MINUTES OF THE BUDGET MEETING OF LE BARON CONDOMINIUM HELD ON THURSDAY, DECEMBER 14, 2006 AT 2:00 PM

A budget meeting of Le Baron Condominium was held on Thursday, December 14, 2006, at 2:00 pm.

Present from the Board of Directors were Sam Bowling, Winifred Chambers, Fred DeJacma, Charlie Dlugos and Jack Mahony. Present from Residential Management Concepts were Gary Palombi, Anthony Antapasis, Shannon Koorse and Gail Gardner.

CALL TO ORDER
Sam Bowling called the meeting to order at 2:15 pm.

AFFIDAVIT OF MAILING
Sam Bowling presented the affidavit of mailing.

2007 BUDGET
Sam Bowling appointed Fred DeJacma as Treasurer and Chairman of the Budget Committee.

Fred DeJacma stated that this would be the first time in a long time that the community would have a management company to help things run more smoothly. A brief discussion ensued about the budget and the assessments.

Sam Bowling stated that the insurance had increased and they managed to convince the insurance company to keep them insured.

Fred DeJacma stated that the Board of Directors would not be renewing Brian’s contract. Sam Bowling stated that while Brian will be resigning as of the end of December, William and Moses would be staying on at the community.

Fred DeJacma stated that he was very confident in Residential Management Concepts’ accountant, Rita Barrett, and that she spent a lot of time preparing the budget.

Winifred Chambers stated that she would like to present some questions on behalf of Judy Hall, who couldn’t be at the meeting. Gary Palombi addressed her questions, explaining how Rita came up with the year’s expenditures. He further explained that the contingency fund is not done away with, it is just called something else and is broken down into various line items.

Gary Palombi stated that the dollar amount for Waste Management is based on usage and that is how Rita came up with the numbers for that line item.

Gary Palombi stated that a budget is merely a projection of what could be expected, it is not an actual budget.

Fred DeJacma motioned to accept the proposed budget for 2007, seconded by Charlie Dlugos. Four were in favor. One is opposed. Motion carried.

ADJOURNMENT
There being no further business before the Board of Directors Sam Bowling adjourned the meeting at 2:45 pm.