The meeting was called to order in the gazebo at 6:45pm by Richard Kropp.

Rita moved to approve the minutes as presented. Marcus seconded. Minutes were adopted by unanimous vote.

Stan presented the financial report. Several owners were delinquent and they have either been sent notices or turned over to the attorney for collection.

At the end of March there was approximately $42,100 in cash in all accounts. Stan estimated that another $60,000 will be added by the end of the year. This will still be somewhat below the estimated $130,000 needed in the reserve account for future capital projects; however, barring unforeseen circumstances, the balance will continue to grow over the next couple of years to meet the reserve requirements.

Stan stated that he is continuing to work with our billing service to ensure that individual owners, and not the Association, will be billed for meter reading charges when a unit changes occupants. He is also continuing to discuss the billing process with the current billing service.

Stan said that he invited a representative from the billing service to attend the Annual Meeting in May in order to provide additional information about the billing process.

The board discussed a proposal received from another company for water billing services. Further action was delayed pending review of additional information requested from the current billing service.

An ongoing issue relating to landscaping in front of one of the units was discussed. At this point, the board decided to delay further action until the next walk-through of the property is conducted.

The building repairs have been completed. The Association received a final bill from the contractor, Austin Reconditioning Services, for work not included in the original estimate. The board approved payment of $2,050 for the additional work.

The board also received an estimate from another contractor for $1,650 for painting and repairs for the fence section along Gracy Farms that adjoins Reflections I. The board asked Stan to contact the property manager for Reflections I to determine if their homeowner's association would agree to share the cost.

A proposal received in the amount of $3,789 to replace landscaping timbers throughout the property was discussed. Rita stated that she will conduct a walkthrough with a representative of the landscaping contractor to develop a prioritized list of repairs. The board delayed action pending receipt of the list.

Stan stated that he is obtaining estimates relating to repairs to the exterior surface of the foundation in one of the buildings.

The annual meeting is scheduled for Monday, May 15, 2006. The board discussed a draft agenda for the meeting.

The terms of office for the Board positions currently held by Richard and Carter will expire in May, and Richard has indicated that he is not seeking election to another term.

The next meeting is scheduled for Monday, May 15, 2006, immediately after the annual meeting.

Carter motioned to adjourn the meeting and Rita seconded. The meeting adjourned at 8:00 p.m.