Thank You R ON J ACKSON !
At its meeting on January 18, 2016, the Board of Directors accepted, with regret, the resignation of Vice President R ON J ACKSON . Ron has purchased a home in Palm Desert, has his RV up for sale, and has limited time
The newly appointed Chair of the Finance Committee, D AVE M UELLER , held his first meeting and reports on proceedings in his article elsewhere in this issue of ORACLE . I welcome Dave and his energy to this meaningful role dealing with the Finances of ORPS.
available because of other personal issues. Ron worked hard on the Board and made many contributions to the Association. He will be missed. Director T ED W ILSON was elected to serve as Vice President until the election of new officers in March. The Board of Directors will appoint the Board candidate who receives the least number of votes in the Director’s election to serve the remainder of Ron’s term of office (one more year).
It is my desire to have the Finance Committee review their Charter with a view of taking on a role much like an Audit Committee in a Corporation. As such it has an oversight role with the Financial Statements looking for trends and opportunities moving forward. Increases in homeowners’ (HOA) fees are always a concern. All of us need to continuously seek ways and means to keep increases at a minimum. That said, we have a Board Policy to increase the contribution to Reserves each year by $3/month/unit until we have reached the target funding level, which is forecast to occur by 2020. We also realize there is an annual cost of living increase of between 1 and 2%. Taken together, the HOA fees increase will range between $6 and $9. The only mitigating factors are the ability to shed costs or increase revenues from sources other than HOA Fees. We are actively working on these issues as we move into the budget cycle. It is important to note that reaching the funding goal for Reserves is predicated on the Board not allowing projects for enhancements moving forward. Reserve spending should be limited to expenditures dealing with items brought forward from the annual Reserve study, and even then, they need to be closely examined for need. The General Manager groups his projected Reserve spending into three categories, Must do, Should do, and Would like to do. The total spending must not exceed 80% of the amount of contribution to the Reserve Fund in any year. If this discipline is not followed, the forecasted date for reaching the target Reserve funding amount is pushed out further, which in turn extends the period where we must increase the annual contribution from HOA fees to Reserves. We are also moving ahead with the formation of an Investment Committee to oversee how our Funds (such as the Reserve Fund) are invested and managed. It is proposed that the Committee be chaired by the CFO and members would be the President, the Chair of the Finance Committee, and two members from the Owners Community at large. If there are Owners with Investment Banking backgrounds, who are willing to attend four or five meetings a year, please give me a call. We would welcome your involvement!
2016 ELECTION CALENDAR Feb 5 Ballots mailed Mar 9 Ballots due to the Inspector of Elections Mar 11 Annual Meeting to tabulate ballots and announce election results
A METHYST Signifies peace, temperance, serenity and royalty
F EBRUARY F LOWER V IOLET : Symbolizes faithfulness, humility and chastity
A QUARIUS the Water Bearer Jan 19 - Feb 18 P ISCES the Fishes Feb 19 - March 20
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