We can all look forward to a new playground (The Lexington) in April, and new brown mulch will be added in the beginning of the new year.
The Lexington Playground
Plans for Expanded Area
For a little more context here is an aerial view of the new layout. The black rectangle is the new play area (bordered with the black plastic border and filled in with mulch. The picnic tables will probably be one near each tree.
Is this a joke? We just had an emergency mid year dues increase.
There was no “emergency” mid year dues increase. The dues increase addressed deficiencies in our long-term reserves account that were identified through a reserve accounting study. As a community, we are required to maintain reserves to fund repair and replacement of our community assets like the pool, cabanas and private alleys. The dues increase to address the deficient reserve account was originally planned to go into effect in early 2020. That increase was postponed at the onset of COVID and finally implemented this year. The funding of this playground is within the budgeted funds for such improvements. As part its due diligence, the Board had the financial advisor evaluate whether allocating the budgeted improvement funds to reserves would negate the need for a dues increase. The determination was that it would not, and an increase would still be required because the dues as originally established by AW did not properly fund the long-term reserves. The reserve study was published on our community website and I believe is still available. Many thanks to the volunteer Grounds committee for the significant work involved in planning this project, finding and vetting vendors, securing quotes and developing the ultimate plan.
However a mid year unscheduled increase is what happened which garnered an additional $80k in payments which is approximately the same amount being used for this playground just a few months after the decision. I understand the need to increase the budget, however not why it was done midyear especially if the funds now being used were available. A budget is set as a spending guide and it shouldn’t be changed mid year unless there is an emergency. As an accountant of 25 years, these decisions are financially irresponsible. I’m not against improvements to the neighborhood or the new swing sets, but I’m extremely concerned regarding the mismanagement of the community finances and lack of proper maintenance to current community assets.