Q: Where does the OVA get its money to operate?
A: The bulk of the money comes from members’ monthly dues.
Q: Why aren’t dues alike for all members?
A: The board set 2016 dues at $53.25. However, until June, some members are paying $63.75, which includes a special assessment ($10.50) for the CAC construction. Some members opted to pay that assessment in one lump sum up front, so they do not pay the $10.50. The CAC loan will be retired in June, and at that point all members will pay $53.25 monthly.
Historically OVA received impact fees from developers when new homes are built and sold, but that income will stop when the last home in the Meadows is sold. Impact fees have been approximately $15,500 per house.
Q: So, what does the OVA do with all of this revenue?
A: Most goes into the Operations fund for the day-to-day operation of Oakmont facilities. This pays for payroll, maintenance of the grounds and facilities, utilities, insurance, the Oakmont Bus, and more. Approximately $3,300 per month is set aside as a contingency to handle unexpected expenses. The rest is put into three other funds: Reserve, Capital Improvement and Catastrophe. Read about those funds here.
Q: How is spending planned, controlled and monitored?
A:Every year a budget is prepared. Budget preparation is a mixture of art and science. The science part is we have a lot of predictable, well defined expenses such as payroll, utilities, insurance and routine maintenance. The art part is estimating the less well defined, non-routine expenses. We know what we’ve spent in the past on major repairs or replacement, we know which assets may likely need major work in the next year and we know the charges for that work will likely be higher than the charges for similar work done it the past. So, our budget experts make informed estimates, add a contingency factor and propose a yearly budget to the board.
Q: What’s going on with the balcony at the East Rec Center?
A:The balcony/deck at the East Rec has been determined to be unsafe due to dry rot in some structural components. So it’s closed until we can rectify the problem. The board has discussed three options for rectifying the problem.
1. Repair the existing deck.
2. Remove the deck and put some type of trellis structure in its place to provide architectural interest.
3. Remove and replace the deck with a new deck that meets all current building codes.
Going through the planning and permitting process for any of these options may trigger additional expenses to meet new building codes or ADA requirements. Read about the options here.