BUDGET RATIFICATION MEETING •If you haven’t, please sign in •Coffee and water are located in the back •Meeting Protocol is in your packet, please review. •Please complete the survey. •Meeting is being filmed for those ake HOA is turning 50 this
Dec 15, 2015
BUDGET RATIFICATION MEETING
•If you haven’t, please sign in
•Coffee and water are located in the back
•Meeting Protocol is in your packet, please review.
•Please complete the survey.
•Meeting is being filmed for those unable to attend
Twin Lake HOA is turning 50 this year
BUDGET RATIFICATION MEETING
AGENDA 1. Call Special Meeting to order 2. Introductions 3. Declaration of Posting/Delivery 4. Parliamentary Authority 5. Update to Mid-January "Message from President" email. 6. Presentation of the 2015-2016 Budget 7. Open Forum - protocol handout 8. Budget Ratification 9. Adjournment
BUDGET RATIFICATION MEETING
In the January 2015 “Message from the President” I wrote:
•Here are the biggest budget challenges
• Lake Management
• Reserve Fund
• Legal fees
I have a slide on each one
BUDGET RATIFICATION MEETING
Lake Management•Should have written “….and Repair of Lorene”
•Toxic Algae – Safety issue (Handout available)
•Hired an Aquatic Control Consultant to manage our lakes.
•Public Meeting last month• Waiting Dept of Ecology decision on permit• If approved – experiment starts in May, approximately
$7000.00
• If not approved or if it doesn’t work as planned, Algaecide treatments at $2400 each
•Treatment monies this year come from Reserve Fund, operating account next year.
•Administrative & consultant expenses come from operating account
BUDGET RATIFICATION MEETING
Reserve Fund
•Study determined we were 65% funded
•Recommended to be 70-100%
•Added $30,000 to fund from operating account
• Money obtained from collection process
•No additional funding this year – 98%
• According to this years study, about $24,000 will be
needed next FY
BUDGET RATIFICATION MEETING
Legal Fees
•Budgeted $30,000 last fiscal year
•Fiscal Year expenses to date are about $36,500
•Where the money went:
43%
32%
12%
10%4%
Past Due Assessments & CC&R fines Lake Lorene Litigation CC&R Fines Only
General Matters Past Due Assessments
BUDGET RATIFICATION MEETING
What didn’t go well this past year
• Staff hire
• Loss of Treasurer and Bookkeeper
• Legal costs
• Lake Lorene Conditions
BUDGET RATIFICATION MEETING
• Procuring compliance in assessments and esthetics via ‘opportunities to be heard’ and legal action.. • In August last year, we had 85 delinquent
homeowners owing over $500 each. Total amount of past due was $123,754
• We now have 73 (62 original) owing $74,342.25• 13 have been sent to Small Claims Court• 22 on payment plans• 23 current liens
• Decreasing Banking Costs – HOA experienced banker
• Cheaper Maintenance Company
• Lowering Communication Costs
What went well this past year
BUDGET RATIFICATION MEETING
Fiscal Year 2015-2016
• Continue to pursue collections
• Capital Improvement Fund
• Continue cost cutting
• Part time esthetics employee
• Review copying and mailing expenses
• Investigate Professional Management
BUDGET RATIFICATION MEETING Budget Actuals Budget
INCOME 4/14 - 3/15 4/14 - 12/14 4/15 - 3/16
Membership dues 472,902$ 357,721$ 472,902
Rules & regulation fines 15,000 234,950 15,000
11,000 32,327 11,000
Late Fees 10,000 15,900 10,000
Transfer Fees 10,000 10,200 10,000
Interest income 200 109 110
Bad Debt (26,000) (30,000) (26,000)
TOTAL INCOME 493,102 621,207 493,012
GENERAL & ADMINISTRATIVE EXPENSE
Audit Fees 5,000 3,750 6,000
Office rents & common areas 9,500 7,538 11,000
Legal, Property value protection & operational 30,000 36,710 40,000
Bank fees & lock box rental 7,000 4,693 1,500
Postage & Shipping 12,000 9,033 10,000
Business & liability insurance 6,600 4,276 7,000
