Living at Bridges Homeowners Association
Annual Budget Meeting Notice
November 16, 2020
The newly elected board of directors is pleased to announce the first annual budget meeting of Living at Bridges Homeowners Association is scheduled for Tuesday, December 1, 2020 at 6:30 PM. Due to Covid-19 protocols the meeting will be held online via zoom. An agenda and log info is provided below for your convenience. The link is available at www.livingatbridges.com.
Meeting ID: 834 5651 8803 Passcode: 646764
- Introduce Board Members/Officers
- Review of 2020 financials
- Review Proposed 2021 budget
- Budget vote for ratification
- Open forum
Your board has been working hard to both reduce operational costs and provide improved levels of service. The budget, enclosed, will be presented for member ratification. No quorum is required to pass the budget (per state statute). Unless 51% of the outstanding eligible votes vote against the budget, it will automatically be ratified. If the budget gets turned down, we would revert back to last year's budget (which will not cover our costs) until a new budget is passed. With that said, we encourage you to attend the meeting to get answers to any questions you may have and/or provide requests and feedback to the board. The board of directors will preside over an open forum for homeowners to ask questions about past projects and expenditures as well as future plans.
In order to avoid a special assessment, it is imperative we begin large ($14,400 per month) and consistent contributions to the fund, which is used to repair and replace our common areas assets as needed. Our current reserve study shows we are in a savings deficit of approximately $2,100 per home. As planned while under the declarant, we are on the third year of a three-year tiered plan to raise dues to their proper levels for our current expenses. Dues are going up to $100 per month this year. As of April 1, 2021 we anticipate moving to a quarterly payment due date which will save us $3,154 in management fees this year and $4,138 in 2022 and beyond. We will have a new insurance policy in May 2021 that will save us approximately $4,462 per year (prorated in 2021) that gives us the same coverage and deductibles. Additionally, by no longer being under declarant control, and cutting other unnecessary costs as we proceed through the year, we are excited to share we will finally have the funding and authority to implement some security options to provide long needed relief to owners on things like speeders, petty theft and drug dealing/suspicious activity in our parks. More information will be available soon. For more details, please review the 2020 YTD P and L and 2021 board approved budget enclosed.
It is important for every homeowner to try to attend this meeting, but if you are unable, please return your enclosed ballot. Either fax, email or mail the ballot back. Ballots must be received prior to the budget vote to be counted, so send yours early! We hope to see you online!
The Living at Bridges Board of Directors and Officers
Your Board of Directors/Office*/Term expires:
Marlene Creaser, Asst. Secretary (2021)
Brian Goff, Treasurer (2021)
Michael Leighty, President (2023)
Louis Tibbs, VP-Architectural Control (2023)
Chase Van Cleave, Vice President (2022)
Amanda Kellett, VP-Compliance (2022)
Donella Perez-Barbarus, VP Community Outreach (2021)
Laurie Powers, Secretary* (2021)
Eydie Leighty, Asst. Treasurer* (2021)
*non-board member officers are elected by the board of directors for a term of one year term
We want to hear from you! You can email the board at BridgesHOA@Livingatbridges.org