Meeting notes Long Term Capital Assets Funding Committee November 4, 2020.
In attendance were: Rick Diachenko, Phil Lombardo, Al Capozza, Mike Johnson, Dan Lemieux, Steve Beauchene and Ed Zito
Since our first meeting on July 26th 2020 we have collected and annualized a significant amount of information and developed a thorough list of the Association’s capital assets. They are divided into three sections: Major assets, Shoreline assets, and Other assets. Also, the report from GNCB Consulting Engineers covering shoreline maintenance costs through 2050 has been reviewed. We feel that we have gathered enough information to make a recommendation to the Board.
It is clear that the $8,500 a year that the Association has been putting aside for capital projects is woefully inadequate. The results have caused periodic major one-time assessments to cover issues that were predictable.
Our next step is to provide the Board with a strategy that will:
· Quantify the Association’s long term assets
· Project the cost of maintaining these assets and provide strategies to meet the funding objectives
· Suggest ways that the Association could generate funds to help reach the funding goals
The report will be ready for the January Board meeting. Rick has volunteered to initiate the first draft.