Good afternoon,
Here are some updates from Tuesday’s meeting (and a few additions):
- Progress towards building maintenance:
- We walked the property with a general contractor and should have quotes for three buildings with tarps by the end of June.
- We will have engineering plans for 186 by the end of the week and will then obtain three quotes to restore the building. 186 might end up costing more than the $250,000 collected from the special assessment, so we are still saving other funds to ensure we can cover the full repairs.
- Once we have the final numbers for 186, we can start addressing other buildings.
- Tim and Graeme created a list of ten small projects that can be completed without requiring a permit (view the attached PDF).
- We will put the buildings on a maintenance plan so we don’t continue to have issues with the T111 (it needs to be painted about every 8 years to avoid the decay you see around the property).
- We discussed switching to another material that does not require as much maintenance as T111, but it would cost twice as much and require a ⅔ community vote since it would change the look of the property.
- Progress towards code enforcement:
- All stairs have now passed code. Pavers and handrails will be next. So far, code enforcement requirements have been met without the additional $50,000 special assessment proposed last year!
- Pool repairs were completed in compliance with the Department of Health.
- Financial update:
- Due to cutting expenses significantly, we have approximately $340,190 banked! This includes $184,352 collected so far for 186 (next month is the last special assessment payment, but we do have some delinquencies to collect before we have the full $250,000).
- This leaves $155,838 to be reinvested in other buildings (cautiously to ensure we have enough to complete 186).
- We will be saving a total of $60,890 (split between this year and next) on our insurance! Thank you to Graeme and Kevin for reviewing the contract and negotiating with our broker.
- Our reserves are now earning 3.5% interest in our new bank account.
- A CPA has been hired through Top Notch for our annual financial audit.
- You can view our financial statements in the Top Notch portal for more information.
- Updates on water bill:
- As we announced during the May meeting, our water bill has spiked. Our bill is currently at $19,000 YTD compared to $10,000 at this time last year (you can view Graeme’s table on the attached PDF).
- Unfortunately, the bill is not broken down by building, so we are discussing having someone check the meters and see if there is an issue. Please report any known leaks to the Top Notch portal.
- If your toilet is constantly running, we have offered to cover the cost of labor if the owners cover the cost of materials (our most recent fix cost the owner about $6). This will help reduce our water bill.
- Please also do not flush anything other than toilet paper – even the “flushable” wipes clog our system (we recently repaired a burst pipe, and wipes were pulled out of it – these pipes are connected to multiple units throughout the building and affect others).
- Two companies have also investigated the constantly running water in the storm drain outside of 186. They both said it was groundwater and that the terracotta pipe is likely cracked; Drainage Solutions suggested it was nothing to worry about, but we will continue to monitor it.
- General maintenance updates:
- We will be replacing five broken porch lights in 186 and 652 this week. Please be careful moving furniture as this seems to be the primary cause of the broken lights.
- We have walked with several vendors to get quotes on refinishing the front doors (exterior). The quotes have been very high, so we will continue to look for a more affordable vendor. Looking at the prices, we will only be able to do about 10-15 this year, and we will do more next year. If you are skilled in this trade, please let us know!
- We will reach out shortly to coordinate the fire extinguisher recertification. We will ask everyone to place their extinguishers outside on the same day. This will take place within the next two weeks, so please keep an eye out for the email.
- Aaron’s Landscaping will trim back several hedges after blooming. We have also flagged broken sprinklers for them to fix.
- Sales/leases:
- As a reminder, please follow the procedures listed in our Rules/Regulations and Declaration of Ownership for selling or leasing a unit. Procedures include completing an intent-to-sell/lease form, posting a contract on the clubhouse board for sales, and background checks for renters.
- The updated rules (voted on in May) will be posted to the website and Top Notch portal shortly.
As always, thank you to our volunteers for either helping with maintenance items, joining committees, or providing feedback and suggestions! Please let us know if you have any questions. Thank you!
Your Lake Villas Board