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January 26, 2010
January Newsletter
THE WOODS JANUARY NEWSLETTER 2010
service@woodsresort.net 802-422-3100
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Annual Meeting
In accordance with our By-Laws, The Woods Homeowners Association Annual Meeting is scheduled for the first Saturday in May each year. This years meeting will be held Saturday May 1, 2010 in the Terra Median building at The Woods. We hope you plan to attend and will mark the date on your schedule. Three positions will be open for the Board of Directors. Please contact Tony Hart, Woods General Manger, or a current Board member if you are considering being a candidate.
Open Board of Directors Position
With the departure of Ed Martins from the Woods Board of Directors in December we have an open position on the Board. Our by-laws allow us to continue to function with a four member Board or to appoint a replacement to fill the position until the next scheduled election. We ask that anyone interested in filling the position for the remainder of this year please contact Tony Hart, The Woods General Manager or Richard Mandel, The Woods Board President. In general, the Board meets once per month by conference call with the General Manager to review operations, capital projects, financials, and discuss any other Woods business matters as needed and appropriate.
2010/2011 Budget
We are starting the 2010/2011 budget process for the fiscal year beginning May 1, 2010. Owner input and suggestions regarding the operation of The Woods and future capital projects is welcome. This summer we need to complete the last year of a three year project to repair the stucco and paint the siding on the Cluster units (A and D cluster units remain) and we should continue to build the reserve to replace the Village unit roofs and continue with selective replacement of Village windows and sliders. Other projects may also be suggested by the Board of Directors as the budget process moves forward. At the fall Homeowners Meeting there was considerable discussion about the need to repair and resurface some of our roads and parking areas.
Kohl / Madowitz Lawsuit
As previously reported, Oral Argument was presented to the Vermont Supreme Court in November and we are now waiting for the Courts decision regarding our interlocutory appeal. Anywhere from 4 to 6 months is the customary waiting period before a decision is issued from the court so we may have several more months before we have any news regarding the appeal. We did mail a short background and history regarding the lawsuit to all owners last May, but if do not recall reading it and would like a copy mailed or e-mailed, please call The Woods administrative office and we will send one to you.
Maintenance/Grounds
January has been uneventful with routine plowing, sanding, and shoveling walkways. We are still evaluating our refuse recycling process but the overall concept appears to have been well received by both guests and owners.
So far this winter we have had far fewer no heat / no hot water calls. We think this is a result of many owners having had routine burner cleaning and maintenance performed over the summer and hope to continue that program next year. The burner issues we have had have been in units that were not serviced over the summer. We have also had other plumbing issues but those are a result of the age of the systems in the units. Most Woods condominiums have the original boilers and hot water heaters which were installed 20 years ago and in some cases it is time to consider replacing the hot water heaters and boilers with new more energy efficient systems. We are currently soliciting proposals for replacement systems and hope to be able to get information and pricing out to everyone this spring.
Spa
Once again the local Special Olympics swim team will be practicing on Sunday mornings in our pool. The team of five qualifiers will be going to Nebraska in April to compete in the National Competition, and this is the forth year they have used our pool to train. We welcome them and wish them great success.
Friday, January 22, the local Boston TV station NECN filmed at Killington. They featured the ski area and then showcased what to do if you don't ski. The Spa at The Woods was among four other businesses they filmed. After editing we will have a one minute blurb. It is set to air Wednesday, Jan.27, at 7:30 and will be repeated during the following week at random times.
Don forget your favorite Valentine. Gift certificates are available and we will happily send them out to you. We will also include a $10 gift voucher, good towards any treatment. Give us a call and let us make you a hero!
Financial Update through December of 2009
|
INCOME |
Fiscal YTD |
Budget |
Last year |
|
Operating Income (less Spa) |
$527,654.58 |
$527,275.12 |
$554,197.82 |
|
Non-operating Income (interest & dividends) |
$743.86 |
$4,600.00 |
$5,441.75 |
|
Spa Income |
$103,803.34 |
$139,135.00 |
$128,423.51 |
|
Net In-Unit Service Income |
$3,444.60 |
$4,990.00 |
$4,929.91 |
|
Total Income |
$635,646..38 |
$676,000.12 |
$692,992.99 |
|
EXPENSE |
|||
|
Spa Expense |
$139,660.29 |
$163,408.32 |
$149,146.65 |
|
Terra Median Expense |
$114,038.88 |
$128,084.96 |
$129,623.75 |
|
Maintenance/Grounds Expense |
$131,558.35 |
$135,671.80 |
$130,380.47 |
|
General & Administrative Expense |
$201,800.90 |
$220,023.30 |
$202,584.21 |
|
Non-operating Expense (legal) |
$18,448.09 |
$33,833.36 |
$45,881.23 |
|
Total Expense |
$605,506.51 |
$681,021.74 |
$657,616.31 |
|
NET INCOME |
$30,139.87 |
($5,021.62) |
$35,376.68 |
Spa revenues continue to fall short of our budget and the past several years despite our efforts to bring in more business. Fortunately we have been able to reduce the associated operating costs and make up for some of the loss. Our savings in Terra Median expense comes primarily from reduced propane costs as a result of now owning our propane tanks at the TM and securing a good contract price for propane there. At year end we should apply any savings in propane to the cost of replacing the tanks which was a $20,000 capital expense taken from our reserve and is not reflected in these operating numbers.
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Posted by tony at January 26, 2010 12:56 PM