Finance Committee Study - Annual Assessment

[Ray]

Board Members
There is a study that Finance Committee conducted which proposed an increase and vote. The issue is the amount of $850.00 being proposed by the Board includes Capitol Improvements and other items outside what is permissible within Annual Assessments.

Article V, Section 5 is very clear on what Annual Assessments are to be used for.

Section 5. Change in Basis and Maximum of Annual Assessments [Developer].
The Developer reserves the right unto itself to change the basis or maximum of annual assessments as provided in Article V,
Section 3, hereinabove for the purpose of maintaining, renovating, installing, modifying or improving the water, electrical,
sanitary and/or bath house facilities.

The amount intended to be voted on at the end of May exceeds what is permissible per Article V, Section 5

Any Annual Assessment increase must be focused on maintaining, renovating, installing, modifying or improving the water, electrical,
sanitary and/or bath house facilities.

Please discontinue any action or Owners will be forced to take legal action.

[PamelaRaymond]

Please, with all due respect, make sure to also post Section 5A where sewer is added to the basis for annual assessment which includes that maintenance. In addition, be reminded that those covenants were written in 1973 and MANY things have changed but the covenants have not been updated to match the changes that subsequent BODs did previously, I would venture to guess during your tenure as well. Also the Code of VA written after our covenants were implemented requires a Reserve fund, normally drawn as a percentage of annual assessments that neither section 3&4 of our covenants regarding annual or special assessments include implicitly. Therefore it is in the best interest of our community to have our covenants updated to align with the Code of VA.

[PamelaRaymond]

Tomorrow marks my 1st month as a Board member and I can say that we are trying to move forward. I do have experience managing a multi million dollar operation and can tell you that it takes a lot of work and that needed changes are coming. It is not possible to everything all at once. We have to be patient and work on the priority items. Rome wasn’t built in a day. We can’t change years of poor decision making by previous boards overnight. Your understanding and consideration are greatly appreciated. Thank you.

[lgastonlover]

You are very much appreciated! Keep up the good work!!!

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