As we head in to the last month of 2019, I’ll focus this month’s column on something very exciting…..
The 2020 Budget!
Well, truth be told – it really isn’t all that exciting but is a result of all our work to plan and stabilize our finances. On November 11, 2019 the Board approved the 2020 Budget. The overall summary is that we’ve put together a balanced budget of $836,000 (down slightly from last year’s budget of $851,000). Year-to-year comparisons are a little difficult to make because the 2019 budget includes income and expenses related to the one-time post season All Cities Swim Meet this past year.
- Common Properties Fee (CM) Dues = $1040
- CM+ Dues = $1715 and CM+ Senior Dues = $1615
We should note that 2020 will be the last year with the tiered dues structure. Work will be done next year to work through implementation issues to move to single dues in 2021. The other piece of good news is that swim lesson income is projected to increase 29% to essentially allow us to cover the expenses to extend the season next year for adult lap swimmers.
Expenses. The key highlights on the expense side involve Grounds and our Reserve Contribution. While overall grounds expense is down compared to 2019, it still includes funds to pay for a new platform across the rail road tracks since Burlington Northern was not able to schedule the work this past year. The Reserve Contribution is budgeted at $32,500 for 2020. We are still on pace to contribute at a level that is in line with the recommended levels in the Reserve Study. With the excess income generated by not implementing the platform and pool programs, we were able to contribute an additional $52,000 for a total of $92,000 in 2019.
Major Repair/Replacement Projects. Outside the budget, approximately $250,000 of reserve funds will be earmarked for a number of projects. The most significant include pool deck and drain repair, Club House stair repair and floor replacement, and Beach Park play structure replacement.
By now you should have received a Budget Ratification Meeting notice in the mail that goes in to much more detail about the budget and the 2019 Reserve Study. As a reminder, the meeting will be held in accordance with RCW 64.38.025 on December 9, 2019 @ 7:00PM in the Club House prior to the regular Board Meeting. The budget will automatically be ratified unless 51% of the voting membership is present and a motion is made to disapprove it. We will present the budget and there will be an opportunity to ask questions so please come if you want to learn more.
When you read this column, you may be eating Thanksgiving leftovers. I hope you had a wonderful Thanksgiving with your family and as the holidays approach, I extend best wishes for a great holiday season.