To: Board of Directors
Re: [Wynfield Board] 2024 Budget Question
Reviewing the 2024 budget which you sent out, can you advise on the following questions?
Let me know when you can. Thanks for answers and all you do for the neighborhood.
Re: [Wynfield Board] 2024 Budget Question
Reviewing the 2024 budget which you sent out, can you advise on the following questions?
- Why are legal fees increasing from $ 2,000 to $ 12,000?
- What is the basis of the $ 33,816 estimate for interest on a loan?
- What is the principal amount of the loan and what was it used for?
- Is there a balance sheet showing the reserve balances as of January 1, 2024?
- Do you have the preliminary 2023 actual expenses compared to the 2023 Budget?
Let me know when you can. Thanks for answers and all you do for the neighborhood.
Board response for community consumption
- Why are legal fees increasing from $ 2,000 to $ 12,000?
- Estimating costs for engagement with Swim Club Management insurance.
- The repairs for the pool house initial claim have been denied twice
- As an alternative to legal engagement we are also working with a public adjuster.
- This may in fact reduce our legal fees.
- However in October / November, we did not know if the public adjuster would take up our case.
- As of Dec 31, we are getting more traction via the public adjuster. With engagement of the public adjuster, our insurance carrier is now asking more discerning questions, and asked the public adjuster what qualifications are needed to assess the damage correctly.
- Additionally, we want to bring to the community items like electronic voting, more than 5% annual dues increase, as well as a special assessment to catch up our reserve study deferred maintenance.
- The 2020 reserve study is published on our MyWynfield.com site here: https://www.mywynfield.com/neighbor-info.html
- Attached please find the 2020 reserve study
- Estimating costs for engagement with Swim Club Management insurance.
- What is the basis of the $ 33,816 estimate for interest on a loan?
- Replacing the playground.
- What is the principal amount of the loan and what was it used for?
- It used to be in the mud at the bottom of the hill. In 2021 it was raised to the top of the hill.
- Is there a balance sheet showing the reserve balances as of January 1, 2024?
- Hawthorne typically provides the financials 15-30 days after the month end. We anticipate we will have the 2023 final statements in 25 days.
- Attached below, please find the balance sheet and income statement through November.
- Do you have the preliminary 2023 actual expenses compared to the 2023 Budget?
- We have expenses through November.
- Attached below, please find our balance sheet and income statement through November.
| wynfield_balance_sheet_and_income_statement_november_2023.pdf |
| 2020-05_-_engineering_reserve_study.pdf |