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Ridge Water HOA Board Meeting Notice

posted Jun 29, 2018, 6:50 AM by Michael Beckham   [ updated Jul 5, 2018, 11:16 AM ]

The Ridge Water HOA board transition was completed as of May 9th 2018. There are many important items that need to be shared with the neighborhood so we are holding a midyear meeting to bring the neighborhood up to speed. The official agenda for the meeting will be sent out closer to the time of the meeting but we want to take time to inform every one of some important updates now in preparation for the meeting. This meeting is just to be transparent with all of our neighbors where we are, what the board, has been working on, and what the next steps are as we move forward.

Once the initial board wrapped our hands around what the current situation is it was clear that there was a lot of work that needed to be done. The decision was made to bring on two additional board members to get a broader representation of the neighborhood prior to holding any votes on how to proceed. Darrell Rose and Michael Beckham were brought on to fill those spots. We now are a full board with members who all have an equal say and vote. The Board is still working through the details but can state that we appreciate everyone’s patience as we work through all the items that need completed. The board is looking forward to working together with all of you to make our community an amazing place for all residents.

Another important item is that the budget that was provided at the annual neighborhood meeting is no longer accurate. A key item is that per the covenant the builder is not required to pay special assessments or dues for lots that they are in possession of. As a result they have not provided those funds which has caused a rather large discrepancy between the available funds that were in the budget verses what is actually available. We will review these figures during our meeting. We also have had numerous repairs that came up at the beginning of the year that were additional unexpected expenses. With these conditions we are now looking at a deficit of $10,000 for the remainder of the year. We were faced with a situation where we either had to propose a special assessment or look at ways to cut cost to balance the budget for the remainder of the year. The Board has looked at the budget for the remainder of the year and has voted to try to balance it out so we voted to remove the landscaper as of July 1st and will be looking for volunteers to help cover these activities for the remainder of the year. We are also terminating the contract with HOA community management effective August 1st. With these measures we will be very close to covering the remaining cost for the rest of the year. Over the next 60 days the board will be working to make sure that we have a process for dealing with covenant violations, Architectural request, ect. in place prior to August 1st. As these processes are set up we will communicate with them to the residents of the neighborhood. Starting in 2019 we will create a balanced budget that will include landscaping and a HOA management company so these actions are short term measures just to prevent a special assessment. We are looking to work with those who are willing to pitch in and help out this year so please if you have a skill set that will help in these areas please reach out to the board so that we can work together to help our community through these times.

             If you have questions or concerns please reach out to us via the Ridge Water HOA Board email address RidgeWaterHOA2018@Gmail.com

 

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Michael Beckham,
Jun 29, 2018, 6:50 AM
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