FRIDAY UPDATE and REACTIONS


Oct 23, 2026

Dear Members,
Work continues across many fronts at 33 S. Ocean.


This week 6 of the 9 units were cleared by the mold remediation firm for reconstruction.  Montoya is preparing to begin sheet rock installation early next week.  The final 3 units should be completed next week.  After the installation of sheet rock and replacement of toilets, vanities, and mirrors, apartments will be fitted out by owners. 


The first round of insurance reimbursements occurred this week.
Unfortunately, Randy Pitino has had to withdraw as our public adjuster because of medical issues.  We have reached out to
the firm that had been considered during the selection process to replace Pitino.


Remediation on 512 is underway. The structural engineer will prepare the necessary analysis to support the permit. The structural engineering firm addressing 606 postponed its first meeting until next Thursday but limited work is continuing under the existing permit. Several owners involved in the construction projects have visited the property to check on progress.
The construction of the 2027 budget continues.  GRS and the Board are reviewing numbers on a constant


 Both Polly Minugh and Jay Jordan have been providing important input. The Board is also working to develop a proposal for a special assessment that will have to be levied before the end of the year.  As described in the last Board meeting, the assessment is necessary because of the impact of multiple unanticipated fiscal demands primarily resulting from damage to the building.

Best regards, the PBSA Board of Directors

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Response from Director/Treasurer Mary Beth Koch to the BOD and shareholders


Oct 23,2026
Dear Shareholders,


I am writing to clarify two matters concerning recent Board communications, as I believe it is important that all shareholders receive accurate information and that our Board's work be represented transparently.
The recent Friday e-blast stated that both Polly Minugh and Jay Jordan had been providing important input into the preparation of the 2027 budget.  I requested that this statement be corrected to reflect the actual work performed, but the e-blast was distributed without change.


Polly and I worked together to prepare the proposed 2027 budget.  We devoted considerable time to reviewing prior budgets, financial statements, expense trends, and anticipated costs, with input from GRS as appropriate.  As Treasurer, I take my responsibility for this process seriously, and I believe our work should be accurately represented. Jay did the bulk of the budget work the last few years, and his knowledge of the prior year's assumptions and decisions may be useful in reviewing the current proposal.  However, he did not participate in preparing the 2027 proposed budget with Polly and me.  If he provided important input to the current budget process beyond the work we performed, that input was not shared with us.  Any substantive contributions being attributed to the budget process should be clearly identified so that the record is accurate and the process remains transparent. 

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My intention is not to exclude anyone from offering constructive comments or reviewing our work.  On the contrary, I welcome substantive questions, recommendations, and suggestions that help us produce a sound and financially responsible budget.  I want to ensure that the shareholders understand who prepared the proposal and how it was developed.

It is important to clarify how certain Board communications have been represented.  There have been letters issued in the Board's name that I asked not to be included in or associated with.  Rather than identifying only the Board members who agreed to those communications, the letters were signed by the Board of Directors.  When I raised this concern, I was told that if a majority agreed, the communication could be issued as coming from the Board.  I recognize that Board decisions are generally made by majority vote, and I respect the Board's authority to act collectively when appropriate, but there is a meaningful distinction between a decision formally approved by the Board and a communication that individual directors do not support.  Shareholders should be able to understand when a statement reflects an official Board position and when there are differing views among Board members.  Accurate reporting, transparency, and respect for each director's responsibilities are essential to effective governance.  These principles are important when communicating with the shareholders we serve.

Polly and I have put a lot of effort and time in developing the 2027 proposed budget, and I remain committed to fulfilling my responsibilities as Treasurer with diligence and integrity.  My purpose in writing is to ensure that shareholders have an accurate understanding of the work being done on their behalf and that our Board communications reflect the same commitment to transparency.

Thank you for your attention.
Sincerely
Mary Beth Koch, Treasurer
The Palm Beach Shores Apartments, Inc.

Response from Rich Bolton to the BoD


Oct 23,2026

To the Board of Directors, Owners/Shareholders,


Too often, credit has not been given where it is deserved. I believe it is important to recognize the professional expertise, time, and effort that Mary Beth Koch and Polly Minugh have contributed to our community.

Mary Beth Koch is an educated CPA who has spent decades working in the accounting profession at various levels. During her three-year tenure, she has worked diligently to make sense of prior accounting practices under former Treasurers, including Jay Jordan, and to bring clarity to our financial records.

Similarly, Polly Minugh, a former partner at Deloitte Touche, one of the world’s Big Four professional services networks, generously volunteered her time and expertise to assist with this challenging responsibility. Both women have devoted considerable effort to addressing historical accounting issues while navigating differing opinions and suggestions along the way.

Regardless of differing viewpoints, these professionals deserved acknowledgment and appreciation for their willingness to serve our community and contribute their knowledge and experience. A simple expression of gratitude would have been appropriate, particularly given the time and effort they have invested.

Since that acknowledgment appears to have been overlooked, I want to take this opportunity to say thank you to both Mary Beth Koch and Polly Minugh for their dedication, professionalism, and service to our shareholders.

Their contributions deserve recognition and respect.

Respectfully,
Rich Bolton and

PBSAPT.com

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​St Valentine's Day Photos

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​​St Patrick's Day Photos

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Owner Request. Oct 24, 2026


Hello to all

It must’ve been a rainy summer because the sea grapes have grown substantially!
Please ensure in all your “budgeting” that cutting down the sea grapes is
They need to be cut down again as soon as allowed after the “turtle season ends” on October 31st
This is an annual expense that should be in every budget, just like in previous years, in order to maintain the views of ocean for all residents of PBSA

Thank you
Susan and Peter P.  #212