Phil Galiano said...
In answer to your wish, that "the B.O.D.had said something about what they intend to do with this extra income", speaking as the B&G Co-chairman and Treasurer, there is so far no official resolution to confirm what to do with the extra income. However, given that CB is still attacking the long list of remedial projects that had been put off for years, due to mis-management, illegal use of funds, and in general poor oversite by previous B.O.D., CB would need conservatively, an infusion of over one million dollars of extra income to improve its infrastructure to return to the point of considering a special reserve fund.I'll leave the specifics of the needed and required improvements to a special report in the near future. Suffice to say at this time, CB is finally in a strong financial position. Income from the four studios, a soon to be announced sale of a one bedroom, former manager's apartment long in litigation and processed deliquent maintenance fee liens will boost our current reserve fund to well over $600,000.00. That would not include the added income realized from the raise in registration fees to be in compliance with the Condominum Articles. We have just four months from April 1st. untill our FY ending on July 31st. in order for that income to be properly totaled and a an estimate made as to its augmentation to our annual budget.The renaissance at CB will continue.Phil Galiano
February 18, 2007 8:10 AM
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7 comments:
after his bankrupt past has been revealed,can anything Phil Galiano has to say about Coral Beach financial matters be taken seriously anymore?
Phil...how about that Reserve Fund, you still haven't answered us" How much is in it now'?
No fair using the Holel Rooms yo sold to ' beef up' the number!
Perhaps Mr. Galiano should have started his comments with 'Once upon a time.......but hopefully this Fairy Tale will come back to bite him
The Reserve Fund – is that the CD’s? The Board knows that this has dwindled down to only 1 (small) CD. They have squandered out all of the money from the shareholders and lived lavishly. This Board must be replaced. We must have an accounting of the treasury. Who will run? At some time we all must volunteer our time and effort to bring this place back to a viable property. I will be willing to work on a committee, however, this Board has denied all of the volunteer committee work. That is a sure sign of them being up to no good.
From what I hear, there is no reserve fund. The fact that they refuse to disclose bank balances sounds like we're broke. No need for secrecy if there's nothing to hide.
Really, how much of a revenue have the rental fees been when they regularly revoke rental priviledges? Sounds like shooting themselves in the foot to me.
And since when does the BOD have the right to decide if family members and friends can stay in our unit?
I wonder if there were any rental applications for the guests in 2411? Has that sale even been completed yet?
So much controversy. If they had any honor they would step aside.
If this wasn't such a critical issue for the owners of Coral Beach, Phil's words would be laughable
PLEASE READ THIS ENTIRE COMMENT
Phil does not except any help from us owners.
BUT Phil has already put his friend that just purchesed a unit on a special board ???? Its True !!
There is not even a name for his position.
Lets not forget Mario !!!!!
Funding there entire voting power!
Mario do you really want to be conected to these people?
There are so many things these guys are doing wrong, even basic everyday projects are totally blowing up in our faces.
G7 is no longer working with us because of all of the fighting, but it go's along with getting the lowest price and working back door deals then they just walked away with the project 1/2 complete.
Let me guess, it must be someone elses fault.
The new Roofer Does not have a roofing licence !!!! Insured ????
He was found through a guy that does welding on the island.
Again, great price, but has no idea what they are doing. its just fact. They NEVER worked on commercial flat roofs !
I cant make all of this up !!!
Please pass this info. onto the other owners.
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