Quote:
Originally Posted by Goldwingnut
The deferral rate was removed last year, the "cap" is the CPI adjustment in the deed restrictions you agreed to.
We would not not follow them.
It is based on the annual CPI change based on your signing date. If this were to be a negative value, yes the Amenity Fee rate would go down, there is no choice in the matter. Again this is an annual number and would require very bad times to be negative. The April CPI number was just over 1% so it will have an impact on the annual numbers but not enough to make the annual go negative.
In the Amenity Fee fund there are also extensive capital reserves built into the budget for cash flow fluctuations and the R&R Fund (repair and replacement). If you were at the budget workshop meeting on May 6th, oh wait, only a single resident showed up for that meeting that affects all of us  , so if you had been at the meeting you would have seen that approximately $7.5 million was put into the reserves and R&R budgets (a.k.a. savings accounts) to plan for the long term expenses and the unexpected. Or about 10% of the budget was put into the reserves. This is where we are different from Sumter County and the reason for the 25% tax increase, but that a long post for another topic. |
Shot accepted
. The reason I didn't attend the budget meeting is because I vote for those I believe will serve in my best interest (you) and concentrate on all those things I moved here to avoid. From my past, I do know that reserves are a good thing until they are used, then adjustments are made to replenish the reserves and I assumed that would happen here also. That replenishment either came from reduced expenditures or increased something to get back to the required reserves. Our amenity fees are cheap for what we get. I also missed where the cap on amenity fees wasn't raised....my bad.