As of Sept. 10, 2018, I will be a residential property owner for 21 years. I have seen boards and general managers change over this period of time. My observation of the last two years indicates we are spending money on supposed updates which have run down our reserve fund to $644,200 as of July 31, the lowest it has been for at least the last 17 years.
July figures are in and it shows that, between the golf operation and the food operation, we have lost $1,811,314. Breakdown as follows: Golf -- $1,294,269; and Food -- $517,045. I predict that the Food Division will match the loss from last year, which was $1,005,000; and Golf will lose $2,000,000 by the end of this calendar year.
Our general manager, with the blessing of the last two boards, believes that we POA members want to emulate the cities of Rogers and Bentonville and provide a $14,000,000 community center. The Bella Vista Property Owners Association has squandered at least $5 million a year for the last 10 years. What 50 million dollars are you talking about? I am pointing out that the city of Bella Vista took over the fire, police and road expenses from the POA, thereby saving the POA the $5 million.
At the present time, we do not need a community center with the $14,000,000 mortgage. What we need is some plain old common sense that says live within your budget. The general manager and current board have displayed a T-bone steak appetite but have a hot dog pocketbook.
The definition of insanity is doing the same thing over and over and expecting a different result. The food operation was discontinued at all locations since it was losing $1,400,000 per year. The marina bait shop was leased out since it was cheaper to run it that way, now the general manager wants to take it back in to the POA fold.
The board recently announced that it wants the POA membership to vote on a $10/$2 monthly increase in assessments. Until the board and general manager exhibit some fiscal responsibility, I am a no vote and I hope I can convince others to vote no.
Wally Sheldon
Bella Vista
Editorial on 09/12/2018