| From the Board: POA mid-year highlights |
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"We are well on our way to successfully accomplishing several
From the Board |
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| Terry Bacigalupo |
Financial Results
The POA’s net income from operations of $1,350,000 through June is $5,500 better than plan and $96,000 better than last year.
All operating departments are under budget for the year and all Amenities except for Golf, Food & Beverage and Swim are also better than financial plan.
Reserve Fund and Debt Reduction Fund Proposed amendments
After months of discussion and receipt of community input, your POA Board at its June meeting voted to endorse these amendments to the covenants that will separately create a Capital Reserve Fund and a Debt Reduction Fund.
Ballots were subsequently mailed to all property owners in mid July for the purpose of voting on the amendments. All ballots must be returned no later than August 17 and the results of the vote will be announced at the Town Hall Meeting on August 21.
POA Board Elections
Through the hard work and recruiting diligence of the elections committee, four well-qualified candidates will run for two vacancies that will occur at the end of this year. They are: Steve Brazen, Bob Crouch, John Dosen and John Lipkowitz. Their election campaigns will begin in early September and continue through late October at which time all property owners will be able to vote via a mail-in ballot.
Property Owner Input to 2011 POA Budget
In an effort to insure that all property owners have an opportunity to provide input into next year’s financial plans, the POA Board is requesting that any suggestions related to increased or decreased spending should be submitted in writing to the POA no later than August 18. (See the June, 2010 “From the Board” article in Smoke Signals.)
Governance Model
In the Spring of 2009 the Board chartered a committee to explore various governance models and make a recommendation on a model that might enhance the management effectiveness of a not-for-profit organization such as ours.
Based on their research, which has included visits to other property owner associations, Big Canoe property owner input and interviews with POA Board and staff members, the Governance Committee will be presenting its final report and recommendations to the Board in mid August and will then make a formal presentation to the community at the upcoming Town Hall Meeting.
Food and Beverage Update
The POA Board and F&B Management received the final report from MMV (a contracted restaurant consultant group) in early July. The results of their study showed several areas doing particularly well (e.g. Large group functions and catered events) while many aspects of daily ala-carte dining needed considerable improvement. The focus of the noted deficiencies fell into the categories of more closely following Industry Best Practices and paying more attention to the details of the business.
A representative of MMV will be making a presentation of their overall findings and recommendations at the August Town Hall meeting.
Strategic Planning Initiative
At our 2010 annual planning meeting the Board made a commitment to explore the need and to determine the feasibility of developing a Strategic Plan for Big Canoe.
After gathering information from other property associations and receiving input from several property owners with experience in this area, the Board will conduct its first exploratory meeting in early August. Results and any future plans emanating from this meeting will be communicated to the community.
Don’t forget August 21 Town Hall Meeting
Given all this information and the promise that there is more to come, what are you doing on Saturday, August 21 at 10 a.m.?
Hopefully, you’ll be able to join me at the Town Hall Meeting along with the POA staff and my fellow board members to hear the results of the Reserve Fund and Debt Reduction Fund votes as well as the detailed presentations on the F&B Study, Governance Committee recommendations and mid year financial results.
I hope to see you there!
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