Waterford Lakes HOA Reserve Fund Special Meeting & Announcements
September 24, 2020
Announcements:
1. We would like to stress the importance of considering insuring your unit with the UtilityShield protection plan offered by Citizens Energy Group (888-544-4541). It is currently $19.95 for total line protection which is added to your water bill. We continue to have residents experience broken water lines between the water meter and the home which can be very expensive to repair. You are financially responsible for the critical lines, pipes and wires inside and under your slab. Your HO6 Homeowners Policy typically does not cover these repair situations. Discuss this with your insurance agent.
2. Contact Anne Inman @ 317-504-9268 if you would like to hire a teenager to rake leaves or clean up your landscaping this fall. Also, garage door magnets are available for $15/set. If you are interested in replacing your exterior light fixtures contact Anne for the information and specifications (approx. $200 including installation).
3. It has been extremely hot and dry this summer. We have had to hold off on the next lawn application until we get some rain. Our infamous weed this year is called “spurge” will be treated in this next treatment. Unfortunately, the spurge weed drops lots of seeds and is the gift that keeps on giving!
4. Sandavol will mow around the ponds and clean the banks up for the winter. We have asked PSG to hold off cutting down the decorative grasses until Spring.
Upcoming Social Events:
· Saturday, October 30th Ladies Pot Luck Lunch and Recipe Exchange
Noon-2pm @ Clubhouse
Bring a copy of your recipe to be printed.
· Friday, November 13th Ladies early 4pm dinner @ the Iron Skillet.
Ride sharing will leave at 3pm; RSVP with Janell Miller; meal paid for in advance.
· Saturday, December 5th Christmas Open House 1-3pm @ the Clubhouse
· RSVP for social events to Janell Miller 317-506-0758 or Geri Conway 317-268-4253.
Some Financial Facts:
· $14,000 average cost to roof each building (54 buildings); Materials have gone up significantly and shingles are hard to buy; Plywood sheeting for the roof has gone from $18/sheet to $40/sheet
· $1520 winterization package to pull, store and do maintenance checks on our four fountains
· $3850 annually to treat the ponds for green algae and submersed weeds
· $27,000 average annual cost to mow and trim the property
· $22,000 insurance premium for our master business owner’s policy with Nationwide.
Annual Budget Meeting: Thursday, November 19th @ 6:30pm Clubhouse
You will be receiving the annual budget packet for review prior to the November 19th meeting. The annual budget will include the establishment and maintenance of a General Reserve Fund for capital expenditures and replacement/repair of Common Area and the exterior portion of the dwelling units. Homeowners will vote to adopt the annual budget presented by the Board and Finance Committee at this time. Immediately following approval, each Owner shall be given written notice of the monthly assessment for 2021.
The establishment of a General Reserve Fund was presented at the September 24th special meeting. Overall the importance of building our reserves; painting the exteriors; repairing gutters, privacy fence & concrete; and completing the roofing project was well received. 100% of the increase in the monthly assessment will go directly into your unit over the next five year phase.
Sincerely,
Anne Inman, Secretary
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