the ken laker · the december 2016 newsletter for the lakemoor community club in olympia, wa ......

14
December 2016 IT’S THE MOST WONDERFUL TIME OF THE YEAR! And busy as well… enjoy the many holidays that December brings, and the beautiful scenery of Ken Lake as you come and go in this cold and delightful month. Remember to drive with extra caution, as many of your neighbors walk in the dark northwest evenings. missed at the meetingTHE KEN LAKER... UPCOMING EVENTS Saturday, January 14 th @ 6:00 pm. Join the Ken Lake Board and your neighbors for the fun, informative and delicious “LCC Annual Meeting” held at the River’s Edge restaurant. Election results will be tallied and announced as well. See the attached flyer for more info. Important Announcements! GET OUT THE VOTE! See the attached ballots and get them returned before the annual meeting!! We are going green! With the exception of the December/Election issues, the Ken Laker will now be electronic only. Visit www.kenlake.org to see your monthly newsletters. If this format is not accessible to you, please contact Michele @ 360-480-7742 or indicate so on the back of your ballot. Community Gardens 2017! If you’re new to the community, our 12 garden plots are located at the Tot Lot. Several plots are available for renting Spring 2017. The fee is $35.00 Contact Christina Morse if you have any questions and/or would like an application: [email protected] or 360-584- 8620. Your LCC board is working hard in dealling with the Comcast Cable neigotiation situation. Please be patient and understanding and continue as usual until you hear otherwise. $$$ Read about the financial state of Ken Lake/LCC in the attached budget report and summary of results of the professional Reserve Study at the back of the newsletter. The entire study is located on the website. Assessments are due January 1 st . They have been raised to $36/month. See attached report for more information. * Sometimes Vantage cannot get your paper statement to you before the 1st, and it is because of the timing of our meetings and various budget items. This cannot be helped. If you wait for your paper statement rather than pay online, do not be alarmed. You have a grace period. Late fees do not apply until the end of the month. PAID POSITION AVAILABLE: Common Area Maintenance Coordinator – see attached posting! Do you have talent? A budding videographer? Ken Lake would love for you to consider creating a video that represents how awesome Ken Lake is! We will be accepting videos until Feb. 28 th via [email protected]. Please ensure that all featured in the video give permission. The winner will be announced in the March newsletter and be featured on our website! The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA

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Page 1: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

IT’S THE MOST WONDERFUL TIME OF THE YEAR! And busy as well… enjoy the many holidays that December brings, and the beautiful scenery of Ken Lake

as you come and go in this cold and delightful month. Remember to drive with extra caution, as many of

your neighbors walk in the dark northwest evenings.

pdf

++

Here is a SUMMARY of what you missed at the meeting…

THE KEN LAKER...

UPCOMING EVENTS

Saturday, January 14th @

6:00 pm. Join the Ken

Lake Board and your

neighbors for the fun,

informative and

delicious “LCC Annual

Meeting” held at the

River’s Edge restaurant.

Election results will be

tallied and announced

as well. See the

attached flyer for more

info.

Important Announcements!

GET OUT THE VOTE!

See the attached ballots and get

them returned before the annual

meeting!!

We are going green! With the

exception of the December/Election

issues, the Ken Laker will now be

electronic only. Visit

www.kenlake.org to see your

monthly newsletters. If this format is

not accessible to you, please

contact Michele @ 360-480-7742 or

indicate so on the back of your

ballot.

Community Gardens 2017!

If you’re new to the community, our

12 garden plots are located at the

Tot Lot. Several plots are available

for renting Spring 2017. The fee is

$35.00 Contact Christina Morse if

you have any questions and/or

would like an application:

[email protected] or 360-584-

8620.

Your LCC board is working hard in

dealling with the Comcast Cable

neigotiation situation. Please be

patient and understanding and

continue as usual until you hear

otherwise.

$$$ Read about the financial state of

Ken Lake/LCC in the attached

budget report and summary of results

of the professional Reserve Study at

the back of the newsletter. The entire

study is located on the website.

Assessments are due January 1st.

They have been raised to $36/month.

See attached report for more

information. * Sometimes Vantage

cannot get your paper statement to

you before the 1st, and it is because

of the timing of our meetings and

various budget items. This cannot be

helped. If you wait for your paper

statement rather than pay online, do

not be alarmed. You have a grace

period. Late fees do not apply until

the end of the month.

