| Each year, the Board provides to owners a cover letter accompanying reporting on personnel news and a broader financial assessment. Here is Board President Laura Civiello’s statement to the homeowners, edited slightly for brevity. |  |
2023 Annual Meeting
Last year, the annual meeting was reduced to the essential function of counting the ballots. Ongoing health and safety concerns means there will be no in-person gathering aside from the vote counting. The Board will reconvene via Zoom to determine the officers. Thank you in advance to the election inspectors for your hard work.
Assessment
Inflation is having an impact on the Association’s operating budget. Our legally required insurance will rise significantly in 2023, with the premiums of essential policies increasing 19-50%. Changes to labor laws, such as required sick time and minimum wage increases, have caused our security vendor to increase its fees by nearly 16%. Supplies and labor needed for routine reserve projects including building, painting, and garage restoration have also jumped in cost.
In addition, the Association is in the midst of several critical infrastructure projects including repair of the Green’s electrical system, property-wide irrigation design and replacement, a landscape rehabilitation project, and building insulation. These major reserve projects are estimated to cost between $2.5M-4M per year for 10 years and remain significantly underfunded.
To cover these projects as well as the increases to our operating costs, the Board of Directors voted in October to increase regular assessments by 7%. The dues increase adds roughly $285,000 annually to the Association’s income and will allow the Village Green to contribute about $1M to our reserves in 2023. An estimated $500,000 will be spent on routine reserve projects, such as ongoing building painting and garage restoration. The remaining $500,000 will be available for projects like the electrical infrastructure upgrade.
In addition, the Association is in the midst of several critical infrastructure projects including repair of the Green’s electrical system, property-wide irrigation design and replacement, a landscape rehabilitation project, and building insulation. These major reserve projects are estimated to cost between $2.5M-4M per year for 10 years and remain significantly underfunded.
To cover these projects as well as the increases to our operating costs, the Board of Directors voted in October to increase regular assessments by 7%. The dues increase adds roughly $285,000 annually to the Association’s income and will allow the Village Green to contribute about $1M to our reserves in 2023. An estimated $500,000 will be spent on routine reserve projects, such as ongoing building painting and garage restoration. The remaining $500,000 will be available for projects like the electrical infrastructure upgrade.
Personnel
2022 ends with some exciting updates from the Office. Operations Manager Sherri Giles has promoted Darwin Harry Ruiz to Maintenance Supervisor. Ms. Giles has also begun working with a temp agency specializing in tradespeople (electricians, plumbers, etc.) to fortify the skill set of our existing team and provide assistance with work orders. Finally, Ms. Giles has hired and will onboard a new Facilities Manager, Linda Pollari, in February 2023. A registered architect and the Green’s Design Review committee consultant, Linda comes to us from Otis College of Art and Design where she has been Chair of the Environmental Design department for the past 22 years. Linda will work with Sherri setting up processes and guiding reserve projects.
I speak for all of the directors, office and maintenance staff in saying we deeply appreciate your support. May your year end with joy and wishing you the best for 2023.
Sincerely,
Laura Civiello
President, Board of Directors
Sincerely,
Laura Civiello
President, Board of Directors
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