welcome to the doe valley special town hall meeting 14 may 2013
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Doe Valley. Welcome to the Doe Valley Special Town Hall Meeting 14 May 2013. Doe Valley. Why are we talking an increase in Dues?. Significant loss of dues on more than 425 vacant lots Unexpected loss of more than $120,000 from our operating budget - PowerPoint PPT PresentationTRANSCRIPT
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Welcome to the Doe Valley
Special Town Hall Meeting14 May 2013
Doe Valley
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Significant loss of dues on more than 425 vacant lots Unexpected loss of more than $120,000 from our operating budget
Other inflationary items putting pressure on the budget
Why are we talking an increase in Dues?
Doe Valley
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Doe ValleyWhat happened?
The largest owner of vacant lots, has been selling lots at below market prices.
At the same time the POA has also legally reclaimed from delinquent dues payers
This glut of lots for sale has pushed prices to historic lows
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Doe ValleyWhat happened?
Causing two unintended consequences:
One is buying and then legally combining the lots with adjoining property.
The other consequence is that other real estate investors who hold multiple lots have stopped paying their dues
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Doe ValleyWhat happened?
In total, the number of 2nd lots producing dues revenue fell from 620 to only 183 in the span of one year.
This is the main cause of the unexpected loss of more than $120,000 from our operating budget.
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Doe ValleyWhat are we doing to collect the unpaid
dues? Working with the delinquent members
Place liens on the lots
Usually collect back dues when the lots eventually sell
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Utilities: Water, Sewer, & RoadsAmenities 24 Hour Security/Privacy Gates Marina Parks & Beaches Campground Swim and Tennis Clubo Swimming Poolo Six Lighted Tennis Courtso Meeting Rooms/Social Programso Excellent Restaurant/Cocktail Lounge
18 Hole Championship Golf Course 360 Acre Spring Fed Lake
Where is your money going?Doe Valley
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Roads Designated amount of $7.50 per month set
aside for roads.
Fund is solvent with a surplus of $531,516.13
Doe Valley
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Water Tower Repair Paid $163,937.90 each for repairs & refurbishment Establish a water trust fund with an increase of $1.50
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Sewer Plant What’s next?
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Dam Repairs• State providing $55,000• Doe Valley providing at the rest• Estimated cost $120,000
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Doe ValleyAmenities
24 Hour Security/Privacy Gates Marina Parks & Beaches Campground Swim and Tennis Clubo Swimming Poolo Six Lighted Tennis Courtso Meeting Rooms/Social Programso Excellent Restaurant/Cocktail Lounge
18 Hole Championship Golf Course 360 Acre Spring Fed Lake
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Doe ValleyIs Doe Valley in Financial Trouble? Absolutely not!
Total annual revenue is more than $2,500,000
Dues are not our only source of income
This shortfall is less than 3% of our total budget
Last dues increase was 2004 (nine years ago)
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Doe Valley
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Doe Valley
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Doe Valley
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Doe ValleyDues Increase
Main Lot dues are $79 per month
- If our dues had increased by the same rate as: Social Security, they would currently
be $107 Military Pay - $110 Consumer Price Index - $100
- Money from the Lake / Golf Course assessment is used to pay loans. It is not used for operations.
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Doe ValleyStriking the Proper Balance
If We Raise Dues Too Much, People Will Choose To Live Elsewhere
But
If We Don’t Invest in and Maintain the Things that Make Doe Valley Special,
People Will Choose To Live Elsewhere
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Doe ValleyWhat are our options?
1) Implement Budget Cuts (Reduce staff/services)
2) Raise dues on main lots $9 per month• Condo’s $4.00 per month• Additional lots $3.00 per month
3) Do Some of Both
4) Other Ideas?
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Doe ValleyMember’s Feedback
1) Introduce yourself
2) Be polite
3) Talk clearly
4) Make actionable recommendations
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Doe Valley
Thanks for coming and drive
home safely