HSV Community News, Events, Opinions, People, and Places

HSVPOA BOARD BRIEF #4 – August 4, 2021

TASK FORCE RECOMMENDATIONS DELIVERED TO THE BOARD OF DIRECTORS

Today, Wednesday, August 4, the Future Revenue Analysis Task Force brought to the HSV Board of Directors their recommendations for addressing the short and long term financial needs for Hot Springs Village. The recommendations are the result of six months of in-depth data gathering and analysis, consideration of more than 300 revenue and cost-reduction suggestions from residents, meetings with attorneys and discussions with Cooper Communities Inc.

In their presentation, the Task Force clearly identified the “problem” – an average $6.7 million funding shortfall between 2022 and 2027. This shortfall would impact everything from streets and culverts to our fleet of vehicles, buildings maintenance, and our water and sewer systems.

The Task Force explained that the $6.7 million number includes maintenance that has been deferred – sometimes for years – and the current maintenance needed to address our 50-year old infrastructure.

Each of the three options included several ways to generate additional revenue to address the $6.7 million shortfall (the “red blob” on the Task Force PowerPoint presentation).

  •  a  rapid recovery option that minimizes future deferred maintenance
  •  a special assessment option that immediately eliminates deferred maintenance
  • balanced approach option that balances revenue recovery with property owner cost impact

The Task Force also provided the Board with a list of general recommendations covering declaration changes, POA-related policies and procedures, procurement and contract policies, as well as additional revenue and cost reduction ideas.

The Board was extremely encouraged by the breadth and depth of the recommendations submitted by the Task Force. The stage has been set for a more rounded fiscal strategy that encompasses not only revenue generation but better business practices as well. The Board’s plan is to vote on a recommendation at the August 18th Board meeting.

Today’s Task Force presentation to the Board, which was live-streamed, will also be available within 2-3 days in the member section of explorethevillage.com.

Respectfully provided,

HSVPOA Board of Directors

August 4, 2021

* * *

FRATF work may be viewed on the Explore the Village website. Click the Members section and then click Revenue Task Force or click here.

Thank you for reading. If you like, please comment below. We love to hear your opinion, but comments must be made using your first and last real name, or they will not be accepted. If you would like to submit an article for publication, please contact us through this website. Be sure to bookmark this website. Click here to visit the Hot Springs Village People Facebook Group.


     ·       

« »
Social media & sharing icons powered by UltimatelySocial