General Session Minutes

November 12, 2008

Sunrise at Wigwam Homeowners Association

PO BOX 25466
TEMPE, AZ 85285
(480) 820-3451

Attendance: Glen Foulk, Lisa Juarez, Tyler Dixon, and Peri Swenson from Kinney Management and Paul Krey was absent. One homeowner in attendance.

1. Meeting called to order at 7:00 p.m.
2. Review and unanimous approval of Meeting Minutes from September 10, 2008.
3. Review and acceptance of the Income Statement dated October 31, 2008.
4. New Business:
   • Review and discussion of changes to the operating budget for 2009. Board voted with unanimous approval to approve the revised version with no increase to the assessment of $35.00 for 2009. Monthly reserve contribution will be slightly reduced to accommodate the 2009 budget, however, the assessment is anticipated to increase in 2010. Final granite installation on Wigwam Blvd and Indian School Rd will be delayed until 2010.
   • Renewal interest rates on upcoming CD expirations were discussed. Rates are still at best interest rate with existing M&I accounts.
5. Old Business:
   1. Reserve Study Update - Draft was reviewed and approved. Final report to be provided by end of November by RSI.
6. Open Discussion
   1. Open discussion included conversation regarding damage to lots from trees installed in common areas. Incidents regarded as "Acts of God" / storm damage will not be repaired or replaced by the Association. Owners will need to contact their homeowner insurance carrier for compensation.
7. Adjournment at 7:53 pm.

Respectfully Submitted,
Peri Swenson
Kinney Management