The COO responded to my letter regarding the issues of what I consider overspending over the past few years, resulting in nearly the total use of reserve funds for projects.
A number of charts and graphs were provided that I consider meaningless when you get to the bottom line, and that line is the problem that the reserves have been spent for rejuvenation projects. It was stated the last time around that we needed the assessment increase to pay for the projects; yet, when the assessment failed, the reserves were spent on projects. That is not what reserves are for.
Now the proposal is to use the new assessment money as collateral for the loan to build the Community Building -- a totally too-expensive project. Collateral is defined as "a pledge as security for a loan to be forfeited in the event of a default." I certainly don't feel confident that this is a wise move financially if our recent financial history of spending is considered.
Now, here we are with a big bill, the reserves are gone and we are still planning on bigger and more expensive projects. The Community Building project has been "delayed," not canceled. Is there a message here?
I won't get into how people feel about the closing or plans to close their favorite golf courses and make them into greenways; i.e., more spending for something that will make no profit.
Also, opening up the Village amenities to non-members at the expense of the members is another item. Some people question if this is legal.
I know I don't have all the answers, but I do know our board and COO should take the time to read this and other letters they are getting and get a feeling for what is going on out here among the members.
Bella VistaEditorial on 10/10/2018
Print Headline: Bella Vista spending, past and future