Following are the minutes of this meeting, written by Connie Robinson, agent for the association.

Islesworth at Martin Downs HOA, INC.
BOARD OF DIRECTORS BUDGET MEETING MINUTES
November 11, 2002

The meeting was called to order by President Dennis Rohan at 7:15 p.m. It was held at the Palm City Assembly of God Church. 

Board Members present: 
Dennis Rohan, President
Scott Duckson, Vice President 
Robert Graves, Treasurer
Jim Wilson
Connie Robinson, Applied Concepts

See attached roster for others in attendance. Ballots were distributed.

David Segal and Louis Felitti were appointed to count the ballots for the proposed amendment.

Notice of the meeting was posted on the Association Bulletin Board as required by Florida Statute. 

The Board reviewed minutes of the meeting of October 15, 2002. They were approved as read. 

An owner stated that he had not received any information in the mail since he purchased his house. Communication was discussed.

The Proposed Amendment was discussed. If approved, the BOD will have the right to accelerate remaining fees for the year when quarterly fees are more than three days late. This was discussed and was not the intention of the Board. An error was also discovered in the proposed Amendment. It is written Article XII, the actual article is XIII.

A homeowner asked if this means that when fees are one day late, the BOD can demand full payment for the year. After additional discussion it was determined that the proposed amendment needed more clarification. Jim Wilson made a motion that the proposed Amendment be tabled so as to correct and clarify statements. Dennis seconded this, and all were in favor.

Phil Jacobus asked why quarterly billing was stopped. Dennis answered that it is more cost efficient. He added that many other Associations currently bill yearly and that nothing in the Documents allows for discounts for pre payments.

Presentation
Presentation was given by George Mazzochi of Stuart Fine Foods. He submitted a land use change to the county for the new Store. Studies have been done on drainage, traffic and rainfall. No crossover is planned at this time, and two streetlights will be installed. $416,000 in impact fees will be assessed. The Indian Street bridge has been planned for 2007 as well as improvements for sidewalks and current lights. A 25% preserve area will be maintained. Dennis Rohan thanked Mr. Mazzochi for his attendance.

Mr. Huber stated that he felt the tree removal was not satisfactory. Additional removal will be investigated.

The issue of lack of space at the gates was addressed. Installing the gates will cost approximately $8,000-12,000. A formal poll of homeowners was requested before any decision is made. 

Budget
A question was asked how an overage is approved for a line item. It was brought up that the budget looks a little short. Anticipated expenses exceed the budget yet more funds are not included. Dennis reminded the members that the budget could only increase 5% without a vote of the members. Legal fees were mentioned and Dennis reminded everyone that money will be returned from the civil suit with Pulte if the case is won. Certification of the roads was discussed. It was asked why the proposed budget was not included in the notice of meeting. Management advised that the Board instructed her to mail the Approved budget after the meeting.

A motion was made by Robert Graves to accept the 2003 Budget. Jim Wilson seconded this. All were in favor and the motion passed.

With no other business to discuss, Robert Graves made a motion to adjourn, Jim Wilson seconded the motion and the meeting was adjourned at 9:07 p.m.