Budget Meeting Letter, Notice, Agenda and 2010 Budget

Budget Meeting Letter
Owners, below you will find a copy of the 2009 Budget Meeting Letter along with Meeting Notice, Agenda and 2010 Budget included in the PDF file – 2010-operating-budget.pdf

Dear Blue Tree Resort Owner:

Enclosed is the proposed Blue Tree Resort at Lake Buena Vista Operating Budget and Reserve Allocation for 2010. SPM Resorts, Inc., your management company, continues to work closely with your Board of Directors to monitor all expenses and the operation of your resort. The Board’s primary concern is to maintain and improve the quality of your Blue Tree Resort property while keeping owners’ fees under control and Reserves funded.

As a company, we are often in a position where we are not always able to deliver good news to our Boards and owners, but we are pleased to inform you, that despite the current economic climate, you, the owners, continue to recognize the value of your resort ownership by paying your maintenance fees. As a result, we were able to complete refurbishments in Buildings #4 and #15 in 2009, along with the replacement of television and telephone cabling throughout the property, due to the age and deterioration of the existing infrastructure. Although we expect many Operating Expenses will increase in 2010, your management company has negotiated lower rates with vendors and paid careful attention to opportunities for savings. We are pleased to present to the owners, a budget that includes no increase in maintenance fees for the Operating Fund.

The Reserve Fund is critically important to the resort as a means to repair and update the major capital items throughout the property. Your Board of Directors pays special attention to the funding levels of this fund. Were it not for this fund, it would be necessary to send a bill to the owners every time there is a project such as room refurbishments, paving, or the purchase of beds. To that end, your management company will seek the approval of the Board to transfer an audited 2008 Operating Surplus of $235,624 to the Reserve Fund. Transferring this surplus to Reserves will maintain the balance above $2,000,000 at the end of 2009, despite significant expenditures. In looking at the needs of the property in 2010, there are several large Reserve Projects to be completed. As a result of these projects, and any future projects, it is important that we continue to increase the level of funding to the Reserve Fund so that the expenses in any given year do not exceed the balance in the fund. As a result, the proposed budget for 2010 includes $1,436,861 for the Reserve Fund, as recommended by our consulting engineers. This reflects a $15.00, or 3%, increase in maintenance fees per owner contributed to the Reserve Fund. The proposed maintenance fees for 2010 are:

Two-bedroom deluxe – $532.00
Two-bedroom executive – $526.46
One-bedroom – $490.02

We believe that the 2010 Proposed Budget sets forth a financial plan that will continue to maintain and improve the physical facilities of your resort and also provide the quality experience you have come to expect and enjoy when you come to Blue Tree. We appreciate and encourage your continued support of the Board of Directors and, more importantly, support of your resort. We look forward to seeing you at the Budget Meeting on Saturday, October 3, 2009 at 1:00 pm.

Sincerely,

Bill Young

President/COO
SPM Resorts, Inc.
Managing Agent for
Blue Tree Resort at Lake Buena Vista
Condominium Association, Inc.

View the PDF file – Budget Meeting Letter, Notice, Agenda and 2010 Budget

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