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GRANADA VILLAS HOMEOWNERS ASSOCIATION
BOARD OF DIRECTORS BUDGET MEETING
October 12, 2006
Wyndam Resort

CALL TO ORDER
Bob Boshears acted as Chairman of the meeting and called the meeting to order at 7:03 p.m. Pat Angel acted as secretary of the meeting and kept the minutes thereof.

ESTABLISH A QUORUM
Present were Bob Boshears (President), Lois Gilbert (Treasurer), Leann Warfield (Director) and Pat Angel (Secretary). A quorum was established.

PROOF OF NOTICE
Notice of the meeting was posted on the web site and a sign was placed at each entrance.

DISCUSSION
The proposed 2007 budget was reviewed in detail. Questions from the floor were asked and answered.
Bob explained the increase in the proposed 2007 budget is primarily due to significant increases in landscaping and insurance costs. In addition, there are expected increases for improvements in the irrigation system. Adjustments were made in some items.

Leann made a motion to approve a budget for 2007 of $389,092. The increase to each homeowner will be $42 per quarter for a total of $407 per quarter. The annual increase to each homeowner will be $168 for an annual total per homeowner of $1,628. Lois seconded the motion. Leann, Lois and Pat voted for the budget. Bob voted against. The motion carried three to one.

There being no further business, Lois made a motion to adjourn the budget meeting. Bob seconded the motion. The vote was unanimous for approval and the meeting was adjourned at 8:30 p.m.

_______________________________
Pat Angel, Secretary of the meeting

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