June 27, 2009 Meeting of the Finance Committee, Prairie Point Residents Association In attendance: Jo Ann Ashley, Bob Dott, Hans Schneider, Silvia Graf, Leo Walsh, Ron McMurry, and Nancy Schrader. Not in attendance, Warren Gableman, Tom Lessie and Bill Bush. Hans explained the newest spreadsheet which Dave Meister had prepared at our request. The spreadsheet shows three proposals for a fairer allocation of property taxes than that currently in use. It was explained that Proposal #3 could actually be ignored, because it seemed to be the same as Proposal #1. Proposal #1 shows the tax payable on each unit, and the change from the current system, if the total of this year?s taxes on all parcels (482,097) were apportioned among the units on the basis of Residency Fees (rather than apportioning parcel by parcel as per the current system). Proposal #2 shows the tax payable on each unit, and the changes from the current system, using a formula which calculates a unified price per square foot, uses that to determine a base price for each unit, and adds to that the actual upgrades for each unit. The resulting values (shown in column 10 of the spreadsheet) are used to apportion the total tax bill. From the spreadsheet, it is evident that under the current system there are great discrepancies in the way taxes have been payable on like units. A copy of the spreadsheet is included with the minutes. Also included is the formula used in Proposal #2. The committee feels that we should not make the decision about changing the tax system, but we will present the facts to management of Prairie Point and it is their decision as per contract to come up with a fair tax policy. The committee voted to present the proposals to the management at a meeting of the committee and management on July 6, 2009. The vote was 6 in favor, 2 abstained, 2 that were absent did not vote. Management could then decide how to apportion the 2009 tax bill of $482,097.00. Discussion turned to how upset the residents are over the comment at the resident meeting in June about phase 1 and 2 being responsible for phase 3. Residents are to put in writing their concerns. The committee feels that answers to these concerns need to be put in writing so there is a record for the future that we have no connection with phase3 .Any statement as to what we are responsible for should be in writing and not just verbal Copies of budget questions also to be asked by the committee at the July 6 meeting were handed out. These are included with the minutes. Respectfully submitted