News From Board of Directors

Friends and Neighbors,

We have had great success finding cost effective and responsible results with respect to the core financial
challenges of cash management, insurance coverage, and landscape maintenance services over the first four
months of this year. Those successes have been significant enough to permit an extraordinary event to take place;
an amendment to the adopted 2024 budget that reduces the forecast expenses for the full year, and a
corresponding reduction in the assessment that will be due for the second semi-annual assessment period.
All of these improvements are sustainable, year after year, and 2025 will be even better when a full year of these
efficiencies can be realized as well as additional opportunities that are still in front of us.

Attached, please find a copy of the amended 2024 budget that was adopted at the April 22, 2024 board meeting
and the revised assessment for the second half of 2024 of $743 as opposed to the $893 incurred in the first half of
the year. When the original 2024 budget was adopted back in November of 2023, the forecasts were reasonable
given the current costs incurred, the high inflation environment, and the cloudy picture that is always the case
when peering into the crystal ball for the coming year.

The new board has taken an aggressive approach to alternative solution development, and that approach has
yielded significant cost advantages that were not necessarily foreseeable six months ago. Today, those alternative
solutions are not only ideas and strategies, they are signed, sealed and in-place in a hard-fought, responsible, and
sustainable way.

Capital reserve planning is the next item in the cross-hairs and new analytical tools are under development to
provide a clear and consistent approach that is consistent with published Reserve Study Standards and also
produces guidance that are both financially and managerially responsible. We are planning a single-subject
workshop on the topic of reserve planning for the purpose of sharing the process details with every homeowner
and I hope you will be able to attend the workshop once it is scheduled.

 

We will keep you informed as we make progress on your behalf.