring. • Bridal Suite: Changed the light fixtures; Painted; Changed all the outlets switches and covers; New carpet • Other areas: Repaired the flooring in the mop sink closet. q Racquet center Manklin: • Took plans to the county to review plan for new courts. • Follow up meeting scheduled for Friday 2/19/2021 to discuss needs. • Will engage with Vista once accepted plans q Dredging for 20/21 We had 18 properties apply for dredging. We summited all the info to the state on September 23, 2020. The info is still with the state as of 2/18/2021. Once State approves it then goes to Army Corp of Engineers. Once Army Corp of Engineers has approved it will go to the county.

Financial Change Month of JANUARY 2021 January (In Thousands) Budget Net Revenues Expenses Net Operating $126 $120 ($6) 861 854 7 ($734) $1 ($735) 12/23/2021 Current Year Favor/ (Unfavor) vs. Budget

Financial Change YTD JANUARY 2021 January YTD (In Thousands) Budget Current Year Favor/ (Unfavor) vs. Budget $12, 339 $12, 569 $230 Expenses 10, 093 9, 176 917 Net Operating $2, 246 $3, 393 Net Revenues 12/23/2021 $1, 147

Detail for the Month of January Favor/(Unfavorable) Vs. Budget Department/Amenity Favorable/(Unfavorable) Public Works/Gen Maintenance/CPI $37. 6 Yacht Club 16. 6 Finance 6. 2 Recreation & Parks 6. 1 Clubhouse Grille (17. 2) Police (9. 2) Golf Ops & Maintenance (6. 1) General Admin/Other (33) TOTAL 12/23/2021 $1. 0

Detail for JANUARY YTD Favor/(Unfavorable) Vs. Budget General Admin. & Other Public Works/Gen Maintenance/CPI Finance Marinas Public Relations Recreation & Parks Police Clubhouse Grille Aquatics Beach Parking Yacht Club Racquet Sports Golf Ops & Maintenance Net Operating 12/23/2021 $1, 105. 4 259. 1 84. 8 64. 7 48. 2 32. 7 17. 7 15. 6 (199. 6) (177. 7) (69. 2) (24. 4) (10. 3) $1, 147. 0

Treasurer’s Report Doug Parks 12/23/2021

Cash & Short-Term Investments Activity for Month of January Overall Laddered Investment Rate of Return on CDAR’s for January Approx. 1. 0% As of January 31, 2021, the Association had approx. $10. 5 million in cash Approx. $7. 1 million invested in CDAR’s, fully FDIC insured Approx. $3. 4 million in Money Market and other operating accounts, fully insured 12/23/2021

Unaudited Reserves January 2021 ($Millions) General Bulkheads Replace 4/30/20 Balance Roads Drainage New Total Capital $3. 5 $1. 6 $0 $0. 5 $0 $5. 6 Contributions/ Interest 1. 8 0. 9 - 0. 3 0. 2 3. 2 Casino Funds - - 0. 3 Transfer (Spend) (1. 3) (0. 9) (0. 1) (2. 5) 1/31/21 Balance $4. 0 $1. 6 $0. 2 $0. 7 $0. 1 $6. 6 12/23/2021

Reserves 4/30/21 unaudited estimate (in thousands) Beginning Balance 4/30/2020 Additions Expenditures Major Maintenance & Replacement: Police Renovation Northstar Admin Siding-Roof Aquatics (Splash Pads, etc) Yacht Club + Beach Club Racquet Sports Sidewalks Tractor for Ditch Maintenance Rough Mower Police Vehicles Playground Equipment/Other Total 3, 481 Bulkheads & Waterways Roads Drainage New Capital TOTAL 4/30/21 12/23/2021 1, 653 0 506 0 5, 640 Projected Balance 4/30/2021 1, 840 (608) (75) (73) (50) (40) (65) (150) (67) (90) (250) (1, 468) 3, 853 920 330 260 167 3, 517 (1, 784) (110) (511) (80) (3, 953) 789 220 255 87 5, 204

Public Comments

Capital Purchase Requests Public Works – Bulkhead for 2021 -2022 Fiscal Year Public Works – CIPP Liners for Drainage Pipes

Public Works Bulkhead for 2021 -2022 Fiscal Year • Requesting Authorization to go forward with Staff Recommendation of $1, 095, 000 for Fisher Marine • Additional sod & Public Works labor is included in the budget not this bid

Public Works CIPP Liners for Drainage Pipes • Requesting Authorization to go forward with Staff Recommendation of $207, 167. 47 for Pelican Underground

CPI Violations- None

Unfinished Business Discussion – Update on Proposed ARC Guidelines for Short Term Rentals - Frank Daly

New Business Motion – Establish Interest Rate for Delinquent Assessment Fees – Doug Parks Motion - To donate $1000. 00 to Worcester County Veterans Memorial – Larry Perrone Discussion – Referendum Process – Larry Perrone Motion – To Approve Mosquito Control Contract – Larry Perrone Motion – To approve FY 2021 -2022 Fiscal Budget – Doug Parks

Appointments Gail Keiling – 1 st Term – Racquet Patricia Felix– 1 st Term – Racquet Patsy Workman– 1 st Term – Racquet Susan Morris– 1 st Term – Racquet Kathryn Stone– 1 st Term – Racquet Karen Kaplan– 1 st Term – Racquet Donald Bonafede– 1 st Term - Racquet

Adjournment