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News Article

11/18/2010 - 2011 Budgets Approved

The 2011 budgets for the Master, Townhome, and Condo Associations were approved as presented at the budget meetings held on 11/17/2010.

Highlights of the budgets follow.

1. The 2011 budgets are balanced budgets and will not require any increase in the monthly assessments for 2011.

2. The service levels for 2011 will be the same as or better than in 2010.

  • We now have two full time CPM maintenance people instead of the 1 and 1/2 that we had with Castle.
     
  • Our Saturday and Sunday pool monitor now also performs 2 hours of grounds maintenance both days as a part of her duties.
     
  • All routine maintenance activities like mowing the lawns, trimming the trees, and mulching will continue on the same schedules as in 2010.
     
  • The Property Manager's office will continue to be staffed by one full time administrative person (Donna) and a one part time (Shellee) Property Manager.

3. All maintenance items are funded to insure that the buildings and property are being properly maintained.

4. The major risk to the budget is Bad Debt - the amount set aside to cover possible shortfalls in revenue from people who are delinquent in paying their monthly association fees.

The directors are doing everything they legally can to collect association fees including the following.

  • Offering payment plans to first-time delinquent homeowners.
  • Cutting off access to the pool and fitness center for delinquent homeowners.
  • Putting liens on the delinquent properties.
  • Sending delinquent accounts to collection.
  • Collecting rent directly from tenants of delinquent homeowners who are leasing their units.
  • Evicting non paying tenants of delinquent homeowners who are leasing their units.
  • Foreclosing on delinquent homeowners in cases where the banks are slow to foreclose.
  • Foreclosing on delinquent homeowners who are current on their mortgage but owe us money.

However there is breakage in this process and thus we do not always get all that is owed use. Thus the line items for bad debt and the risk to the budgets.

5. There is money in the budget to fund reserves for the Master Association but not reserves for the Townhome or Condo Associations. 

Both the Townhomes and the Condos plan to address at least a partial funding of reserves in the 2012 budget which will be year five since Green Cay Village was completed.


Peter Schulz - Editor - Email TCM

 
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