November 7th, 2019
Dear Members of Grand Estuary I at River Strand,
On November 26, 2019 at 1:00 p.m., the Annual Budget Meeting for Grand Estuary I at River Strand will be held at the River Strand Club House located at 7155 Grand Estuary Trail, Bradenton, Florida.
During this meeting the enclosed proposed 2020 Budget will be presented for consideration by the Board of Directors for ratification. The proposed budget is recommending a quarterly maintenance fee of $870.00 per quarter per member. The quarterly maintenance fee includes reserve funding using the Cash Flow method (Pooling Reserves) of funding in lieu of Component method (Straight Line Funding of Reserves), said funding recommendation would reduce funding into mandated reserves for roofs, paint, elevator interiors and elevator hydraulics from $37,506.00 per year ($141.21 per member per quarter) to $20,561.00 per year as suggested in the current reserve study performed by Sedgewick Valuation Services.
In order to use the Cash Flow method (Pooling Reserves) of funding reserves as recommended, Florida statute requires a onetime vote of the membership electing to use Cash Flow method (Pooling Reserves) as an approved method of funding mandated reserves. The Association's governing documents require a simple majority of 51% of the membership (16 members) to cast votes to approve the recommended method of funding. Please be sure to vote, as this item is important to permit reserve funding flexibility in this year's proposed budget and future budgets.
Information to cast your vote inclusive of voting documents is included in this notification. The meeting agenda is also included within this notification package.
Submitted respectfully on behalf of the Board of Directors,
Dev Doyno LCAM
Dev Doyno LCAM
Senior Community Manager
DRI Management Community Manager
Grand Estuary I at River Strand