PAID POSITION AVAILABLE: Common

Area Maintenance Coordinator – see

attached posting!

Do you have talent? A budding

videographer? Ken Lake would love

for you to consider creating a video

that represents how awesome Ken

Lake is! We will be accepting videos

until Feb. 28th via

[email protected].

Please ensure that all featured in the

video give permission. The winner will

be announced in the March

newsletter and be featured on our

website!

The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA

WWAWashington

Page 2: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

Here is what happened at the meeting….please try to join us!

The official November minutes were approved (they will post on the website)

Reports

Security Report: Ralph has reported that there are some suspected package thieves visiting our

neighborhood, and he has chased some away. He reminds us to all be aware of our surroundings, and

not let packages sit on our porches. Also, there have been several complaints of a red BMW speeding

throughout the neighborhood, license plate #AYY1596. Be careful, and report incidents to Ralph.

Community Concerns: Resident JP Anderson came to share his neighborhood pride and discuss his

desire to see the neighborhood thrive.

Committee Reports:

Parks: Trees will be removed in entrance island by the first of the year. Upon working on

landscape, it was noted that there is too much mulch on the island and noted not to use any

more (due to poor drainage). The Christopher Park dock is completed (and looks great) and by

publishing of this newsletter, Watersmith should have repaired the damage in the park. Jim is

retiring, and this will be his last report. Thank you so much, Jim!

Architectural: no report

Events/Social: no report

Storm Water: Arlen joined the meeting to discuss the potential for stormwater issues, at the

Gruen Swale. He also talked about the canal being cleaned out, and said that the optimal time

was fall, not spring.

Garden: Christina sent in the garden information for the 2017 season.

Outreach, Garden, Lakes & Digital:

Outreach: no report

Garden: no report

Lakes: no report

Digital: the website is up and running – current newsletters will be posted there also!

Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will be shared with

residents in the newsletter.

Cable Committee: The cable committee met on December 9th, and reported that they were

unsuccessful in getting return phone calls from an attorney they sought a consultation from. The

committee recommends, however, that they pursue legal advice from another attorney before taking

any action with Comcast. **pay your assessments as usual please**

Elections: Elections for 3 vacancies will happen at the end of the month, as there are 4 candidates.

Results will be tallied and announced at the Annual Meeting on January 14th.

Board Motions:

Page 3: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

The LCC board should allocate $2000 toward potential attorney fees, and whatever is not used

will go to the reserves – motion passed

The LCC board shall suspend Comcast payments as of Quarter 1 of 2017 – motion passed

The LCC board shall use Vantages “Accounting Plus” services – motion passed

The LCC board shall supply all newsletters in the digital format via the website, unless requested

otherwise, starting in 2017 – motion passed

The LCC board shall adopt option A of the 2017 budget (see budget insert) – motion passed

The LCC board shall increase assessments to $36 per month per lot- motion passed

POSITION OPENING The Board of Trustees is requesting applications for the Common Area Maintenance

Coordinator to be filled on or after January 1st, 2017. Applicants will submit a bid for the contract duties. A full list of duties will be made available to applicants.

The Common Area Maintenance Coordinator is responsible for a variety of tasks related to maintaining and improving common area facilities and equipment. In some

cases, they perform maintenance functions themselves, while in others they oversee the work of other contractors, coordinate volunteer cleanup efforts, develop project

specification and budgets for board approved projects, identify vendors, collect bids, manage the boat permit process and make recommendations to the Board of Trustees regarding common area maintenance and improvements. The Common Area

Maintenance Coordinator also serves as a permanent member of the Long Range Planning Committee.

Please contact the board at [email protected] to apply.

Your LCC Board and Important Contact Information:

LCC Board of Directors: Todd Newlean, President

Libby Nieland, Vice President

Wendy Harris, Secretary

Leslie Smith, Treasurer

Rick Stence

Diane Joy

Shaun Coombs

email: [email protected]

……………………………………………….

Page 4: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

Vantage Community Management (for all billing questions) vantagecommunities.net

360-455-4464 or [email protected]

Lakemoor Community Club

P.O. Box 2285 Olympia, WA 98507-2285

www.kenlake.org – check out the updates!

