During our last Annual Meeting, I explained how we planned to use the dues, including the increase. Unfortunately, many of you were not in attendance. Recently I had an email conversation with a long time Lantern Farms resident about the increase in dues and what are we doing with the money. That prompted me to write this message so others will have the information.
A couple of years ago, the City forced us to begin mowing the perimeter of the neighborhood as they no longer would. (This is a long story and a topic for another time.) The mowing was a MAJOR impact on the budget. Our reserves were entirely depleted.
We are increasing the reserves because in hindsight the Board realized that $5000 was not enough. It will take a couple of years to reach our goal of $10,000.
We have been sorely lacking in our landscaping for a few years, and the Board wants to make it better than it was before it became neglected. More landscape improvements are coming yet this year.
The Board has discussed other improvements such as new entrance street lights and the need to catch up on the mailbox maintenance program, which we are actively working on.
Per the input of the owners at the last meeting, we will prepare an amendment to our declarations regulating rental properties. The legal work is expected to cost several hundred dollars.
Other expenses have increased as with everything else. We spent $2750 getting water for both entrances so we can have attractive flowers and other plants. We will spend at least $2000 mowing. Add in the price of the entrance landscaping this year, and we will have spent well over $5000 of the $8500 dues increase, and we will have more expenses before the end of the year.
In summary, our current budgeted expenses for this year will consume the entire $200 per owner income.
The Association's budget and current expense reports are online here. You will need to login to access this report.
If you have questions, don't hesitate to ask. Send a message using our contact page.
Steve Sharp
Treasurer
Lantern Farms Property Owners Association Inc