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The finance pages attempt to answer some important questions about how the community is doing financially. Specifically,
- How much do we think it will cost to run the community this year?
- How will those costs be distributed among the residents?
- How much are we saving for future expenses like repaving the streets?
Great Island
Here are some interesting facts about Great Island;
- The cost of running the community will exceed a million dollars this year according to the 2011 Budget Estimate.
- It costs you about $100 a month to maintain your property (snow / lawn / trash.)
- The assessment hasn't changed since it was initially set, back in the 2002 Budget Estimate.
- The community has over $538,617 in 'savings', above and beyond what it will cost to run the community.
If you have any questions or issues concerning the financing of the community, contact someone on the Financial Advisory Committee.
| COMMENT: Del Webb has laid out what appears to be a very sound financial plan for the community born out by the fact that there have been no increases in the assessment over the past five years.
The plan is based on the premise that new operating / maintenance costs are paid out of fees collected from new residents, a kind of 'pay as you grow' approach. The pool is an example. They planned to build the pool when there were enough residents to pay for its maintenance.
What's extraordinary is that the community appears to be on track with the 2002 estimate, including what appears to be an inflation adjustment. When 600 homes are built and the builder control period ends, Del Webb will likely leave the scene with the assessment still at $250 (future dollars). This should be a comfort to residents, particularly those who perhaps are living on a fixed income. |
The Pinehills
The line items in the 2009 budget that accounts for most of the increase is funding the replacement reserve, which is almost double last year's actual amount.
CAPITAL PROJECT EXPENDITURES appeared for the first time in the FY2010 budget.
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COMMENT: Unlike Great Island's 'pay as you grow' approach to financing the community, The Pinehills appears to have adopted a 'pay as you go' approach, increasing the assessment as new amenities are introduced. The new clubhouse is an example.
The Pinehills has not made widely available a long term financial plan (thru the end of the declarant control period) as Del Webb did for Great Island. |
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