Update from August 8 Meeting

NOTE TO COMMUNITY FOLLOWING AUGUST 8 INFORMATION SHARE

Dear 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:

• September 12: Third information meeting, 7:00 p.m., clubhouse
  
• September 26: Voting period kick-off, 7:00 p.m., clubhouse
  
• October 17: Annual Homeowners meeting, 7:00 p.m., clubhouse
  
• October 26: Voting period closes
  

Your board is committed to transparency and ensuring every neighbor has a say. We ask that you stay informed, consider the community’s best interests, and encourage participation.
Thank you for your continued involvement and support.

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