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To: All members of the Village of Lake Tarpon H.O.A.
From: Tom Kulaga 211 Independence Ave
Subject: Ameri-Tech (A-T) prepared/Board approved VLT Reserve Analysis
Good morning everyone, today I hope to bring some good news and humor to every homeowner member of the Village of
Lake Tarpon Homeowners Association. I had an opportunity to examine the attached VLT Reserve Analysis that by now you
all received in the mail.
The idea behind preparing a Reserve Analysis is to isolate future non-recurring capital expenses of a large dollar amount.
Ameri-Tech did a fine job except for adding a line item “Infrastructure - $150,000”. Clubhouse Roof, A/C units, Pool House,
Deck, Roads etc. are the Infrastructure items. A-T itemized the items. There is no need to have a catchall item called
Infrastructure. You cannot have it both ways.
Reserving $15,000 for the Pool Deck in four years is questionable. Our pool deck came with the pool about 39 years ago.
Sue DiGrandi (PMS Management) had a contractor come out to look at the pool deck during her last month on the job and
the contractor saw nothing wrong with the deck. He gave it a minimum ten-year life.
Reserving $50,000 for the Boat Ramp and scheduling replacement in two years? Reserving $10,000 for Shuffle Courts and
scheduling its replacement in one year? Please, please, please…No offense to boaters and Shufflers but A-T said once we
set aside money earmarked for these line items 75% of the HOA membership has to vote to use the money otherwise.
Don’t we need to repave old roads first?
Reserving $400,000 for Road – Paving when anyone and his brother that wanted to know knows Philadelphia Blvd., portion
of Liberty Way, Independence Ave., Delaware Ct., a portion of Concord Lane, and John Hancock Lane could have been
repaved for approximately $200,000 at last years asphalt prices. So I ask why schedule $400K when $200K is the best
estimate. If A-T meant to Reserve money for “sealing” roads, it ought to have a separate line item for “Sealing Roads”.
Now that I established these viewpoints, the humor is our Reserves are “currently underfunded by $299”. That is right, our
Reserves are “currently underfunded by two hundred and ninety dollars”.
If we would be honest with ourselves and use the column labeled “unreserved amounts totaling $365,000” and consider
the useful lives of the assets with values in that column we need to have $118,524 in reserves at the end of 2009. Per A-T,
we have $118,225 on hand. We are short $299.
We are in great shape financially. I have said this all along. As individuals, we have to take some time, look at the dollar figures
presented, and do our own analysis.
By the way, at the end of October, our “Cash In Bank” was approximately $267,000. A-T does not report our total cash in bank.
Most HOA members have no idea how much money we have in the bank and that in itself is a problem. By year-end, our Cash in
Bank will be approximately $283,000. |