community update session - diamond cove · diamond cove homeowners association for the period 7/1...
TRANSCRIPT
May 23, 2015- 9AM
Quick updates on projects, activities, development and financials
Will move very quickly through material ◦ Please hold your questions until the end
◦ Email me through the website if you need additional information
Slides shared with online participants ◦ PP presentation already loaded to Homeowner Docs
section of the website
Enormous amount of time this winter in managing this change
Transition going well
First month closing and financials were very well done
Extremely cooperative and supportive
Some residents have taken advantage of maintenance/repair program ◦ Dispatch, bids, tracking reporting
Email: [email protected]
Mailer at month end to homeowners using incorrect remittance address
3 years of effort
Installed and powered up yesterday
Sign-up link available on Tuesday through RedZone
3 plans 5 ($39), 10 ($59), 25 ($89) meg download speeds
Wireless connection to special modem supplied by RedZone
Simple installation- modem will be shipped to your home
More information at www.Redzonewireless.com
DCHA leased strip of land to city for 99 years
City will install new barge landing and maintain it for 99 years
Work to begin June 28- barge landing will be closed for approximately 10-14 days
Other than some legal- no cost to DCHA
Final approvals obtained from city over the last year- approvals, permits and contract have taken over 5 years
Construction this fall
Same location and design as reviewed in last year’s meeting
99 year solution for DC solid waste ◦ Weekly trash and continuous access to two
dumptsers
Other than legal expense- no cost to DCHA
Paving around parade grounds and side streets to begin May 26th
About ½ of the parade grounds to be ripped up ◦ Reclaim used on other DC roads- grading and
rolled into place
Paving to start on approx. June 1st
Cost of $140k is included in capital budget projections
Pier was scraped, painted and a new deck installed last Spring
Some rust re-appeared in areas of the steel
Cianbro sent a number of engineers to investigate- without hesitation they have agreed to repair
5 man crew on-site for 2 weeks removing rust, priming and re-painting
Coating and pier engineers have also been inspecting the work
1-2 more days of work remain
No additional cost to DCHA
No maintenance in last 15 years
Paving contractor will re-pave one of the courts (right)
VT Tennis will then replace posts, repair and replace fence and will then re-surface both courts and re-paint
Work expected to be complete sometime in June
Cost of $19k in capital budget
“Post Leak” fix caused significant reduction in water usage at DC
Consultation with PWD and water engineers indicates that many “summer communities” experience similar problems with old cast iron pipes
Water tested and meets all drinking standards Cartridge filters have improved quality for some
homeowners Flushing continues- color improving throughout
community Still need to investigate other filters/processes to
minimize problem likely to return this fall
Security task force met through the winter
Recommendations: ◦ Increase security personnel to 2
◦ Frequent checks on pool and beaches
◦ Resident/renters wristbands while in pool- ONLY
◦ Congestion on pier- keep carts off wooden pier when ferry is offloading
◦ Investigate additional IP cameras
◦ Better communication and awareness from all
General Store is OPEN! ◦ Hours of 7AM-8PM
◦ Stop in to meet Michael Marchessault
Restaurant to open 5/28 for homeowner night
Rippleffect Camp on DC! ◦ 8/11-13th- sign up in advance- 5-8 years olds
◦ (12 slots) – registration form on DC calendar
Art Gallery Programs ◦ Art exhibits and instruction planned for the summer
◦ Check email and the DC calendar
◦ Thanks to Marjorie Moore and Beth Sanders
Landscape Work ◦ Ahead of schedule this year
◦ 3 additional special projects
Stairs from parade ground to the dock
New stairs leading to the pool
New picnic grove by the General Store
DC Museum Questionable ◦ Former volunteers unavailable this summer
◦ Two requests for volunteers- only 1 response
◦ Evaluating options- paid staff?
