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7/19/2013 6:03:27 PM
 
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Section 23: OPA Elections Subject: Trash & Flooding Msg# 862942
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This H.R.F. has 10 million in it now. The money does exist and will continue to grow in amount because as of yet there is no proposal to role it back. This fund will continue to grow in the millions,even though there is no current project for it to fund.
I'm not sure of the source of your information. You say the historical fund alone now has $10 million in it. According to the last audited financial statement as of April 30, 2012, the historical reserves stood at $3.3 million and all reserves combined were around $4 million. This is certainly not an unreasonable number. Last year's audited results will be available at the Annual Meeting in August. What one must remember is that reserves are at their highest early in each fiscal year after most people pay their assessment, and at their lowest on the last day of the fiscal year. As I understand it, the current total reserves number at the end of June 2013 is around $8 million or so. You and others seem to suggest that this number will remain high and continue to get much higher. The reality is that whatever the current total reserve amount, it will be substantially lower on April 30, 2014. The reason is those reserves in totality at the beginning of a fiscal year will be spent on a variety of things under the historical reserves ... like new police cars, trucks, equipment, etc., and any payments made for the new pool construction and new YC construction this year will also reduce the current reserve total to something substantially less. Maybe I'm missing something. If so, hopefully someone will point out my error. |
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For reference, the above message is a reply to a message where: Ted: I am aware of there being various reserve funds earmarked for specific reasons, but there appears to be a reserve fund called the Historical Reserve Fund,which is being used to pay off all sorts of expenditures,the pool,the golf course,and now may be used to pay off the yacth club,even though there is a specific account called capital expenditures which show the club is not to be fully funded until 2017. This H.R.F. has 10 million in it now. The money does exist and will continue to grow in amount because as of yet there is no proposal to role it back. This fund will continue to grow in the millions,even though there is no current project for it to fund. The 3.5 million is in this H.R.F.,and I am only saying I need to wait and see what kind of money its going to take to resolve the flooding in section 3, if it can be resolved at all, before I look at this fund for redistribution. I don't think I said I would give it all back, there needs to be a buffer for non budgeted items. This said,the H.R.F. is still flush with cash,and can be reduced. I see the H.R.F. as a slush fund for every thing. I want to change this as you suggest and put the money into properly marked accounts,and then deal with any overages. Give me time Ted, I will try and do better. Roland D Langevin |
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