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AUGUST 2020
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Lake Viking News ©Gallatin Publishing Co.
August 2020
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VVA Board of Directors Call to Order Susan Zalenski, lot 364, called the meeting to order at 6:28 p.m. in the upper level of the clubhouse. Board members present were Mark Leggett, lot 72; Tony Gronniger, lot 2281; Celeste Armanees, lot 62; Troy Lesan, lot 576; and Marvin McNabb, lot 28. Mike Booth was unable to attend. Shad Mort led the Pledge of Allegiance. Troy Lesan led in prayer. Approval of Minutes Celeste Armanees moved to approve the minutes of the July 12, 2020, board meeting. Tony Gronniger seconded; motion passed. Committee Reports Handbook Committee – No report. Finance Committee — The Finance Committee met on Aug. 6. John Kmetz reported on the tax status of capital gains taxes on sale of community areas. HOA’s have the unique advantage of being able to file as a business or a non-profit. In our case, a regular business filing would reduce capital gains rate to 21% but would increase our exposure to non-exempt income. Continuation of our filing as non-profit increases the capital gains rate to 30%, but allows more exempt income which we definitely have this year. John will continue to monitor. Lyle Alexander reported that the stimulus PPP money is likely to be forgiven as a loan due to $81,000 amount being below the $150,000 threshold. Financial Statements were reviewed by Mike Krehbiel. On a comparative basis with 2019, income is up, collection of dues and assessments are up and, even excluding several large items that were not in last year’s totals, bottom line is still up significantly with a revenue increase around $358,000. Missy Leggett went over a spreadsheet she made on expenses. It was noted that Shad has held off on capital expenditures and very little of the lake and road budgeted expenses have occurred yet. On the expense side wages are up. Office and safety overtime are up as a result of the busy season. Ramp gate maintenance expense, safety expense, and trash expense are also up. A positive is the collection of over $30,000 in liens and other past dues as a result of the increased property transfers. The topics of annual audits and increased in-house reconciliations were discussed and made a priority of committee goals. Also discussed was the formation of a small sub-committee to meet with Gallatin Publishing Company for the purpose of improving the Lake Viking website with portals to collect revenue and streamline office workload. Kim Spidle of Edward Jones updated the committee on current CD interest rates. At present VVA interest income is up because of the favorable rates on CD’s, earlier in the year. The CD interest rate has plunged. Our question has always been “how much of our working capital from our BTC ICS account can we invest for a better return?” Now, that the ICS account is actually paying more than CD’s, we anticipate putting funds from the 225,000 CD that has matured back into ICS and using $53,000 of this money drawing a quarter of one percent interest to pay off the balance of our dredge loan which is costing us 3.5% interest. Shad Mort and several committee members voiced support for this idea with no objections and the Finance Committee will make this recommendation to the board. Mark Leggett requested of the Finance Committee three things. The first request was for recommendations for any potential surplus funds freed up from PPP loan. The second request was for recommendations for investing ICS investments until needed for operating budget to get best ROI. The third request was for a review of comparable payable units this year versus last year to assure investments are laddered to meet operating budget needs. He provided some potential interest rates, which would vary with the risk level of the investment. Strategic Planning Committee — Susan Zalenski said a document is being prepared with updates of what has been accomplished by all committees on the Strategic Plan. Kenny Southwick will present the updates at the October board meeting. Susan Zalenski moved to add Terry Nibarger to the Strategic Planning Committee. Mark Leggett seconded; motion passed. The next Strategic Planning Committee meeting will be September 9 and it will
Next VVA Board Meeting:
6:30 p.m. Sunday, Sept. 13, 2020 Lower level of the clubhouse
All members in good standing are welcome and encouraged to attend. If you want on the agenda, you must notify the office on or before the Monday prior to the board meeting.
Volume 33, No. 4
August 9, 2020 be a Zoom meeting. Activities Committee — Celeste Armanees reported on recent activities and upcoming activities. There were two patio parties — Outlaw Jim and the Whiskey Benders on July 18 and Now and Then on July 31. Both were well attended. Kids Day was held Aug. 8. Around 50-70 kids showed up for this event. The movie night scheduled for Aug. 7 was cancelled due to concerns and restrictions of COVID-19. There were 80 people signed up to attend and we felt we could not practice good social distancing. There will be another band, Cheap Thrills, on Aug. 21. Aug. 22 is the Scavenger Hunt at 1 p.m. All future events this year held by the Activities Committee will be outdoors. Building Committee — Marvin McNabb reported 12 new permits were submitted since their last meeting. There was one new home approved. Tom Johanson has resigned from the Building Committee. Marvin McNabb moved to add himself as a member of the Building Committee. Mark Leggett seconded; motion passed. Fire Department — Tony Gronniger reported they had their regular meeting on August 8. The sirens were tested as usual. Campground Committee — Mary Hibler reported the campground is planning a workday soon. One space opened up in the campground, which [Continued on Page 4]
Dredge Update
To: Lake Viking Board of Directors From: Shawn Hepinstall, Dredge Committee
Below is a silt basin planning update and information on dredging operations. Our members approved the funding to build a new basin and a lot of planning has been taking place. We are on track for plan proposals to the board for approval in fall, construction bids in winter 2021 for construction summer 2021. Separately, we are also conducting dredging work in other areas based on our 2020 budget and implementing a proactive approach installing weirs, dipping and stabilizing banks. • South End Silt Basin Earlier this summer we drained a lot of the basin, cleared vegetation and removed much of the silt Island in the middle of the basin. This gave us better a view of the scope regarding what needs to be moved and helps our engineer in the design of the new basin. • Boring and Core Samples Soil analysis and borings were done by Kruger Technologies in nine spots. Overall, our site soil tested very well and is acceptable for berm construction. We did encounter bedrock in several locations but nothing of a major concern. • Silt Analysis Composition of our silt was tested and results came back as the finest silt that Bob Hayes or Steve Warger (Warger Engineering) has ever seen. It’s 75% fine silt and 25% clay. It’s almost a powder as it is carried in the water. It is very hard to contain or stop. It requires settling which will factor into the design or our new basin. • Warger Engineering Plan Steve and Bob have been working on the analysis and several preliminary ideas were shared with the committee in June. Steve said he have will three preliminary plans ready for committee review the week of Aug. 17. • Garney Area Normal 2020 dredging operations have been taking place in the Garney area. This activity was part of the 2020 dredge budget to be proactive in silt removal. We have constructed a new silt basin in the Garney Area and will incorporate a “prototype” dewatering system into the new basin. The new basin will hold and filter silt, then drain to a second lower pond for more settling, then return water to the lake. If this process works as designed, it will capture silt and the basin will dry out so we can maintain it in the future. This is a smaller scale of what we hope to build into the new basin on the south end. Weather permitting this should be completed next week or the week after. There is/was no place to pump the silt until the new basin was completed so we chose not to put the dredge in until the basin was ready. We will dredge in the danger area in the middle of the lake first and then move to Garney and dredge, testing the basin and dewatering system. • Stream Bank Stabilization and Dipping This fall we will continue dipping and stream bank stabilization to slow the silt coming into the lake.