| 04 Sep 10

December 2005 Newsletter

Topics Discussed

• NEWSLETTER DECEMBER 2005

NEWSLETTER DECEMBER 2005

It is the intent of the Garden Park Management Committee and hopefully every owner or renter in the association to properly maintain and beautify Garden Park so that our homes and community continue to be a safe, wonderful place to live and that our investments in our homes continue to increase. Over the past several years the Garden Park Management Committee has had a serious problem with two things. First, there has been a lack of qualified candidates who are knowledgeable concerning Garden Park who have run for a committee position. Second, the committee has had a great amount of membership turnover in a relatively short period of time. As such, the challenges of managing the park have been significant, including making decisions on financial matters and moving forward in a positive way for the beautification, safety and wellbeing of the park and its residents. The current management team is stable and knowledgeable about what needs to be done to further enhance living conditions in the park. Throughout this total process, there has been no intentional malfeasance by the committee regarding fiscal responsibilities. There have been some good decisions made and some not so good decisions. Many residents have been extremely good about working with the Management Committee to insure proper decisions and processes are followed-which again reminds all Garden Park Homeowners of their responsibility to not only be active in the governance of the park, but to ensure a solid, knowledgeable committee is elected to administer the affairs of the park. Further, a system of transition during leadership changes should be put into place including checkout reports and lists of immediate needs and projects. During the past two years a number of financial decisions were made. Among those decisions was one to put a drip system in the park to irrigate. Some feel the decision was a good one. Some feel differently. A decision to change and revitalize the landscaping of the park was made and work has begun. As such, several spots in Garden Park have been bare for an extended period of time. That is not good. Plans to beautify needed areas next spring are good. A decision to re-roof a number of buildings was made-a great decision due to leaking. While work progressed on buildings eight and nine, a rain storm came through the area. The roofer had not covered or properly protected the roofs and a great amount of damage was done to some units. The Garden Park Management Committee has had to work through insurance and restoration efforts to get the buildings in top shape once again. That work is continuing at present. Part of the challenge has been a lack of city approval and continued leaking. Further complications arose as to the removal of air conditioners. Decisions made on the removal of air conditioners were not good. The current management team has given firm direction to contractors as to this matter and the park is now back on track. Another immediate challenge from two years ago was the dilapidated condition of the pool equipment. While there are still items of machinery and piping that need to be replaced, the committee has fixed items needed to keep the pool in operation each year--a good decision. One of the great decisions of the current management committee was to form a finance committee to help monitor and give advice to the management committee. The finance committee is made up of very knowledgeable, long tenured residents who not only know the history of the park, but also have a feel for future directions needed. Those so far agreeing to serve on the committee are: Lois Chatfield, Ida Smith, Evelyn Lee, Gerald Smith and Myrna Fietkau. Others may be added. The current Garden Park Management Committee has recently convened a meeting with the Finance Committee and made some determinations. The current financial position of the park is: there is approximately $26,000 in savings and checking accounts with another $70,000 in a long-term CD, totaling about $96,000. Current accounts payable for major projects include $6,500 to re-roof building eight, $2,500 for the clearing and repair of rain gutters, and $4,500 for new porch carpeting. There will also be a bill of approximately $1,600 for fall cleaning of leaves, etc. These amounts total $15,100. The combined finance committee and management committee has also determined that four buildings may need either total or partial roof repair which could total $40,000. Garden Park roadways are also in need of repair and could cost in the neighborhood of $25,000. Along with other potential costs the amounts needed to ensure Garden Park is in proper condition is from $80,100 to $86,600. Maintenance and upkeep expenses are normal. If one owns his own home, such expenses happen on a regular basis, painting, plumbing, landscaping, roofing etc. We would pay to maintain our own home. Garden Park is no different other than we are not individuals, but are an association which handles needs collectively. In the history of Garden Park, there has never been an assessment, which is a notable fact! It means that monthly fees paid have covered basic costs and also put funds aside to handle some larger projects such as those previously discussed. Other associations have indeed levied assessments periodically to cover major expenses. In analyzing the current financial status of Garden Park, it appears that there may not be an immediate need for a special assessment. Immediate capital needs can be handled with current assets. However, as future needs are analyzed an assessment may be necessary. That being said, the finance committee and the Garden Park Management Committee will continue to closely monitor income and expenditures of the park not only for monthly operating costs, but also for capital improvements needed. It will also be determined how to build a reserve in finances which can handle future needs and emergencies. Please know that the Garden Park Homeowners Association is a huge operation. There needs to be a reserve account of no less than $100,000 and preferably more, to protect us all. Some have expressed concern about raising homeowners' fees. Please know that fees will only be raised when deemed necessary. Also please know that unless the prices of goods and services go down, it is inevitable that there will be fee increases in the future and perhaps on a more regular basis than in the past. As the committee reviews and analyses financial needs of the park, proper decisions will be made for the good of the whole to ensure property values are maintained and the park is beautiful and safe. Lastly, while the Management Committee is very sensitive to individuals and their various sources of income, the committee also realizes its responsibility for the park as a whole and intends to make wise decisions, based on fact and needs, to insure the park is maintained and beautified properly, so that everyone's investment will be positive. From the total Management Team, thank you for all your support in these matters and let's all look forward to an improved, beautiful place to live. Tom Powell Secretary Garden Park Homeowners Association