Updated: May 1
The budget and special assessment board meeting is schedule for 9:30am Friday April 28 and will be a zoom meeting. Check your emails for logon information. There will also be a second board meeting immediately following to handle other board business. Attached is a list of current Ocean Harbor projects the board is considering and status notes to each project for your inspection prior to the meeting.
Here are a couple of questions received prior to the meeting.
Q. Why is there a $360,000 budget item for a loan payment in the 2023 budget?
A. The finance committee is concerned about the cash flow of the association and thus put an item in the budget for a loan if it is needed. If the loan expense is less than budgeted, that amount will be transferred at the end of the year to the reserve fund.
Q. Why is the $1.2M building painting expense being paid from the special assessment funds as opposed to being expensed from the reserve fund?
A. If the building painting expense was paid out of the reserve fund, the amount would deplete the reserve fund to a negative balance which didn’t seem prudent.