Printing & reproduction 12,000 11,166 20,000
Office supplies & expense 5,500 2,997 4,500
Training & seminars 1,000 70 1,500
Computer Software Support/Technology 7,000 4,502 8,000
Dues & subscriptions 750 - 750
Depreciation 7,000 4,434 12,000
Community Relations 7,500 5,889 7,475
Public Relations 1,500
Miscellaneous expense 1,500 1,298 1,500
Annual Meeting 2,000 842 2,000
Payroll processing / Bookkeeping Fees 4,000 3,135 2,400
Office personnel 72,150 58,142 60,000
Employee benefits 2,400 (120) 4,300
Payroll taxes & license 8,000 8,787 4,950
TOTAL GENERAL & ADMINISTRATIVE EXPENSE 200,900 167,142 206,375
Reimbursable Collection costs
BUDGET RATIFICATION MEETING
COMMON AREA UTILITIES EXPENSE
Street lighting & other small utilities 45,000 33,668 45,000
Telephone & communications 2,800 1,762 2,000
TOTAL UTILITIES EXPENSE 47,800 35,431 47,000
COMMON AREA MAINTENANCE
Grounds maintenance contract 78,900 52,779 55,000
Esthetics expense 10,000 4,090 1,500
Common Grounds 25,000 5,997 16,000
Parks 10,000
Lakes maintenance 8,000 6,690 6,800
Capital Improvement 26,000
TOTAL COMMON AREA MAINTENANCE EXPENSE 121,900 69,556 115,300
COMMUNITY SAFETY
Security personnel 85,000 62,936 88,976
Employee benefits 4,600 1,800 7,041
Payroll taxes & license 7,500 3,020 8,008
Vehice operating expense 7,000 3,444 7,500
Uniforms Security 2,500 694 1,500
Vehicle insurance 1,500 969 1,200
Telephone Security 2,000 1,304 2,400
Vehicle depreciation 5,000 3,750 5,000
Security other 1,000 544 1,200
TOTAL COMMUNITY SAFETY 116,100 78,460 122,825
TOTAL EXPENSE 486,700 350,588 491,500
EXCESS OF REVENUES OVER EXPENSES 6,402$ 270,619$ 1,512
BUDGET RATIFICATION MEETING
CURRENT ASSETS 2015 2014Cash and cash equivalents 186,982 163,712$ Member assessments receivable, net 77,004 74,435 Prepaid insurance 2,724 1,041
TOTAL CURRENT ASSETS 266,710 239,188
PROPERTY AND EQUIPMENT
Office furniture and equipment 21,789 16,504 Treasure Island improvements 107,586 101,946 Lake Ponce De Leon improvements 36,521 36,521 Land & common area improvements 120,436 120,436 Vehicles 24,995 24,995
311,327 300,402 Less accumulated depreciation (212,391) (204,207)
PROPERTY AND EQUIPMENT - NET 98,936 96,196
TOTAL ASSETS 365,646 335,383$
CURRENT LIABILITIESAccounts payable 18,004 32,284$ Accrued wages and payroll taxes 782 3,244 Unearned member dues 16,748 15,331
TOTAL CURRENT LIABILITIES 35,534 50,859
MEMBERS EQUITY 330,112 284,924
TOTAL LIABILITIES AND MEMBER'S EQUITY 365,646 335,783$
TWIN LAKES HOMEOWNER'S ASSOCIATIONBALANCE SHEET
DECEMBER 31, 2014 (UNAUDITED) AND MARCH 31, 2014 (AUDITED)
BUDGET RATIFICATION MEETING Capital Improvements ideas for Twin Lakes HOA
•Add lights to path at Treasure Island Park•Fountain for Lake Lorene•Install playground at Hillside Park•Modernize 21st street entry•Install water supply at entrances (flowers)•Add Book Exchanges in several locations•2 way radio system for the Patrol and Office•Covered gazebo in Treasure Island park•Outdoor Pickle-Ball & Shuffle Board courts for seniors•Stock Lake Lorene with Fish•Portable water tank w/power washer.•Add cement slabs under fixed benches •Add more lakeside swings to our parks•Cameras at main entrances to Twin Lakes•Generator for Emergencies •Fitness stations around the path at Treasure Island Park•Add more speed bumps to slow down the traffic •RV Parking•Fix Drainage problem at Treasure Island Park•Twin Lakes designation on our entrance monuments•Add a new Park to “north” side of 320th
•WIFI in the parks•Solar Powered lights at all the entrance monuments•Major upgrade to some of the Cul-de-sac islands•slats missing in the chain link fence at TI Park•Replace some of the sprinkler heads lower volume ones
BUDGET RATIFICATION MEETING
•Open Forum Time
•Ratification – Reading of the requirements
•Thanks for coming, please complete the survey