THE FUTURE OF OCEAN SANDS – BUDGET UPDATE AND ANNUAL MEETING

2017 Budget Update
and
Annual Meeting Reminder

On Monday, April 10, the OSPOA Board met to decide the budget for (the remainder of) 2017. Owner Board Representatives, Al Marzetti and Rick Kinner, discussed the proposed budget line by line with the Coastland-majority members of the Board and we are very happy to report significant progress.

We finally have an Operating Budget for our community! The Board agreed to remove items that were not direct expenses attributable to the management of Ocean Sands. This resulted in a savings of $72,000. The majority of that savings is being allocated to the Capital Replacement Reserve Fund. They were able to also add monies to the Grounds Maintenance line item to improve appearance and reduce Coastland’s projections of legal fees. These results are all firsts for Ocean Sands.  These were key goals of the budget discussions. The fund addresses the economic life expectancy of capital items in our community, such as roads, walkways, signs, and dune crossings.  They also confirmed an “operating replacement fund” to cover emergency work that might otherwise result in a special assessment. These prudent measures reflect best practices for budgeting for planned communities.
Your owner representatives hoped to avoid an increase in annual dues, but  in the end, reluctantly agreed to a $20 increase, from $480 to $500 per year. This $20 increase will be allocated 100% to further build the capital replacement reserve fund.

 

Annual Meeting Reminder 

We look forward to seeing you all at the Annual Meeting

Date: Saturday, April 29, 2017
Time: 8:30 a.m
Place: Whalehead Fire Station, Whalehead Drive and Dolphin Street

Plan to come and make your voice heard!
Governance Committee
Rick, Al, Dennis, Robert, Jim, Greg, Chris and Jeanne

2 thoughts on “THE FUTURE OF OCEAN SANDS – BUDGET UPDATE AND ANNUAL MEETING”

  1. Good job w/ the improvements & allocations. Please keep owners informed w/ the excellent website.
    Teresa Flanagan
    750 Gulfstream Ct
    Section K

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