River Oaks Gardens Board of Directors Meeting

Minutes for

October 25, 2007 – 6:00 PM

The meeting was called to order at 6:00 pm.

The August minutes were read, approved, and entered into record.

Financial Report

1) KRJ Property Manager, Pam Rabus reviewed the financial report including:

Operating Account Balance $39,872.33

Reserves

Reserve Account Balance $103,771.99

Accumulated Interest $7,118.86

CD Account Balance $170,000.00

Total Reserve Balance $280,890.85

2) Payments for all operating expenses and the reserve transfer for October had been made.

3) The 2008 Budget was reviewed in Executive Session and approved with no increase to the current maintenance fees.

Manger's Report

1) Pam advised that she and Jack from Quality Construction be doing a walk through on November 6^th to determine needs for repair and painting of front doors, stairs, and any other common areas in need of repair or maintenance.

2) No other business items to report.

Board Report

1) No new items to report

Homeowners’ Open Forum was held.

The meeting was adjourned at 6:45 pm, and the Board of Directors entered into Executive Session.