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9/28/2023 5:44:14 PM
 
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Section 5: OPA Board Subject: Boardroom Replacement? Msg# 1193231
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I agree that a dedicated board room is ideal Joe, but I still would be careful automatically agreeing to this new capital expenditure, not anticipated or budgeted. At minimum I’d like to see that all projects to be covered in future years by that $18 million reserve fund are still covered. I’m thinking the new fire house, possible renovations to the beach club, drainage, bulkheads, all those leaking sewer vacuum tanks, etc. Probably a chart somewhere that lists all the future expenditure/new revenue from assessments for the next 5-10 years!
After all, I still remember the days when half a million was nothing to sneeze at! |
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For reference, the above message is a reply to a message where: Could you explain this a little further. I thought this method of payment was an issue in the past when Directors used it to get a new capital project thru without objections from property owners. The idea is to use replacement reserves to replace an old board room with a new board room. Regardless, the Board of Directors can vote (2/3rds I believe) to move reserve funds from one category to another. For example, from replacement to new capital. I have no doubt some association members will question this, but in my opinion, this is a long overdue project and the board should move forward with it and use $500,000+- of replacement reserves, however allowed - directly or a move on a board vote. The second largest HOA in Maryland should have a dedicated room for Board of Directors meetings. At the end of August, OPA had over $18 million in cash and investments. Makes no sense to me to increase the assessment to build a replacement boardroom for $500,000 +-? |
| Calendar |
Special Board Meeting - Board Room
11/21/2024 - 7:00 P.M. 3 days or less away! |
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OPA Board Meeting - Golf Clubhouse
11/23/2024 - 9:00 A.M. 3 days or less away! |
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OPA Board Meeting - Golf Clubhouse
12/21/2024 - 9:00 A.M. |
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OPA Board Meeting - Golf Clubhouse
1/25/2025 - 9: A.M. |
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OPA Board Meeting - Golf Clubhouse
2/22/2025 - 9:00 A.M. |