. . . attendance/participation in upcoming meetings.

 

Over the past few months, we have been transitioning information to our new property management company - Hammersmith Management Inc. The process has taken a considerable amount of coordination and as a result, we have experienced some delays in our financial reporting. With accurate year to date financials in place, the Board/Finance Committee is now finalizing some adjustments to a recommended budget that was proposed in December, 2009. We anticipate a proposed dues increase to meet current operating expenses in addition to addressing the realities of our annual operating expenditures. We must also consider the needs of our reserve accounts to plan for upcoming infrastructure projects that are the by-product of our aging community. This process is also underway.

 

Many of us have felt the stress of the current economic climate, so please be assured that any proposed dues increase or special assessment for infrastructure improvements will be regarded in a very careful and sensitive manner. I ask that you be patient as our Finance and Strategic planning committee continue to evaluate the best approaches to adequately address the most common sense plan to satisfy our budget shortfalls and prioritize a direction for the improvements that we need to initiate in order to preserve the assets of our community. According to our By-Laws, The Board can vote on a dues increases of 5% or less, but an increase of more than 5% or a special assessment will require a special meeting and a homeowner vote. We will do our best to keep you apprised of the situation as we finalize our recommendations.

 

The Board recognizes that the sum is greater than the parts and we encourage the involvement of our homeowners. If you would like to be informed or involved. I encourage you to come to the monthly Board meetings. Homeowners will be given an opportunity to speak for or against any increases before a formal vote is taken by either the Board or Homeowners. During this process, I also would like to ask that we engage in respectful and productive discussions which are in the best interests of our community.

 

We hope to see you at our meetings and look forward to your input.