November 5th, 2019
Dear Members of Grand Estuary 5 at River Strand,
On November 20, 2019 at 3:00 p.m., the Annual Budget Meeting for Grand Estuary 5 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 $795.00 per quarter per member. Considering the valuations from the reserve study performed by Custom Reserves L.L.C., the quarterly maintenance fee includes reserve funding using the Straight Line method (Component Funding) of funding in lieu of Pooling method (Cash Flow Funding of Reserves), said recommendation is being made as the pooling method shows no significant reduction in funding mandated reserves for roofs, paint, and elevators. Due to revaluation of the mandated reserve items within the study the proposed 2020 budget indicates an increase in quarterly maintenance fees from $725.00 per quarter per member to $795.00 per quarter per member. These revaluations will be explained in detail at the Annual Budget Meeting.
It is further recommended that the Board consider having the membership vote on approving the Pooling method (Cash Flow) of funding reserves, to afford flexibility when considering future budgets. Florida statute requires a onetime vote of the membership electing to use the Pooling method (Cash Flow) as an approved method of funding mandated reserves. The Association’s governing documents require a simple majority of 51% of the membership (31 members) to cast votes to approve this method of funding. This recommendation will also be detailed at the meeting.
The meeting agenda is also included within this notification package.
Submitted respectfully on behalf of the Board of Directors,
Dev Doyno LCAM
Senior Community Manager
DRI Management
Community Manager
Grand Estuary 5 at River Strand
