Re-Sealing of Asphalt This Year??

[Marcia Fields]

It has been at least 4, maybe 5 years, since the road and lots have
been re-sealed, with potholes and cracks filled followed by the oil
spray and re-striping of spaces and unit #'s.
Take a look at the asphalt.......we're overdue. In my lot there has
been a significant depression for some time and have noticed more are
forming. Actually what V.V. needs is a COMPLETE OVERLAY of asphalt
which the complex has never had.
In a Reserve Study Report for 2008, the analyst recommended such
overlay for 2013 at an estimated cost of $284,000. Not gonna happen
for a very long time if you look at the 2012 budget and Reserve
balance on the financials. Owners were not sent a budget in the
annual mtg. notice mailing but you can get one on the association's
website under "HOA Info" or call the manager for a mailed copy. If
you attended the annual mtg. in November, a budget was attached to the
agenda. Only $18,230 has been budgeted for Reserves in 2012 and that
= $1,519 per month! To use my oft-repeated phrase, that's not even
half a spit in the ocean, next to nothing!
Total Reserve funds as of EOM January '12 were $152,470.36 with the
$57,461.20 "Due to Other Funds" shown on the balance sheet to be paid
back to Reserves for Painting money borrowed. Like that's ever going
to happen. Asphalt work is a valid Reserve expense. If my memory is
correct, cost for last re-sealing was between $24K - $30K to include
the lots' re-striping and numbering. For such important maintenance
is one reason I pay my dues as most of you do as well. A re-sealing
helps preserve the asphalt until such time as an overlay can be
done.......and should be scheduled more frequently than 5 years in-
between. Just a heads-up.

Copy of this post being forwarded to board.

marcia ann