[email protected], 480-7742

Ralph Oliver, Ken Lake Security

[email protected], 360-791-0129

Ken Lake Classifieds

Katie Cook – Odd jobs, housecleaning, dog walking, yard work, babysitting, after school

care. Mom of 3 – loads of experience! 248-912-8483

Ellie Potts – (16 y/o) car washing, lawn mowing, pet sitting, baby-sitting $8-$10/hr

[email protected] or 360-480-3982

Ella Bayer- pet sitting, plant watering while you travel 205-617-2785 or

[email protected].

Gracen Bayer- (14 y/o) child care of all ages ($10/hr), plant watering while you travel

205-617-2785 or [email protected]

Nathan Harris - responsible pet sitter and “Mother’s Helper”

360-786-8988 or [email protected]

Benny Kee –computer upkeep and repairs 360-918-6283

John Rivers- pre vet tech student, pet sitting, walking, house-sitting 360-539-9273

Mark Lapham – any type of yard work 360-451-5344

** have something to advertise? Email the corporate secretary at [email protected]**

Page 5: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

LCC ANNUAL MEETING

Saturday, January 14

6 P.M. Social Time 6:30 P.M. Buffet Dinner (vegetarian options available)

7:30 P.M. Business Meeting and Budget Ratification

River’s Edge Restaurant 4611 Tumwater Valley Rd SE in Tumwater

(Covered Drop Off Area Available)

Cost: $20 per person (Children’s meals available for purchase on site for $4-$5)

All are welcome to attend the business meeting portion of the evening

free of charge!

Questions? Please contact:

Leslie Smith at [email protected] or (360) 402-8894

Wendy Harris at [email protected] or (360) 786-8988

--------------------------------------------------------------------------------------------------- To make reservations, please mail this portion with a check by Wednesday, January 11th to:

Lakemoor Community Club Attn: Annual Meeting – PO Box 2285- Olympia, WA 98507

Name: ___________________________________________________________________________________________ Address: _________________________________________________________________________________________ Phone: __________________________________________________________________________________________ # of Buffet Dinners ______________ x $20 = ______________________________ Total # of Attendees __________

Please make checks payable to Lakemoor Community Club.

Page 6: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

Ken Lake/LCC Board of Directors Election 2017

Candidate Profiles

There are 3 spots available for 2017 – read about your awesome neighbors and

please vote!

Meet the candidates here…and around our neighborhood JP Anderson Two years ago my wife Alison and I decided to move our family to Ken Lake. This community has been incredibly welcoming and has provided our sons, Cormac and Archer, everything a kid could want in a neighborhood. I'm asking to join our board in order to build consensus and find solutions to the problems we face. I recently left a career as an administrator in the mental health field to work for Superior Court in Lewis County where I manage therapeutic courts. I believe my skills in communication and program development will serve us well. I'd

like to help our community move forward with all residents being heard and the future of Ken Lake being well planned for. Josh Camden My family and I have lived in Ken Lake for 2-and-a-half years. We chose this community for the great amenities and the family-friendly environment it provides. We love the neighborhood and all it has to offer, and have enjoyed getting to know our neighbors and participating in Ken Lake’s annual events. I teach high school social studies and I encourage my students to engage and give back to their community. I feel it is time to practice what I preach. I want to contribute to the progress of our neighborhood and help ensure it continues to be a premier place to live in Olympia. The lake and parks are a vital part of our community and I want to make sure they are here for future generations to enjoy. Terra Hegge Hello, My name is Terra Hegge. We moved to Ken lake in 2003 and we live at 2099 Lakemoor Dr SW. I would like to volunteer to serve on the LCC Board. I work as a bookkeeper for two non-profit companies in Olympia: The Thurston County Food Bank and Care Net Pregnancy Center. Before going back to work ten years ago, I worked at home for seventeen years raising our four children who are all grown now. When my children were at Capital High School I was active in the Parent Organization. I am currently a volunteer at the Care Net Pregnancy Center, the Sons of Norway and at my church. I have participated in some of the work days at the parks here in Ken Lake. The reason I want to serve on the LCC Board is simply because there is a need and I am now at a point in life where I think I can do that. Sincerely, Terra Hegge

Frederick "Rick" Stence As a 27 year resident of the Ken Lake community, I have seen our great neighborhood mature. And I've witnessed the efforts of many to keep Lakemoor one of Olympia's most valued developments. To that end, I am submitting my name for reelection to the LCC board. A retired 40 year banker, I have served many years on the boards of Northwest Housing Development, several as president and HomesFirst!, which are nonprofits. It is this experience that provides the foundation for my desire to continue serving. There are challenges, chief among them being Comcast, but after two years on the board my goals remain unchanged; to help preserve our unique community while keeping assessments affordable.

