NOTICE
GRAND ESTUARY V AT RIVER STRAND
ANNUAL BUDGET MEETING
Dear Members of Grand Estuary V at River Strand,
On November 23rd, 2020 at 1 p.m., the Annual Budget Meeting for Grand Estuary V at River Strand will be held electronically on ZOOM.
PROPOSED 2021 BUDGET
Enclosed for your information is a copy of the proposed 2021 Budget to be considered by the Board of Directors for ratification by the Board of Directors at the above noticed Annual Budget meeting.
During this meeting, the enclosed proposed 2021 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. The quarterly maintenance fee includes reserve funding utilizing 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, pavement and other non-mandated reserves as listed from $87,764.00 per year ($365.69 per member per quarter) to $63,400.00 per year ($264.17 per member per quarter) as suggested in the current reserve study performed by Sedgewick Valuation Services. The Board will further contribute $25,000.00 from funds obtained through the litigation settlement to offset the $63,400.00 total to $38,400.00 for the year ($160.00 per member per quarter).
In order to use the Cash Flow method (Pooling Reserves) of funding 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 (31 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
Dev Doyno LCAM
Senior Community Manager
Grand Estuary V at River Strand
Zoom Login Information
Devron Doyno is inviting you to a scheduled Zoom meeting.
Topic: GE 5 Budget Meeting
Time: Nov 23, 2020 01:00 PM Eastern Time (US and Canada)
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Meeting ID: 889 8412 5009
Passcode: 440265
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NOTICE OF MEETING
ANNUAL BUDGET MEETING – GRAND ESTUARY V AT RIVER STRAND
November 23rd, 2020
Posted 11/9/20 by DRI Management
Meeting Agenda
· Call to order
· Verification of the Board of Directors by Roll Call
· Verification of Proper Notice of Meeting
· Collection of Ballots for Vote by Members as to Reserve Funding Method
· Computation of Votes to Determine Reserve Funding Method
· Verification of Member Voting Quorum
· Declaration of Vote Results
· Financial Report
· Presentation of Proposed 2021 Operating and Reserves Budgets
· Board Discussion
· Membership Questions and Opinion
Members with Questions or Comments upon Statement of Name and Address will be allotted up to three (3) minutes to ask Questions or State Comments.
· Call for motion to ratify the 2021 Proposed Budget, Board Discussion, and Board Vote
· Invoice Approval Protocol
· Adjournment of Annual Budget Meeting
