Call to Order: President Joyce Dunn called the quarterly public meeting of the Carolina Shores Property Owners Association to order at 7:00 P.M.

Board Members Present: Joyce Dunn, Al Franklin, Kerry Jarrell, Pete Gulliver, Jan Knorr, and Linda Pennington.

Cathi Gulliver, chairman of the audit and finance committee, was also in attendance.

Cathy presented the budget for 2010. She explained the budget calendar and the budget process. The total operating budget amounts to $205,150. The contribution to the Capital Reserve Fund for 2010 is scheduled for $48,000. The combined dues assessment per property owner for 2010 amounts to $200.

Kerry Jarrell discussed the Capital Reserve Fund, its purpose, and its methodology. For 2010, the recommended contribution to the Fund is $38.52 per property, or $48,000 in total. At the end of 2009, the Fund will have a balance of $351,435. A workshop to determine reserve expenditures and needs for 2010 is planned for January.

Kerry explained that the board has established a process to assist members who might have financial difficulties in meeting their dues obligation. Any resident with such needs should submit their request in writing to the CSPOA Treasurer, 17 Lakeview Drive, Carolina Shores, NC 28467. The request should be submitted no later than January 31, 2010.

Numerous residents offered comments on the budget. The general sentiment of the members was very positive.

The meeting was adjourned at 8:15pm.