Budget Box: Capital Projects

One of the greatest responsibilities for The Landings Association is to continuously maintain and improve the current assets and infrastructure that we provide to the community. Throughout the year, numerous amounts of projects are undertaken that involve repairing and replacing current capital within our community. For example, the Association currently holds nearly $60,000,000 worth of capital assets, which includes roads, storm drains, community paths, bridges, piers, seawalls, vehicles, heavy equipment, machinery, and more.

The Association will spend $4,759,516 on capital projects by year end 2024. This will contain $85,204 in association capital projects, which includes the replacement of computers, cameras, the database server, and more. There will be $520,577 to fund the replacement and restoration of buildings, structures, and equipment. This includes assets such as bridges, backflow preventers, Tidewater Square columns, vehicles, and other small projects. Capital project costs at the Marinas will be $394,707, mainly for phase two of the dry stack replacement, along with other small items. Finally, the 2024 expenses will contain $2,803,382 to cover the repairs and/or replacement of roads, paths/trails, and storm drains throughout the community.

The 2024 capital spend will also include expenses related to projects that were carried over from 2023, as well as unbudgeted projects for 2024. The carryover amount from 2023 includes $939,790 in expenses for the dry stack replacement, Landings Harbor Marina fuel lines/tanks, as well as concrete replacement, backhoe, callboxes, and other small projects. The projects that were unbudgeted include the Oakridge automatic gate system, and two HVAC units, which reach a total of $15,856.

The budget for Capital Expenditures in 2024 was set at $4,925,672, and as of November 5, 2024, the Association has paid $3,961,558 to cover those projects as well as other projects that carried over from 2023. The year-end estimate for 2024 is $4,759,516, which is $166,156 less than the budget.

Finally, the capital reserves budget for 2025 will be $5,825,418, and will cover major projects, such as road and storm drain repair, marina dry stack replacement, marsh tower replacement, street sweeper, and more.