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2018 Budget Proposal

2018 Budget Proposal. Current Reserve Study Results. Reserve Study Includes Expenditures for the next 40 Years for: Retaining Walls Siding Repairs Staining and Painting Landscape refurbish and repairs Parking lot repaving Utility line maintenance Stone repair and tuck pointing

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2018 Budget Proposal

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  1. 2018 Budget Proposal

  2. Current Reserve Study Results • Reserve Study Includes Expenditures for the next 40 Years for: • Retaining Walls • Siding Repairs • Staining and Painting • Landscape refurbish and repairs • Parking lot repaving • Utility line maintenance • Stone repair and tuck pointing • Signs/mailbox kiosk repairs (For complete Reserve Study results see EVTA website)

  3. Current Reserve Study Results • Annual amount needed per year to Reserves is $54,000 • Historical amount $15,000/yr • Shortfall $27,000/yr • Average monthly dues increase needed ($54,000-$15,000)/32 units/12 months = $101.56 Board recommends dues increase of $75/month

  4. Current Reserve Study Results • How will the increased funds be used • Years 1 – 4 • 8 units will be stained and minor siding repairs per year for 4 years for $45,000/yr • Years 5 – 7 • $45,000/year to be spent on cedar siding replacements • Repeat Years 1 – 7

  5. West Retaining Wall • West wall mitigation to be done by Thorcon Shotcrete and Shoring • $133,000 firm bid plus $3,000 for permits • Thorcon installs $6 million/yr of retaining walls • Scope includes engineering, repair existing walls, one new wall, and change drainage system • Contract is firm bid and guaranteed not to exceed • Wall will be shotcrete over existing structure and banded to bed rock • $50,000 down payment and $1,400/mo loan for six years

  6. Board Fiscal Responsibilities The board shall adopt a budget which is sufficient to fund current and anticipated expenses of the Association, and to ensure that repairs, maintenance, replacements, and improvements (including capital improvements) are made by reputable companies with expertise in particular areas. The board shall also ensure that there are sufficient funds and procedures available to comply with the disclosure, education and other requirements concerning the management and operation of the Association pursuant to the Act, including, but not limited to the establishment of a website to disseminate information to owners. (Bylaws Section 2.14) The common expense assessment, levied against the lots and the owners, shall be made on an annual basis against all lots based upon the association's advance budget of the cash requirements needed by it to provide for the administration and performance of its duties during such assessment year. (Declaration Section 7.4)

  7. 2018 Per Unit Budget Spending • How are your monthly dues spent per unit

  8. 2018 Dues Payment 2 Bedroom Units at $298 per month 3 and 4 Bedroom Units at $329 per month New payment books will be distributed in December New dues payments begins January 1, 2018

  9. THE END

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