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2018 BUDGET INPUT
Posted on May 26th, 2017
The second category would be large-ticket items or capital projects. These can be defined as projects or purchases that would require additional funding such as a special assessment or setting up a reserve fund. Examples of suggestions made in the past include new picnic shelters at North Beach or the Spit, a new fitness center/gym near the clubhouse, and pool shower facilities.
In making your suggestions, please briefly explain why you think the item or project you propose will benefit our community. To the extent possible, provide an estimated cost. Keep in mind that an increase in the annual assessment cannot exceed 3% unless a 2/3’s majority of the ownership who cast a vote votes to approve it. A more costly purchase or project might require a special assessment which would also require a 2/3’s majority of those owners who cast a vote to vote for the approval or the creation of a reserve account in which the needed funds would build over several budget cycles.
Please submit your suggestions to the BOD either in hard copy or via an e-mail no later than June 20. There will be an opportunity to discuss the suggestions during or immediately after the annual meeting of HPMA owners at 1:00 p.m. on June 24.
We look forward to hearing from you.
David Adams, President
Board of Directors