Annual Meeting 2017 - Highlights

Mar 22, 2017
2 min read

Aloha Owners, As this was my first attempt at holding an Annual Association Meeting, I hope it was okay for all in attendance. I am told it was one of the fastest meetings in recent history. As the venue changed at the last minute we all made the best of it. Big Mahalo's to the AOAO for jumping in to get the switch made at the last minute. Hopefully next year we will be at the Pacific Whale Foundation where we can use some of the technology they offer.

The highlights from the financial statements are as follows:The total association fee income for 2016 was on budget and total expenses were under budget by 13.65%. All expense categories including maintenance, insurance, payroll and utilities were under budget for the year. Within the administration expense, there was a bad debt recovery of $20K versus a budgeted bad debt expense of $12K. This was due to the sale of unit #115. Total sales proceeds were $260K which was allocated to the cost of the unit, had been on the books for $212.5K, with the balance of the funds allocated to closing costs, outstanding strata fees and bad debt recovery. As a result, net income for the year was $119K versus a budgeted net income of $44.6K This has also resulted in a significant increase in cash of $242K for the year. The Association's cash position at December 31, 2016 was $773K in reserves and $20.5K in operating funds.
The building reserve study that was done to December 31, 2016 shows reserve funding of $548K and reflects an 85.3% funding ratio. A reserve study that shows in excess of 70% funding ratio on its reserves is considered a strong funds strength and low risk of cash flow problems and need for special assessments or loans in the future.
The 2017 budget resulted in no increase in Association dues for the year with a net income of $53.5K to be applied to reserves.
Introduction of new house rules ( Posted here )

We officially have a crosswalk in front of Kihei Holiday. Paul has posted a note that we can request flashing yellow lights by calling (808) 270-7745 (Department of Highways) and asking for the Engineering Department. You can make the request with them. If every owner calls, that would be a great start! Thanks!