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January 26, 2023 Annual Meeting
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Van Dyke Farms
2023 Budget
 

BOARD ADOPTS 2023 ASSOCIATION BUDGET:  At its October 26 meeting, the Board adopted the Association's 2023 Detailed Budget and Association's 2023 Summary Budget.  The budget was developed based on historical revenue and expenditure data and MAINTAINS THE ANNUAL ASSESSMENT AT $750 FOR A FOURTH CONSECUTIVE YEAR, A REMARKABLE FEAT IN LIGHT OF CURRENT ECONOMIC CONDITIONS.  This is has been accomplished through the streamlining of processes, stringent contract management and enhanced revenues from activities such as tennis court usage fees.  As done in previous years, detailed Budget Notes were developed to facilitate review.
 
Revenues in 2023 are projected to be $335,900.  They are comprised of $317,250 in assessment revenue (423 owners times $750), $17,800 in tennis court availability fees, and $1,600 in interest and other fees such as key deposits. 
 
Revenues dedicated to recurring expenditures in 2023 total $290,900.  Most of the recurring expenditures are associated with Landscape Maintenance ($75,780), Management/Booking ($31,518), Landscape Improvements ($28,345), General Maintenance ($25,000), Legal ($25,000) and Insurance ($19,732).  Most of these costs are similar to 2022 with the exception of insurance that has been quoted to increase by as much as twenty-two (22) percent.  Rest assured, the Association will aggressively negotiate the cost of our 2023 policy when the 30-day negotiating window opens in early 2023, and hopefully avoid such a steep increase. 
 
As explained in the Budget Notes, the $25,000 set aside for General Maintenance will fund the annual pressure washing of the sidewalk and gutters on Van Dyke Farms Boulevard, the Park and the Association's monuments ($7,400).  An additional $2,700 will be dedicated to cleaning another sixty (60) light poles and the Board has indicated they plan to complete the remaining sixty (60) in 2024.  Funds have been set aside to re-mulch the Playground ($5,000) and to secure our annual landscape lighting maintenance contract ($750).  The remaining $10,000 has been set aside for repairs as they arise.  In terms of the $28,345 budgeted for Landscape Improvements, $9,000 is dedicated to twice a year mulching of the trees and landscape beds along Van Dyke Farms Boulevard, Equestrian, the Park and the Monuments throughout the community.  An additional $4,500 is for the twice per year planting of annuals at the Van Dyke Road Entrance, and $4,000 is to remove a large diseased oak tree on Association's property that abuts the Association's exterior wall along Van Dyke Road.  The remaining $10,845 are set aside for improvements needed throughout the year, primarily tree trimming and lifting.  
 
A major part of the budget development was updating the Association's 2017-2029 Funding Reserve Analysis.  It is now the Association's 2017-2030 Funding Reserves Analysis.  As planned, $45,000 of 2023 revenues will be dedicated to the Reserves for Special Projects account.  This funding will be coupled with the remaining 2022 balance of $36,635.  Additionally, it is estimated the Association will finish 2022 with $26,337 (in actually was $24,225) in excess funds due to cost controls, volunteer efforts, and legal, assessment, and insurance fund recovery.  These funding sources will yield an estimated $107,972 (the actual was $105,860) balance in the Association's Reserves for Special Projects as of January 1, 2023. 
 
Two major projects are planned in 2023 with these funds.  An estimated $51,000 will be spent to renovate the Association's Guardhouse at the Van Dyke Road entrance.  There is extensive termite damage that must be addressed.  The alternative of removing and replacing the Guardhouse with landscape and the necessary structures to house the security cameras and associated infrastructure was thoroughly evaluated.  Several contractors confirmed the cost would be in the $25,000 range.  Doing so would also require at least 282 of the 423 dwelling unit owners to agree to such action, which would take a huge effort to secure, especially with so many owners stating informally that they would prefer to keep the structure if financially feasible.  Based on these factors the Board decided to move forward with the $51,000 replacement at its October 26 meeting as the Guardhouse is part of Van Dyke Farms iconic entrance, and functions as the Association's major storage facility for seasonal decorations and our security system. 
 
The second project planned in 2023 to be funded from the Reserves for Special Projects account is to invest $7,024 to replace six of the Association's current ten benches.  These include all four at the Playground, one near Tennis Court 5 and one on the west side of Van Dyke Farms Boulevard closest to Stetson.  An eleventh will be added on the shore of the pond near the intersection of Van Dyke Farms Boulevard and Equestrian.  The remaining four benches will be replaced in 2024.  
 
These two projects can be undertaken while still maintaining the 2023 end of the year projected balance in the Reserves for Special Projects above $45,000 and adequate year end balances in 2024-2030.  

 

 
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