February 25, 2010
Febraury Newsletter
THE WOODS FEBRUARY NEWSLETTER 2010
service@woodsresort.net 802-422-3100
________________________________________________________________________________________________________________________________________________
Annual Meeting
The Woods Annual Meeting is scheduled for Saturday, May 1. Although it is still over two months away we ask that you plan to attend if possible. The Woods Condominium Documents require a majority of owners be present in person or by proxy at the Annual Meeting to elect Board Members and approve the next year’s budgets.
The Association needs owner participation to function and we encourage owners to consider being candidates for the Board. No one has come forward to fill the Board position vacated by Ed Martins in December; therefore, a total of four positions will be open this year for election to The Woods Board of Directors. Three positions will be for two year terms and one position will be for a one year term. Candidates are requested to submit a brief resume or letter of introduction detailing their objectives and qualifications for serving on the Board. Resumes received will then be copied and included with the meeting agenda and information package sent to all Woods Homeowners prior to the Annual Meeting. Please submit resumes to:
The Woods Homeowners’ Association
53 Woods Lane
Killington, VT 05751
A Director must be a Unit Owner or duly authorized agent of an Ownership Entity at all times during his or her term. Questions concerning the position and duties may be directed to any of the current Board members or Tony Hart, General Manager for The Woods.
Kohl / Madowitz Lawsuit
We are still waiting for a ruling from the Vermont Supreme Court on our appeal regarding development rights and will immediately inform all Woods Owners of any news, good or bad. Our attorney did draft a short background and history regarding the lawsuit which we mailed to all Woods Owners last May. Please call our office if you would like another copy or have any questions regarding the lawsuit.
Maintenance/Grounds
Winter decorations were taken down the week before Presidents week. With no major weather events in February we did cut the hours for the two junior grounds crew staff down to four days a week, but the weather forecast looks like snow on and off for the next 7 to 10 days so they should be back to full time. We value our crew very much, but could not justify having staff on with no work.
We have had two major plumbing leaks in Village units this past month. One unit had a frozen pipe caused by the intake air vent blowing freezing air on it. Fortunately it was a ground floor unit and all of the water from the burst pipe stayed in the boiler room. There was no water damage to that unit or any others. The second leak was in an upstairs Village unit from a crack in the faucet for the washer in the laundry area which resulted in considerable water damage to the unit below. We estimate repairs may be $4,000 to $5,000, not including loss of rental income. These events are both good examples of why owners need to be properly insured for the contents inside their units and for damage to their own units and surrounding units caused by events like these. Each unit’s mechanical systems and internal plumbing are the responsibility of the owner and damage caused by their failure is not covered through the Association’s insurance.
Although our newest truck is now five years old, thanks to careful use and regular maintenance our grounds vehicles and equipment are holding up well. We did need to replace a leaf spring in our smaller truck this past month and we have replaced the brake lines and will need to replace the windshield in the Ford Expedition we use for maintenance. The leaf springs in our larger truck were replaced a year ago.
Spa
The spa had a successful President’s week. We exceeded last year’s income by 5%. With a weather prediction of a foot of new snow this week, we expect to have a great weekend coming up.
We continue to do well with the $10 vouchers that are being put into check in packages with the rental agents and a few select inns. For those of you who do your own renting, if you would like to have vouchers, please call or email us and we can send them out or put them in your unit upon your guests’ arrival.
And don’t forget that you as homeowners get 10% off any spa treatments.
Financial Update through January of 2009
|
INCOME |
Fiscal YTD |
Budget |
Last year |
|
Operating Income (less Spa) |
$593,534.07 |
$593,184.51 |
$623,980.19 |
|
Non-operating Income (interest & dividends) |
$810.55 |
$5,175.00 |
$5,490.65 |
|
Spa Income |
$159,144.97 |
$205,935.00 |
$194,314.51 |
|
Net In-Unit Service Income |
$4,901.56 |
$5,620.00 |
$5,132.86 |
|
Total Income |
$758,391.15 |
$809,914.51 |
$828,918.21 |
|
EXPENSE |
|||
|
Spa Expense |
$180,098.35 |
$212,099.99 |
$200,562.18 |
|
Terra Median Expense |
$128,573.95 |
$147,408.08 |
$149,563.52 |
|
Maintenance/Grounds Expense |
$151,362.05 |
$155,291.50 |
$151,538.90 |
|
General & Administrative Expense |
$236,566.60 |
$252,039.05 |
$239,379.29 |
|
Non-operating Expense (legal) |
$18,735.09 |
$38,000.03 |
$48,805.36 |
|
Total Expense |
$705,506.51 |
$804,838.65 |
$789,849.25 |
|
NET INCOME |
$43,055.11 |
$5,075.86 |
$39,068.96 |
The positive variance in net income is primarily from two sources: a savings in Terra Median Expense due to lower propane cost than budgeted and a savings in legal expenses due to inactivity in the KM lawsuit. We may need all of the funds allocated for legal if we do not have a favorable ruling from the Court and we are planning on using the savings in propane to replace the $20,000 taken from common capital for the purchase and installation of the new propane tanks at the TM (which allowed us to save in propane expense). Although the Spa had a strong holiday week, we still expect to finish February almost $10,000 behind budgeted revenue for the month. If the Spa net income continues to fall below budget for the remainder of the year it will most likely cause a shortfall in this year’s Commercial Access Fee calculations which could roll over into next year’s budget causing a slight increase in the Commercial Access Fee.
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