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December 2016

This is the official ballot for the Ken Lake 2017

LCC Board of Directors Election.

There are three board vacancies. Please read over the candidate profiles in the newsletter,

and make your selections on this page.

To submit your ballot, please do the following:

Fold this page in half and seal with tape or a staple (to secure your vote)

Complete the information on the other side of this page for your vote to count

Then either submit via mail to:

Lakemoor Community Club

Attention: Election

P.O. Box 2 285 Olympia WA 98507

OR

drop off in the ballot box on the porch of 2159 Lakemoor Dr. SW after

January 1st.

All ballots must be received by January 14th to be counted at the LCC Annual

Meeting

Please select 3 candidates.

JP Anderson __________________

Josh Camden __________________

Terra Hegge __________________

Rick Stence __________________

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December 2016

Ken Lake Owner Name: _________________________

Property Address: ______________________________

Lot number: ___________________________________

Signature: _______________________________________

One vote per lot, owners only

Newsletter option: Paper copies will be available at the secretary’s home. If you

are unable to leave your home to obtain one, or cannot access the website, you may

indicate that here. _____________________________________________ Please only request a delivered paper copy of the newsletter if you are unable to access the newsletter from the

website. Electronic deliver save funds for community improvements and is environmentally sensitive.

-------------------------------------------------------------------------------------------

Ballots due Jan. 14th!

Page 9: THE KEN LAKER · The December 2016 Newsletter for the Lakemoor Community Club in Olympia, WA ... Treasurer’s Report: The Cedecore Reserve Study is complete and the summary will

December 2016

Lakemoor Community Club

2017 BUDGET REPORT

2017 Assessments on ALL Lots will be $108 per quarter starting January 1, 2017. ***

2017 Special Docks Assessments are $30 per quarter (if applicable).

2017 Cable Fees are currently $180 per quarter but are subject to change (if applicable).

Account Balances 30 Nov 2016:

● Checking: $88,896.97

● Petty Cash: $10,136.32

● Certificates: $6,919.29

● Money Market Account: $2,982.64

● RRSRVS – Dock: $0.49

***Assessment Increase Explanation

The board understands that an increase of $10.00 per month for HOA dues is significant, so it is felt

that an explanation is in order. The board further understands that increasing dues may stress

members’ budgets, but the increase is required to support the financial health and character of the

community. Ideally the dues should have been incrementally increased to lessen the burden of a

sudden significant increase, but that did not happen.

This increase is indicated for a variety of reasons:

● The primary responsibilities of the board include maintenance and

improvement of common areas and facilities in order to protect the character of the

neighborhood, ensure safety and maintain property values. The current dues level is

inadequate to meet these obligations going forward.

● A professional reserve study has been completed as required by state

law. The reserve study provides a savings plan for maintenance/replacement of common

assets over a 30 year time span. The reserve savings only provides for

maintenance/replacement of current common assets. A well-funded reserve savings

plan minimizes the risk of special assessments, which should be avoided in all but

unexpected circumstances.

● Unfortunately, negotiations with Comcast have not been progressing in a

satisfactory manner, so it is very possible that the HOA will need to obtain legal services

in order to facilitate negotiations. The board recognizes that maintaining the contract is

not sustainable, so it is felt important to have adequate funds available to successfully

navigate an exit from the Comcast contract.

● HOA dues have not been adjusted in over six years and general costs

have steadily increased.

● Regretfully, volunteerism for park cleanups and other activities have been

at an all-time low. If volunteerism does not improve it is likely that dues will need to be

increased again to pay for common area maintenance.

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December 2016

● Lastly, the Board recognizes the importance for saving for community

improvements. For example, the board feels that improving lake access for neighbors

with physical limitations should be a priority. Of course there are many enhancements

we could consider for our community, so please feel free to share your ideas. Vibrant

communities are ones that not only maintain, but also improve.

