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December 03, 2008
THE WOODS NOVEMBER NEWSLETTER 2008
THE WOODS NOVEMBER NEWSLETTER 2008
service@woodsresort.net 802-422-3100
________________________________________________________________________________________________________________________________________________
Fall Homeowners Meeting
The Woods Fall Homeowners Meeting was held on Saturday, November 22, 2008. Twenty seven owners attended representing twenty two Woods condominium units. The agenda and year to date operations review will be posted on our web site www.WoodsResort.net. A year to date profit and loss summary through October follows at the end of this newsletter. If you would like a copy of the profit and loss detail or the reserve account balances reviewed at the meeting please call the Woods Homeowners Association office at 802-422-3100 or e-mail us at service@woodsresort.net. Our Annual Meeting is scheduled for Saturday, May 2, 2009.
Kohl / Madowitz Lawsuit
We are waiting for the Court’s response to our Motion for Interlocutory Appeal of the Court’s decision regarding the “10 year limitation” found in the Woods deeds. If the Motion is denied, the case will proceed forward through discovery and to trial, with the possibility of an appeal on this issue if an adverse result is reached at trial.
Gramp’s Shuttle
We have again contracted with Gramp’s Shuttle to provide shuttle service from the Woods to Killington and back. Scheduled service, procedures, and reservation phone number are the same as last year. Schedules will be placed in all Woods condominium units and have been distributed to the primary short term rental agents used by Woods Homeowners.
Restaurant
Isabella’s Restaurant will again be operating out of the Terra Median building this winter. Chef/owner, Nigel Noble, is on site and plans to open in early December. Isabella’s will be opening at 2:30 pm for bar and tavern service with full service at 5:00 pm. Nigel does plan on offering a limited children’s menu this year, however he will not be offering breakfast or lunch. We encourage all owners to support his efforts to operate a successful restaurant at The Woods.
Propane Pricing
We chose not to lock in a fixed price with AmeriGas this year because the lock in contract prices were extremely high. Our pricing will float at thirty eight cents over AmeriGas’s cost and currently should be right around $2.00 per gallon or less. With the recent decline in fuel prices this appears to have been the correct decision.
Maintenance/Grounds
Fall clean up is complete although with the recent snowfall which arrived in time for the Thanksgiving Holidays one cannot tell. Our plow trucks are ready for winter and have already been in service. Firewood is on site and our first loads of sand and salt have been delivered and put to use.
Water System
The State of Vermont performed a routine Sanitary Survey of our water system at the end of October. They identified several needed upgrades to our system which we had anticipated and budgeted for this year and we are working with the State and Harrington Engineering to complete the upgrades in the most cost effective way possible. Our water quality is excellent but we do need to improve access to our underground holding tanks and we do need to install additional water level probes and low level alarms in those tanks.
In the process of working with the State and Harrington Engineering it came to light that the hydrants throughout The Woods were installed as a means to flush the system and were never intended to be a primary source of fire protection because the water mains supplying them do not have the capacity to be connected to a fire truck without causing damage to the mains. The system was originally permitted with the understanding that the hydrants could only be used with gravity flow and could not be connected directly to a fire truck. Our primary source of water for fire fighting is the two fire ponds located by A and B Clusters. We have discussed this with the local fire chief and he is working to maintain our current insurance rating regarding fire protection.
Spa
Financial Update through October
|
INCOME |
Fiscal YTD |
Budget |
Last year |
|
Operating Income (less Spa) |
$415,109.11 |
$415,387.86 |
$390,877.33 |
|
Non-operating Income (interest & dividends) |
$3,814.22 |
$3,450.00 |
$6,612.11 |
|
Spa Income |
$60,594.61 |
$71,540.00 |
$77,970.04 |
|
Net In-Unit Service Income |
$3766.36 |
$3720.00 |
$3,322.88 |
|
Total Income |
$483,284.30 |
$494,097.86 |
$478,782.36 |
|
EXPENSE |
|||
|
Spa Expense |
$95,500.00 |
$101,325.00 |
$101,731.26 |
|
Terra Median Expense |
$97,303.90 |
$85,340.44 |
$92,456.49 |
|
Maintenance/Grounds Expense |
$96,526.66 |
$112,545.84 |
$115,685.48 |
|
General & Administrative Expense |
$153,979.51 |
$173,035.42 |
$180,352.54 |
|
Non-operating Expense |
$33,347.96 |
$25,249.98 |
$13,332.00 |
|
Total Expense |
$476,658.03 |
$497,496.68 |
$503,557.77 |
|
Net Income |
$6,626.27 |
($3,398.82) |
($24,775.41) |
Several Woods Owners are 60 days behind in paying their monthly assessments. Please note that after 30 days finance charges will apply and after ninety days our written policy is to begin legal collection proceedings. The Board of Directors believes we need to be consistent and follow our policy as written. Please contact us if for any reason you cannot or do not pay your assessments when due.
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