The Finance Committee has recommended and the board has approved a capital spending plan for 2015. Each year the board evaluates the capital expenditures necessary to keep Meadow Hill properties in good condition and appealing to the eye. The necessary funding comes from you and occasionally from outside sources when necessary. Our goal is to make sure your money is spent wisely.
The plan is to spend $168,000 during 2015 on projects we see as necessary. That is not to say that all projects will be completed within the fiscal year, or that estimated prices are 100% accurate. Things change. Additional needs may arise. However, this is a plan we will try to manage to as closely as possible.
When looking at expenditures, we also look at the impact on reserves, not only in the short run but several years into the future to gage, for instance, if borrowing or special assessments may become necessary. This is a sort of guidance to ensure we remain financially healthy. Happily, neither of those options mentioned appear necessary in the near future. Reserve funds are predicted to be about $277,000 at the end of 2015 if all projects are completed within the planned amounts. This is well above the minimum amount of $186,000 set previously to provide for emergencies.
Below is a list of designated projects slated for completion during 2015. The full 10 year forecast will be available at the Hollister House front lobby shortly. Residents are encouraged to review the list and ask any questions or share concerns to the board at the monthly meeting.
Project Name 2015 Cost (est)
Air Handler-clubhouse $5,000
Flat Roofs (partial) $9,000
Pool Filter $5,000
Clubhouse decking $25,000
B&W road fix $6,000
Chimney caps $46,000
Sidewalks (partial) $45,000
Hollister floor rep & B.R. $7,000
Upgrade clubhouse $8,000
Contingencies $12,000
Total $168,000
Est. Beginning reserves 1/1/2015 $401,000
Est ending reserves 12/31/2015 $277,000 David Faxon Treasurer