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Budget
Jul 16, 2016 10:40:28 GMT -5
Post by reeves on Jul 16, 2016 10:40:28 GMT -5
I was studying the budget and was happy to see our cash reserves have expanded despite large increases in the sewage treatment facility and also marble dust pools/drains. Obviously our sewage facility is a necessity and as it ages, will require more capital expenditure to maintain. I am sure at some point it may need to be replaced entirely so we must put money aside for the inevitable similar to what homeowners do with large projects such as roofing. I was pleased to see the 2016 budget allots $60,300 for this aging infrastructure, a substantial increase from $25125. We have no choice in the matter. We also had large expenditures with our pool. I do have to question the feasibility of maintaining a pool for a relative short season on Long Island. I may be in the minority here but would it be in our best interest in closing the pool? Of course, many residents may want a pool and it would be up for debate in our Democratic society but I saw we were $30,410 over budget for our pool. Perhaps a park like setting would be cheaper to maintain, with an area for dogs to run around, even a small nature trail with park benches. I also notice we are budgeting 35,000 for unpaid assssments. I received an audit from a certified public accountant recently and many of these units were rented out because they went into foreclosure. Unfortunately the Association (we) had to spend money and make repairs in order to make these units suitable and desirable to rent. I stress that we must not allow delinquent accounts to get too far behind. Perhaps after a certain time in arrears we send them to collections. I am not an accountant but find the budget critical to our continued success at Silver Ponds and all residents need to examine it. Thankfully our board is on top of these things so we don't have to worry with every little detail but the big picture is important.
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Budget
Jul 16, 2016 19:27:08 GMT -5
Post by silverpondshoa on Jul 16, 2016 19:27:08 GMT -5
Hi Reeves,
First, thanks for caring so much about our community to look into these issues and reach out.
Second, we recently had a Meet the Board night on July 6th, which was a great opportunity for residents to come meet the board face to face and discuss any issues, concerns, suggestions, etc. that they had. We had a great turnout! This would have been a great venue to discuss these concerns that many other residents may have, in real-time. We should be having another one in either August or September. It's this board's goal to have them as often as possible so that residents always have a connection with the board and can express any concerns or suggestions in real-time.
As for the infrastructure repairs, we have been trying very hard to increase the beauty of our community so that it is a place that we always wants to live in, and new people dream to live in; since that is what increases our property values after all. You will see many repairs and improvements happening over the next several years. We hope to keep it a place that you love to call home.
As for your concerns with the pool, it is one of our biggest, most appreciated, and most used assets. I believe the majority of our community enjoys the pools and looks for us to upkeep them. As long as we properly maintain them, the year-to-year costs should never be overwhelming. This year we had to marble dust the pools (as it has not been done in MANY years), and we also had to make some necessary changes to meet DOH requirements - but the costs necessary this year should be much less next year, and in continuing years. If you feel strongly that we are wrong in continuing to beautify our community and enjoyment of amenities such as the pool, you're more than welcome to discuss it with other residents and bring it before the board. We are always open ears.
As for the unpaid assessments, you may have heard in one of our most recent open meetings, or in the newsletter, or treasurer's corner on the website, that we are working very proactively to reduce ANY unpaid assessments. In the past 7 months, your board, specifically with the help from our treasurer and CAMCO, has collected tens of thousands of dollars in uncollected assessments. These assessments may very well have ended up in legal, likely not collecting on the full amount due, ending in foreclosure, which ultimately brings down the values of our homes in the community. We have done this by a more proactive approach in sending out demand statements to residents who fall behind, as soon as the first missed payment, in hopes that with quick, stern, and continuous reminders, they are able to quickly get back on their feet and fix the issue. So far, this approach has been extremely successful believe it or not, and we have collected thousands in arrears, and very few have ended up in legal after getting into arrears because of this. When residents do fall behind, we are limiting their access to the beautiful amenities that well all enjoy. We are very aware of this issue and are working very hard to ensure that it is as minimal as possible going forward.
You noted that we have allocated $35,000 in our budget for for bad debt. This is for homes that are already in the legal system, that we either have money judgments against or are working towards foreclosing on their homes, and it is unforeseeable to collect the monthly assessment from these units. By figuring this into our budget, we are able to better assess the revenue vs expenses for the year, which allows us to stay within our budget by years end - rather than being "surprised" that we didn't collect assessments from those already in legal. For those units that your referred to as the 'HOA putting money into repairs so that they are suitable to rent', these are VERY few units, and the expenses have quickly paid themselves off and turned into revenue for the community, while continuing to pay for the monthly assessments (that would not have been collected if not rented). We have been prompted to rent other units that we are foreclosing on, but declined, as the board felt the investments into these units would not have been quickly recouped. Again, those on your board live here too and are equally affected by those who don't pay and we are working very hard to reduce this number as low as possible! You can bet your current board will do everything in our power to keep unpaid assessments minimal while also doing everything we can to keep our community beautiful!
If I haven't addressed any of your concerns, please let me know, and please feel free to stop by our next meet the board night! Your board is working VERY hard, hours upon hours each day - not month - to ensure everything in this great community stays great.
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Post by Judy on Jul 19, 2016 18:41:21 GMT -5
A resounding NO to the idea of closing the pool. It makes us a resort community and I like it.
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