2012 Treasurer's Report

Prepared for the 2012 Board of Directors Annual Meeting:

 

Income and expenses for FY12, just concluded, have been predictable and close to budget, except for extra expenses caused by Irene in August and the early snow storm in October. The storms affected outlays in category 5024, painting and repairs, and category 5038, lawn improvement and tree removal.

Tree damage is only covered by insurance when a tree hits a building, thus all but a small amount of expense was borne by the association. As was communicated to unit owners, the board of directors decided to pay for the storm damage without special assessment to unit owners, and instead temporarily reduced monthly payments to reserves.

Expectations for the FY13 are that operating expenses will continue to be predictable. Oxford park paid a surcharge on snow removal in FY12 due to extra snow in FY11. This coming year we expect to receive a snow rebate from Crowley. The outlays for landscaping/snow, management, trash and insurance will be constant through June 30, 2013.

The board has reviewed and approved the budget for FY13. The monthly fee will remain at $240/month. Of that, $165 will be allocated to ongoing operating expenses, and $75 will be allocated to reserves and reserve study projects. Note that, as always, the budget includes income from trash reimbursement from the town, and clubhouse rentals (which offset most of the clubhouse expenses).

 

Total value of reserves 6/30/11.......$110,262.00

 

Added to reserves FY12......................$118,170.00

Paid to bank loan (completed 10/11).........$18,257.00

Spent from reserves FY12............................$0.00

Total allocated to reserve funding..........$136,427.00

 

Total value of reserves 6/30/12......$218,432.00

 

Reserve projects scheduled for FY13 include paving of Upper Watch Hill and Larkspur Drive up the hill (scheduled for Sept/Oct 2012). The projected cost is $125,000. The board is investigating other minor paving-related improvements to be done at the same time.

Rebuilding community-owned decks, mostly in Phase 3, was scheduled in the reserve study for FY17. The board has decided to retain this schedule. In the meantime, Phase 3 decks will be power-washed, repainted as needed, with minor repairs done as needed. Although these decks are structurally sound, the appearance and usability need to be improved as soon as possible.

As a result, estimated reserve spending in FY13 will be $125,000 plus small additional improvements.

The next reserve study project scheduled after the paving, is stripping and roofing all of Phase 1 and Phase 2, a total of 110 units. The original schedule was for this work to be done in FY15 and FY16. The board is investigating completion during FY14, as costs for the work and any necessary borrowing are below the original budget.

 

Respectfully submitted,

Will Rees

July 10, 2012