POA Board Letter to Members

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August 12, 2019

Dear River Oaks Property Owners Association Members:

In order to inform all the members of the River Oaks Property Owners Association, the Board of the River Oaks Property Owners Association is providing the following update.

On June 11, a quorum of the members, in person or by proxy, approved the following slate of Board members by a margin of 84% for and 16% against:  Jimmie England; Scott Finley; Larry Long

On July 15, The Board approved a budget of $7,500 for 2019, including the following projected expenses:


Common area maintenance                                          $2,700

Water & Electric in Common areas                                 $600

Liability Insurance                                                           $2,700

Administrative Mailings                                                 $1,500

          Total                                                                        $7,500

 

On July 15, the Board approved a resolution to initiate the maximum $12 per lot assessment, as prescribed in the covenants, to fund POA expenses.  This letter is notification that the assessment is due to be paid to the POA Treasurer at 1 Golf Course Drive as of this date.  You can also pay or donate with PayPal.  Send payments to PayPal address riveroakspoa.searcy@gmail.com.

The Board realistically acknowledges that, because of expenses already incurred in the process of renewing the POA and because of the likelihood that not all assessments will be collected this year, there is going to be a budgetary shortfall.  To address that issue, the Board is asking members to consider providing some extra funding beyond the $12 assessment to the POA as several members already have done.  Their generosity, and yours, is greatly appreciated and will allow the Board to cover this year’s expenses.

The Board is also attempting to set realistic expectations for future budgets.  The limitation of a maximum annual increase of 5% of the assessment at the Board’s discretion, as stated in the covenants, will not allow adequate funding for the POA in upcoming years.  After discussion, the Board is anticipating asking the members to approve an adjustment of the assessment to handle the operating expenses outlined in the current budget and to provide a contingency fund to cover unexpected expenses.  The Board believes that a realistic future goal is an annual assessment in the range of $36 to $48 per lot per year (that is, $3 to $4 per month per lot).  When finalized, that adjustment will come before the entire membership for approval.  The Board wants the membership to know about this need and to be considering approval of an increased assessment.

The Board also wants to encourage communication between the Board and the membership.  If you have ideas or suggestions, you may submit those to the Board at email address riveroakspoa.searcy@gmail.com.  The Board will be using the River Oaks Blog (RiverOaksSearcy.blogspot.com) to communicate with the members of the POA.  To facilitate communication, the Board also asks that all members provide their email addresses to riveroakspoa.searcy@gmail.com.

Respectfully yours,

The River Oaks Property Owners Association Board

Web site: RiverOaksSearcy.blogspot.com

Email: riveroakspoa.searcy@gmail.com

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