2013 SOA Budget Update

Town Center

The August 2013 budget workshops for the General Common/Canyon 9, The Club at Town Center and the Private Gates/Streets assessment areas have been completed.  Special Project items that were considered are accessible via the following link: 2013 Budget Special Projects 8 18 12 (1).  These represent items that were submitted by homeowners and the SOA staff.  Numerous other items were also submitted, but were not considered because they were either: 1) outside the scope of SOA responsibility, 2) items that can be accomplished through regular operational expenses or 3) present an undesirable liability. Funding estimates were provided for some of the items, while others were TBD.

Revisions and recommendations from the August workshops will be presented to the SOA Board for consideration per the following schedule, with the final budget to be completed by September 28.

  • Tuesday, September 11, 4:30 – 6:00 pm General Common/Canyon Nine
  • Tuesday, September 18, 4:30 – 6:00 pm Club at Town Center
  • Tuesday, September 25, 4:30 – 600  pm Private Streets & Gates

All the above meetings will be held at the Loft. Homeowners are encouraged to attend and be part of the process and/or to voice their opinions.

Preliminary indications from the August workshops indicate that the Board is considering limiting the “Special Projects” budget significantly from 2012 and applying any surplus to the Reserve fund and/or Homeowner assessment credits, as should have been done in previous years. (See previous Blog article posted by Jim Haar, “SGCC Open Letter Response”). This is good news, perhaps homeowner feedback has been effective!

A suggestion from the Board President was to budget money (~$10K) for the new board to hire a “Consultant” to assess Somersett Community needs in the future.  Sounds like a good idea.  As previously noted, SU is of the opinion that the current SOA BOD has not always exercised good fiduciary responsibility to Homeowners  in their decision making  (e.g., Developer Subsidy Agreement, SGCC Lease Agreement, and Construction  Defect Litigation Fees, among others).  Perhaps a Consultant can appropriately assess what has been done in the past and what needs to be done in the future to assure that Homeowners are getting the “best bang for their buck” and not being over assessed for services

Next update will include results from the above referenced Budget meetings, which will in all probability reflect the “final” budget to be presented at the October 4th and 5th Homeowner Budget Presentation meetings and approved at the October 11 SOA Board meeting.