OPERATIONAL BUDGET

2016 BUDGET

2017 BUDGET

Budget Variance

INCOME

4010 Assessments 87,500.00 124,416.00 36,916.00

4041 Boat Tags 750.00 750.00 0.00

4042 Yard sale/Playground Fund 700.00 700.00 0.00

4043 Garden Plot payments 420.00 420.00 0.00

4044 ID Bracelets 0.00 250.00 250.00

4099 Delinquency fees 0.00 1,500.00 1,500.00

4150 Interest 200.00 100.00 (100.00)

4015 Dock Special Assessments 25,200.00 24,960.00 (240.00)

Transfer from Reserve Savings 0.00 7,810.00 7,810.00

TOTAL INCOME 114,770.00 160,906.00 46,136.00

EXPENSES

CORPORATE COSTS

5090 Office Supplies 250.00 250.00 0.00

5095 Postage 900.00 500.00 (400.00)

5096 PO Box 0.00 86.00 86.00

5128 Delivery Service 720.00 240.00 (480.00)

5160 Printing 1,500.00 1,000.00 (500.00)

5190 Gas/Parking 0.00 500.00 500.00

5240 Security 14,000.00 14,000.00 0.00

5250 Digital scanning 730.00 60.00 (670.00)

5680 Lien Expense 0.00 300.00 300.00

6205 Tax Prep 400.00 400.00 0.00

6206 Accounting Fees 10,505.00 9,300.00 (1,205.00)

6208 Corporate Secretary 1,800.00 3,600.00 1,800.00

6230 Legal Fees 3,000.00 10,000.00 7,000.00

6231 Audit Fees 3,000.00 3,000.00 0.00

6232 Reserve Study Fees 1,000.00 1,000.00 0.00

6240 Website Hosting 0.00 200.00 200.00

6250 Insurance Corporate 4,000.00 4,000.00 0.00

6270 Real Estate Taxes 400.00 400.00 0.00

6265 Income Taxes 0.00 1,500.00 1,500.00

5681 Delinquency Expense 0.00 750.00 750.00

TOTAL Corporate Costs 42,205.00 51,086.00 8,881.00

COMMUNITY ACTIVITIES

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December 2016

5101 Easter Egg Hunt 400.00 450.00 50.00

5102 July 4th Parade and Picnic 1,800.00 1,800.00 0.00

5050 Annual Meeting 1,200.00 1,000.00 (200.00)

5103 Fall Festival 150.00 400.00 250.00

5100 Paper Supplies 0.00 300.00 300.00

5104 Disaster Preparedness 100.00 100.00 0.00

5951 Fishing Derby 275.00 275.00 0.00

5563 ID Bracelets 0.00 200.00 200.00

Total Community Activities 3,925.00 4,525.00 600.00

MAINTENANCE

5200 Maintenance Coordination 3,600.00 6,000.00 2,400.00

5310 Misc. Maintenance 1,100.00 1,100.00 0.00

5205 Equipment Maintenance 1,000.00 1,000.00 0.00

5560 Vegetation Mgmt. 2,000.00 2,000.00 0.00

5561 Lawn Care 3,500.00 3,500.00 0.00

5562 Park Cleanup 600.00 600.00 0.00

5566 Landscape Service 2,000.00 2,000.00 0.00

5600 Irrigation Maint. 1,800.00 1,800.00 0.00

5650 Routine Maint. 3,000.00 3,000.00 0.00

5930 Weed Control (Lake) 5,000.00 5,000.00 0.00

5931 Lake Study Monitoring 250.00 2,000.00 1,750.00

5950 Trout Stocking 1,800.00 1,800.00 0.00

6090 Sanitation 2,660.00 2,660.00 0.00

Total Asset Maintenance 28,310.00 32,460.00 4,150.00

UTILITIES

6000 Telephone 400.00 400.00 0.00

6030 Electricity 400.00 400.00 0.00

6060 Water 2,200.00 6,000.00 3,800.00

6075 Stormwater 700.00 900.00 200.00

6080 Trash removal 600.00 600.00 0.00

Total Utilities 4,300.00 8,300.00 4,000.00

INFRASTRUCTURE IMPROVEMENTS

6100 General Infrastructure Improvements 9,000.00 6,445.00 (2,555.00)

Total Infrastructure 9,000.00 6,445.00 (2,555.00)

