At the annual meeting, it was reported that in 2008 the condominium association generated a net operating income of $15,739. Operating expenses did not increase condominium fees for 2009. The capital reserve is budgeted to be 25% of the operating budget and is used for long-term improvements. Several property and community improvements were completed in 2008 including repairing structures and adding amenities. The budgets and financial reports for 2008 and 2009 forecasts were presented.

1. Annual Meeting February 7, 2009