Town Meeting Concerning 2020 Budget

Contributed by Webmaster

The Board of Directors sponsored a Town Hall Meeting last night, Thursday, November 29 at 7:00 p.m. Using a PowerPoint Presentation Tom Gary, the LHPOA director and chair of the Finance Committee outlined the 2020 Budget and some of the variables that influence its creation.

 

Directors Gary (seated) and Braun getting ready for the presentation. Besides several dozen members, all nine directors and Mike Hanson, our Community Manager, were in attendance. Agenda Items included but were not restricted to: 1) The continuation of $150 dues for Spillway collection in response to DEP recommendations; 2) An additional $23,000 to address lake conditions; 3) A $24,700 Cost of Living Increase consistent with the LHPOA By-Laws; 4) A $25,000 increase in Operational Reserves as recommended by our auditors and professional advisers.

Michael Caywood, another director, who chairs the Lake and Damn Committee, elucidated lake related issues and how they impacted the budget. Expenses which center around the lake, its health and the status of the spillway form a significant part of the budget. Betsy Meyer, member of the Strategic Planning Committee, pointed out factor that have led to the creation and purpose of a $25,000 Contingency Fund and how the fund would be managed.

The Community Center filling up in anticipation of the Budget related presentation.

Association members made use of the time after Gary’s presentation to ask many questions concerning the budget. Of particular interest were questions regarding the yearly HOA dues. There was a meaningful dialogue between those asking the questions and those answering. The meeting was very well attended with most chairs filled in the Community Center.

Webmaster’s note: There are numerous budget related files both current and past regarding LHPOA’s finances and budgets. Please see https://lakeheritage.org/resident-archives-protected/ for further information.

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