RESERVE EXPENSES

6201 Shed Door Replacement 0.00 4,750.00 4,750.00

6202 Replace Irrigation System - Tot Lot Park 0.00 3,060.00 3,060.00

Total Reserve 0.00 7,810.00 7,810.00

Transfer to Reserve Savings 25,200.00 25,320.00 120.00

Transfer to Operational Savings 1,000.00 24,960.00 23,960.00

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December 2016

TOTAL EXPENSES 113,940.00 160,906.00 46,966.00

NET INCOME 830.00 0.00

2017 CABLE TV BUDGET

2016

BUDGET 2017

BUDGET Budget

Variance

INCOME

Cable TV 154,110.00 167,400.00 13,290.00

TOTAL INCOME 154,110.00 167,400.00 13,290.00

EXPENSES

Cable TV 154,110.00 161,805.00 7,695.00

TOTAL EXPENSES 154,110.00 161,805.00 7,695.00

NET INCOME 0.00 5,595.00

As part of the summary of the budget provided to all owners, the board of directors shall disclose to the

owners:

a) The current amount of regular assessments budgeted for contribution to the reserve account, the

recommended contribution rate from the reserve study, and the funding plan upon which the

recommended contribution rate is based:

The reserve study funding plan is based on a study completed under contract with CEDCORE.

The board has selected the full funding plan, which calls for increasing assessment by $84.00

per year per member starting in 2017. A complete copy of the reserve study is available via the

Ken Lake website. The executive summary of the reserve study is provided along the proposed

2017 budget summary with this distribution.

(b) If additional regular or special assessments are scheduled to be imposed, the date the assessments

are due, the amount of the assessments per each owner per month or year, and the purpose of the

assessments:).

Regular assessment are due on a quarterly basis (January 1, April 1, July 1, and October 1). No

special assessments are planned.

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December 2016

(c) Based upon the most recent reserve study and other information, whether currently projected

reserve account balances will be sufficient at the end of each year to meet the association's obligation

for major maintenance, repair, or replacement of reserve components during the next thirty years:

Starting in 2017 the reserves study savings plan will commence. It is presently anticipated that

the reserve funding plan will provide for adequate funds to meet the obligations for major

maintenance, repair or replacement of reserve study components during the next thirty years.

The board selected a three year engagement with CEDCORE to provide for yearly updates.

Future boards should re-evaluate the reserve study saving plan with the assistance of a

professional reserve study firm to determine if adequate funds are being collected to maintain

common area components based on thorough analysis of actual reserve study savings,

evaluation of deterioration rates of common area components and inclusion of new common

area components.

(d) If reserve account balances are not projected to be sufficient, what additional assessments may be

necessary to ensure that sufficient reserve account funds will be available each year during the next

thirty years, the approximate dates assessments may be due, and the amount of the assessments per

owner per month or year:

Not applicable. The board selected the fully funded reserve study saving plan, which is

designed to reduce the probability of needing to raise funds via special assessments. Special

assessment are to be avoided because funding common area maintenance via special

assessments shifts the burden of past deterioration of common area component onto current

members who may not have had use of the common area components.

(e) The estimated amount recommended in the reserve account at the end of the current fiscal year

based on the most recent reserve study, the projected reserve account cash balance at the end of the

current fiscal year, and the percent funded at the date of the latest reserve study:

There are currently no funds in a designated reserve study account. The 2017 funding plan

projects an account cash balance of $25,320 at end of the fiscal year. As a result of past due

accounts, it is likely that actual reserve savings account balances will be less than projected. In

following years the reserve study contribution will need to be adjusted due to factor such as

past due accounts, more rapid deterioration of components and other unforeseen

circumstances.

(f) The estimated amount recommended in the reserve account based upon the most recent reserve

study at the end of each of the next five budget years, the projected reserve account cash balance in

each of those years, and the projected percent funded for each of those years

Year Savings Per Year Reserve Balance EOY

Percent Funded

2017 $25,320 $17,715 13.75%

2018 $26,080 $12,695 8.09%

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December 2016

2019 $26,862 $13,304 8.78%

2020 $27,668 $27,135 18.71%

2021 $28,498 $49,393 31.81%

(g) If the funding plan approved by the association is implemented, the projected reserve account cash

balance in each of the next five budget years and the percent funded for each of those years:

See table in section

Summary of the Reserve Study done for the LCC