DRAFT ONLY – NOT YET APPROVED

River Oaks Gardens Board of Directors Meeting

Minutes for

December 4, 2008 – 6:00 PM

The meeting was called to order at 6:01 p.m. by President, Kim Hobbs.

Minutes from the October Board of Directors Meeting were read and approved.

Financial Report

1.) KRJ Property Manager, Pam Rabus, reviewed the financial report including: the Operating Account balance of $32,471.70. In the Money Market Accounts our Insurance Reserves $1,209.00 (yearly premium has been paid), Replacement Reserves is $213,647.88; Interest is $17,807.93; the CD is $25,000.00; with a Total Reserve Balance of $257,664.81.

2.) Payments for all operating expenses and reserve transfer for the month have been made.

Manager’s Report

1) Pam advised that the Fire Marshall did an inspection of the property and found we needed three new 911 boxes which have since been replaced.

2) Pam reported Southern Pool will be inspecting the pool and giving proposal to bring pool into compliance.

3) The fence repair and replacement is ongoing.

4) KRJ is working with Comcast Cable for a special bulk agreement.

5) The 2009 budget will not require an increase in maintenance fees.

Board Report

No new items were presented for Board approval.

Homeowners’ Open Forum was held.

The meeting was adjourned at 6:37 and the Board of Directors entered into Executive Session.