FEBRUARY 4, 2012 BUDGET MEETING

THE TIMBERS AT CHRISTMAS MOUNTAIN ASSOCIATION

BOARD OF DIRECTORS BUDGET MEETING

FEBRUARY 4, 2012

The Board of Directors Budget meeting of the Timbers at Christmas Mountain Association was held on Friday, February 24, 2012 at 3:00pm at Odyssey Dells, Wisconsin Dells, WI.

Present were President Ray Nilles, Vice President Connie Dodd and Secretary/Treasurer Tammy Bateman.

Also present were, Barney Barber, SVP, Bluegreen Resorts Management, Inc., David DeShaw, Regional Director, Bluegreen Resorts Management, Inc., Dale Dobis, Regional Director, Bluegreen Resorts Management, Inc., Linda Vazquez, Association Administrator, Bluegreen Resorts Management, Inc. Michael Noble, General Manager at Christmas Mountain Village, Stephen Sease, Assistant General Manager at Christmas Mountain Village.

Present via teleconference was Kim Fries, Association Administrator, Bluegreen Resorts Management, Inc.

President Ray Nilles called the meeting to order at 2:30pm and called the roll.

PUBLIC INFORMATION PERIOD

· There were no owners present

APPROVAL OF AGENDA

· Motion made by Director Bateman, seconded by Director Dodd and carried to approve the agenda as presented.

APPROVAL OF PRIOR MINUTES

· September 9, 2011 Meeting Minutes

Motion made by Director Bateman, seconded by Director Dodd and carried to approve the minutes as presented.

OFFICER REPORTS

· President Nilles did not have anything to address with the Board.

· Vice President Dodd did not have anything to address with the Board.

· Secretary/Treasurer Bateman did not have anything to address with the Board.

POA UPDATE

· President Nilles gave the POA update.

FINANCIAL BUSINESS

· November 2011 YTD Variance Report

· November 2011 Financial

Dale Dobis reviewed the financials and explained that the reserve account has a balance of $354k, and as of January the reserve balance is $321k. He explained that Revenue is below budget by $67k; mainly due to fewer cleans than budgeted. Payroll is under budget by $90k, Utilities is under budget by $6k, Operational expenses are over budget by $139k, but $83k is contract labor. G&A is over budget by $5k, Non Controllable is under budget by $24k. At the end of November the financials reflects a loss of $9, but as of January the association is ahead of budget by $7k.

· November A/R Report

Dale Dobis explained that as of January the AR reflects total week of 786. Barney explained that will be paid by the end of the fiscal year.

NEW BUSINESS

· Manager’s Report

Stephen Sease provided an update to the board on resort improvements, staff changes RCI comment card scores, as well as the new Bluegreen Medallia comment card survey system that began in January 2012.

UNFINISHED BUSINESS

· Renovation Discussion

Barney Barber stated that the board has made great progress is getting closer to a renovation. He explained that the construction and development team is still working on a renovation scope and the management team will have more information to share with the board and owners at the April meeting.

2012-2013 PROPOSED OPERATING BUDGET

· Operating Budget

Motion made by Director Dodd, seconded by Director Bateman and carried to approve the 2012/2013 operating budget as presented to include a 5.25% maintenance fees increase.

ADJOURN

Motion made by Director Bateman, seconded by Secretary/Treasurer Dodd and carried to adjourn the meeting at 3:10pm.

Respectfully Submitted, Acknowledged by,

__________________ ________ _____________________ ________

Linda Vazquez Date Connie Dodd Date

Association Administrator Secretary/Treasurer