President's Update 10-23-19
Many of you have asked when The Landings Association will hold its next Assessment vote. The “assessment” is the property owners’ dues that fund TLA operations and capital reserves.
The last vote for an increase in the Assessment was held in the fall of 2018, and the vote fell short of the two-thirds approval required to be successful by less than one percent (0.7%). The proposed increase at that time was $5 per month (or $60 a year) for each lot. A total of 2,768 of the 4,219 (66%) eligible property owners voted on the proposed Assessment Plan, and 1,451 owners did not vote. Of those voting, 1,832 (representing 1,921 lots) approved the Plan, and 936 (representing 994 lots) voted against the proposed increase.
TLA operated this year under a flat budget by deferring some projects, eliminating others, and reducing services. Included in these changes were items such as landscaping (decreasing center island refurbishment), security (reducing and then eliminating off-duty police expense), and social (eliminating seasonal cookouts). In preparation for the flat assessment in 2020 as well, the Association has continued to make more extensive cuts to operations and channel all available revenues to the capital reserves fund, which is required to replace the infrastructure in our aging community.
Much time and analysis has been done this year to understand the community’s desires in terms of services and programs, as well as to take steps to ensure that our budget process, including reserves, is consistent with industry standards. The Community Survey was performed. A complete Reserves Study is also in the works, to assess the Association’s proper funding level and targets for asset replacements. Results from that study will be received prior to the end of 2019 and will be instrumental in determining the amount of the increase in the Assessment necessary.
Deferring an Assessment vote simply cannot continue. The Association will not have the funds for the necessary repairs and replacements of our assets, nor for continued operations at levels demanded by our owners. The Landings Association’s Board has targeted spring 2020 for the next Assessment vote. It is our responsibility as Board Members to do all we can to protect our assets and this Community.
Leading up to the spring vote, there will be Assessment workshops, meetings with various groups, and educational pieces focusing on the necessity of an increase. Please get involved, review upcoming communications, attend workshops and meetings, and support this incredible community. If you have questions or concerns that are not addressed, please reach out to any of us at TLA – board members or staff.
One final thought…This topic can be yet another polarizing issue, if we let it. Discussion and even disagreement are healthy. Rudeness and attacking are not. Let’s work together to protect our beautiful community.
This article was originally published by The Landings Association on their website. Visit landings.org to read the original article. https://landings.org/news/2019/10/23/presidents-update-10-23-19