More information and contact info available in prior newsletters online
Tennis Lessons and clinics DC Summer Camp for kids Swimming Lessons Rippleffect weekly kayak lessons and tours ◦ Wednesday evenings in the summer ◦ 2.5 hour outing leaving from DC Beach ◦ Sign-up in advance at General Store
Historical Guided Tour “Trail” ◦ Signs with QR codes throughout community
Diamond Cove Homeowners Association
For the period 7/1 thru 4/30 ACTUAL ACTUAL BUDGET VARIANCE
FY 2013-2014 YTD YTD YTD
Income
Total Dues Collected 709,670 707,350 707,350 -
Homeowner Late Fees 3,649 2,298 833 1,465
Reserve Interest Income 263 220 167 53
Barge Landing & Gate Fees 1,100 100 1,250 (1,150)
News Paper Delivery Reimb 262 237 292 (54)
Children's Summer Camp 2,435 4,440 2,500 1,940
Residence Labor 26,887 20,443 20,833 (391)
Rental Impact Fees 5,051 8,522 5,000 3,522
Real Estate Posting Fees - 3,715 2,500 1,215
Misc. Other Income 5,662 5,393 2,500 2,893
Commercial & Ground Lease Fees 13,115 13,115 13,115 -
Total Income 768,094 765,833 756,340 9,493
Expenses
Maintenance 157,467 167,579 166,435 (1,144)
Utilities 43,199 36,101 38,083 1,982
Security 94,294 109,157 104,953 (4,204)
Insurance Expenses 52,450 56,016 57,416 1,400
Administration (excl. legal) 153,239 163,323 164,081 758
Legal 59,574 23,836 41,667 17,831
Children's Summer Day Camp 6,307 6,964 5,979 (985)
Total Operating Expenses 566,530 562,976 578,615 15,638
Net Operating Income 201,564 202,857 177,726 25,131
Class I & III Expenses & Other 12,027 17,855 15,000 (2,855)
Write Off Past Dues 7,740 31 2,083 2,052
Total Other Expenses 19,767 17,887 17,083 (803)
Total Transfers/Capex Costs (LOC) 147,806 151,361 139,900 (11,461)
Income Net of Transfers to Reserves 33,991 33,609 20,742 12,867
Latest/
Current
Budget Actual Cost Variance
COMPLETED PROJECTS
Fresh water upgrade (phase 1 & 2) (305,000) 160,226 (144,774)
Pier repairs (225,000) 283,564 58,564
Pool upgrade (100,000) 116,937 16,937
Pool furniture (15,000) 20,832 5,832
Upgrade website (20,000) 14,990 (5,010)
Improve Admin Bldg drainage (13,000) (13,000)
Finish Admin Bldg basement (20,000) 8,227 (1,773)
Contribution to upgrade existing playground (10,000) 3,288 (6,712)
Rebuild pond retainage wall (13,500) 22,630 17,630
Store patio - 5,830 5,830
CAPITAL PROJECTS COMPLETED TO DATE (721,500) 636,524 (66,476)
Latest/
Current
Budget Actual Cost Variance
PHASE ONE Priority Projects
Repave roads & redo 1 tennis court (140,000)
Replace concrete pad behind building 13 (5,500)
Upgrade Admin furniture & carpet (30,000)
Resurface 2 tennis court & repair fence (17,000)
Upgrade of Internet service (20,000) 34,724
Initial Brush/Tree Removal (15,000)
SUBTOTAL OF PRIORITY LIST (227,500)
PHASE TWO/ TO BE DETERMINED
Add add'l cameras - pool area only (10,000)
Add toilet in laundry building (10,000)
Construct generator housing (ck. Ready made) (15,000)
Art gallery tables and chairs (2,500)
SUBTOTAL OF SECONDARY LIST (37,500)
TOTAL PROJECTED COSTS FOR FUTURE PROJECTS (265,000) 34,724
CAPITAL IMPROVEMENTS
Diamond Cove Homeowners Association
Financial Update
Accounts Receivable Report
Accrual (F/S) Cash Received Variance
Total Dues Collected: $707,350 $722,888 $15,538
Reasons for positive variance:
o Deferred payments from Inn ($1,078/month)
o Prepayments from HOs
Liens outstanding:
o Gary Smith $4,119
o Barbara Stanley $6,509
o Oliver Keithly $1,606
Capital Reserve Accounts:
Bangor Savings Bank balance $230,890
Capital Reserve account balance 67,855
EUE account balance 111,245
Waste Water account balance 91,984
Museum/Historical account balance 13,378
Very busy winter season- lot’s of progress on many issues
Special thank you… ◦ DCHA Board members
◦ New friends at Foreside Management
◦ Roger, Mike, Tom and Ryan
◦ Committee volunteers
◦ City of Portland Public Works Director (Mike Bobinsky)
◦ Tony Calcagni- Verrill Dana attorney