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Post by Admin on Dec 3, 2016 20:45:28 GMT -5
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Post by Admin on Dec 3, 2016 21:12:31 GMT -5
I have been looking for the proposed budget on slresort.net for the last 20 minutes but can only find the announcement of the meeting, a memo from Toneesha to the BOD covering delivery of the proposed budget with a few comments, and a proposed Reserve Budget below. The comments from Toneesha suggests that the assessment fee will remain $525.00. 78517120172018reserveschedulesproposedowners.pdf (182.12 KB)
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Post by Dick Tracy on Dec 5, 2016 1:39:09 GMT -5
I still believe, cut the Budget by 10% across the board, and learn to live with a 10% reduction. If our so called leaders can not find ways to reduce spending by 10% then step a side, and lets get some new leadership and a new management company.
I would like to "Hear The Words, Frugal, Cost Containment and Cost Reduction !
We Have Lost Our Way in More Ways Then One ! How is That, You Say ?
Well, We Now Help Support a Commercial Enterprise in SLR, known as KCNetwork a ISP for 3000.
16RC
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Post by Admin on Dec 5, 2016 17:14:02 GMT -5
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Post by Dick Tracy on Dec 5, 2016 21:54:17 GMT -5
To Understand this New Budget, You Need "Hope and A Crystal Ball". Where are The KCNetworks Expenses? Or is The Free Phone Service by stab, Oh Heck, Lets Just Call It All Even On A Hand Shake, The stab's Way ! (No Paper Work Needed)
We Need $8,000, because just maybe the Revite will Allow Us To Foreclose on SLR Properties. What A Stretch !
Now, Lets Also Talk About These High Attorney Fees and The Outrageous Insurance Cost . No, Lets Put That Behind Us People, Those Bad Horses Are Dead, Or Are They !
16RC
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Post by Admin on Dec 6, 2016 10:58:22 GMT -5
First thing to pay attention to is that the "saved" expense of the SBA loan has just been rolled over into the Operating Budget. So, while there was only $25K remaining to be paid on the loan in the budget last year, that same $25K has just been miraculously captured as part of the proposed Operating Income for the Association. No savings or break for Owners from payoff of the loan. What this amounts to--right out of the gate--is an INCREASE in fee of $25/Q since the 2015-6 Budget. Of the $25 Loan Assessment Fee, $17 was captured as Operating Costs in the 2016-7 budget. Now, the remaining $8 has been captured for the 2017-8 budget.
Obviously, owners are not afforded any relief of the fee assessment by virtue of paying off the loan. Management is simply incorporating it into the next budget.
The owners should have been relieved of this special loan assessment of $100/yr. and the fee reduced to $500/Q. Instead, Management has decided to spend the special assessment on ever-increasing Operating Costs.
Operating/Reserve Costs legitimately are increased to the Reserve: Water and Sewer at $6.13/Q. IMO this is a valid fee increase.
Legal Costs are being more than doubled, based on the current rate of spending, to $65,000 or $20.64/Q. IMO, this legal cost is an outrage and an insult.
Together, those two expense increases more than exceed the $25/Q possible savings from the payoff of the loan.
I see that the fat in the Liens/Foreclosure line item is still there and funded at $8000. This assesses every parcel $10 year for an expense that has not been incurred since 2011. Owners should remember that the obligation of the owners is to satisfy the ACTUAL expenses of the corporation and, if appropriate, the anticipated expenses reasonably based on documentation and the real world--not someone's Wish List that they want to fund on an annual basis. At the very least, if there is necessity to pay a lien fee ($20) or a questionable cost related to a foreclosure (other than a Legal cost), it could be absorbed by the Slush Fund--the Contingency account.
Contingency Fund: Nothing was expensed from the Contingency account in the current budget, yet it is also being fully funded at $15K. S-bag does not need to fund a Contingency Account; it already has pre-authorization to spend $25K without taking the expense to member vote.
Additionally, Uncollected Assessments has also had nothing--ZERO--charged to it. It has been carrying a $10K Uncollectible for years, presumably from the Grey Hackle or the Silver Doctor parcels. I don't know why it is being carried on the books as it appears to be a dead issue and SLohA will never see that money, IMO. I don't know if Owners are funding this uncollected amount or not; good question for the accountant. If this is a currently non-paying parcel, seems the budget should be based on 786 parcels rather than 787. Beyond my pay grade to figure out that maze.
Owners should not forget that Reserves: Schedule F is for KCNetwork tower maintenance and is already half spent at midyear at $1663 and is projected to be totally spent out in this fiscal year. This expense is IN ADDITION to the permit fees, administrative cost, work order labor/materials and legal fees expensed from Operating. It is being funded for a mere $301 this year, presumably this is a nod to keeping the fee at $525/Q and not drawing unfriendly fire from owners objecting to funding an private owner business on the property.
Bottom line is the Fee remains at $525 although the machinations of arriving at that number are painful to behold.
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Post by Admin on Dec 7, 2016 11:21:53 GMT -5
An alert reader has pointed out the addition of a new source of Income for Baggers! There is a new line under Income entitled "Legal Fees Reimbursement".
It is projected to receive ZERO, which makes sense.
There will be no reimbursed Legal Fees. And if any are awarded, it is totally unforeseeable by Management as it is entirely in the court's discretion. And it is likely any awards will simply be a judgement lien, remain unpaid and expire with the owner.
The Sodheads' case has already adjudicated the absence of a foundation for being awarded legal fees by the court system under any possible Rules & Regulations scheme--past or future. The Covenants, if and when ever revitalized, have almost NO restrictions that can be violated by Owners, thereby making reimbursement of legal pursuits against Owners by SLohA moot.
SLohA should be more concerned with Owners suing IT for actual tortious acts and damages. It should be concerned with revitalized Covenants that would allow owners to S u e IT for violation of its own "commerce prohibition" covenant and prevailing with reimbursement of Owner Legal Fees, as in the past.
This Budget item is a pathetic attempt to mollify owners who are outraged at the amount of monies Management is spending on attorney fees to pursue Owners for non-existent crimes against the corporation. My prediction is this Line Item will quietly go away next year and we will not see a legitimate penny donated to SLohA by Owners.
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GTO
Addict
Life is Tough ! It's even tougher when you're stupid ! Jhn Wayne J ohn Wayne
Posts: 198
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Post by GTO on Dec 7, 2016 19:13:40 GMT -5
It is very difficult to get truthful information needed. All you get is one little bit of misleading info at a time! It's as difficult as pulling teeth. Very Frustrating !
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Post by Dick Tracy on Dec 8, 2016 14:51:09 GMT -5
The Management Company is very good at what they truly do, they are pros. The "Half Truths" will get us nowhere, it just keeps the residents in the dark on many important issues IMO.
Budget Included !
16RC
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