Special Assessment 2024
Why A Special Assessment?
The purpose of the special assessment is to fully fund our reserves
The amount required by number of bedrooms:
1 Bedroom - $3,944
2 Bedroom - $5,603
3 Bedroom - $6,504
The new law, FL Senate Bill 154, enacted require that communities have a reserve study done and according to the study, have fully funded reserves by end of 2024.
Fully funded reserves has never been adopted by the community so we are inheriting a shortfall.
Options Considered
Loan - Due to owner / tenant ratio, we are not eligible to secure a loan
Increase the budget - We went through the numbers and if we increase the budget to cover the deficit, our monthly dues will skyrocket. Long term this will hurt our investment
If the assessment is not approved monthly dues will be:
1 Bedroom - $729
2 Bedroom - $1,036
3 Bedroom - $1,203
Please Vote By Proxy
All owners should receive a mailing. Please vote to pass the special assessment. If we do not get the votes, your dues will go up as listed above.
Once the special assessment is paid, our community will be financially healthy and in compliance with state laws. Our investments will be protected. If you have any questions, please call the office.
FAQ
When would the money be due? Each owner will get one coupon with an account number. They can use the account number to make payments throughout the year or as a lump sum. As long as full payment is received by December 2024
What if the special assessment is not approved? The money needed will be added to the budget for 2024. This will cause our dues to skyrocket.
What is the difference between special assessment and budget? A special assessment is money being collected to meet a specific goal. The budget is the money that is needed to run the community for the year (maintenance, landscaping, insurance, repairs, etc…)
Does the budget have to be approved? The budget requires only approval by the board.
Does the special assessment have to be approved? Yes. For approval, we need to have a special meeting with an established quorum which is at least 100 owners present or their proxies. We need "yes" votes of the majority of those present or by proxy (50% plus 1) in order to pass the special assessment.
What happens if I don’t pay the special assessment? All units will be required to pay or litigation against the property will begin.
Will there be late fees and interest? Yes, there will be late fees imposed