NOTE TO COMMUNITY FOLLOWING AUGUST 8 INFORMATION SHAREDear Homeowner,
On August 8th, we held our second of three meetings to discuss the community's financial status and explore solutions for upcoming expenses. We were pleased to see many neighbors engaged. For those who missed it, here’s a summary of key points. You can also watch the meeting video or download the presentation. Our CPA auditor, Shannon Dennison, presented the community’s annual audit results, available here. The audit received an unmodified (clean) opinion, the highest rating. The total cash balance is $238,749, with $94,883 in the operating fund and $143,866 in the replacement fund. However, the auditor highlighted a significant increase in projected replacement costs, mainly due to inflation. The board discussed deferred maintenance issues, especially poolhouse damage not covered by insurance. An engineer’s assessment found that 11 of the 24 structural trusses (the thick wooden planks that provide structural support beneath the floors) need repair or replacement. If these structural issues are not fixed, we may not be able to open the pool in 2025. The board estimates $250,000 in deferred maintenance costs across the community. To fund these repairs, the board sought feedback on raising funds through either a one-time special assessment (possibly $1,000+ per household) and a 5% annual dues increase or a lower one-time assessment with higher dues increases. Residents generally preferred a higher one-time assessment to avoid ongoing dues increases. Keeping dues low while funding repairs would protect home values, benefiting all homeowners. The board recognizes the challenge of gaining community support and is committed to clear communication. For a measure to pass, we need votes from at least 50% of homes, with 66% voting in favor. Without sufficient participation, difficult choices, such as closing the pool for 2025, may be necessary. We discussed the voting process, including online voting, proxies, and in-person meetings, with this timeline:
Thank you for your continued involvement and support.
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HERE'S WHAT YOU MISSED...On July 25th, we held the first of three information-sharing meetings to ensure our community understands our needs and expenses as we prepare for our annual homeowner’s meeting on October 17th. Around 20 neighbors joined in person and another 20 joined via Zoom. Here’s a summary of what you missed. You can also watch the video of the Zoom meeting and/or download the presentation.
HOA board president Ted Turner provided an overview of Wynfield's financials. The poolhouse needs major repairs, including the replacement or repair of eleven support trusses damaged by flooding. This will require major construction that may include upgrading the plumbing infrastructure (which is aging and increasingly prone to failure - polybutylene) and will also include considering other options to avoid future weather-related problems. In 2025, we intend to address these poolhouse repairs as well as resurfacing of the basketball courts and trimming trees along the parkway. A representative from Reserve Advisors presented an overview of our reserve study, which recommends the level of funding required to meet investment needs for the next 30 years, including maintaining our reserve account. You may find a full copy of this report here (both 2020 and 2024). Our goals include ensuring we have funds to meet our repair, maintenance and upgrade needs while keeping annual dues low and aligning to the reserve study recommended balances. Meeting these financial needs will require more revenue, likely achieved with an increase in annual dues and/or a special one-time assessment. Meeting attendees seemed accepting of the reality that higher homeowner contributions of some kind would be necessary and expressed a preference for a one-time assessment. The group was especially focused on mobilizing neighbors to vote at the October meeting. We must have 50% of homes represented for a vote to count and 66% of the vote must be in favor of the measure for it to pass. We will be enlisting support from anyone willing to help encourage neighbors to participate. Our next meeting will be held on August 8th at 7:00 p.m. at the Clubhouse. We will share more information about expected costs and some initial options for covering these in the coming years. If you cannot attend in person, we hope you will join us via Zoom (link here). Sincerely Wynfield HOA Board |
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