Reserve Funding Information
Understanding Our Future: Special Assessment & Reserve Funding
Welcome to our dedicated page for The Lodges at Snake Creek's proposed special assessment and reserve funding strategies. Here, you’ll find all the resources you need to understand the situation facing our community, how we got here, and the options we have before us to resolve the funding issues we’re now grappling with.
Resources & Information
We encourage you to review the information on this page, and to watch the presentations from the two most recent Board of Directors meetings. These presentations layout the reserve funding deficiencies in detail and review the community’s potential options and the ramifications of each.
May Meeting & Presentation:
https://drive.google.com/file/d/1N0Ym8iXiTW4THClA6PtsujS8nFuOEfxV/view?usp=sharing
June Meeting & Presentation:
https://drive.google.com/file/d/1ZzpDCOAUIsxAwlpAYeFhTNPAm-CgA4AY/view?usp=sharing
Timeline & Next Steps
First Reserve Presentation: May 29th, 2024
Watch the recording here: https://drive.google.com/file/d/1N0Ym8iXiTW4THClA6PtsujS8nFuOEfxV/view?usp=sharing
Second Reserve Presentation: June 26th, 2024
Watch the recording here: https://drive.google.com/file/d/1ZzpDCOAUIsxAwlpAYeFhTNPAm-CgA4AY/view?usp=sharing
Open Forum Discussions: June 29th, July 6th, July 13th
Join us at the Clubhouse or on Zoom from 11am-12pm (Zoom link above - check your email for dial-in information).
Annual Meeting Proxy Voting Opens: July 10th, 2024
Proxy ballots must be submitted to K&K Property Management at least one hour in advance of the meeting, and the proxy holder must be present at the meeting to cast the ballot. Read this article for more information on proxy voting in Utah HOAs.
Annual Meeting Date & Assessment Voting: July 31st, 2024
Watch your email for important documents, the proxy ballot and agenda, and Zoom information for the meeting.
Action Needed
Review the information on this page and watch the Zoom recordings.
Reach out to Jen at K&K with any questions. Schedule a one-on-one Zoom call here: https://scheduler.zoom.us/wade-street/lsc-assessment
Submit your proxy ballot here: https://forms.gle/hUj18KaFsXBZbCGA7
Attend the Annual Meeting on July 31st at 6:30 PM.
Overview of Proposed Special Assessment
What is the Proposed Special Assessment?
As The Lodges at Snake Creek continues to thrive and evolve, the need for sustainable financial planning becomes ever more crucial. Here, we explore the proposed special assessment—an essential step towards securing our community's future.
Understanding the Special Assessment:
A special assessment, or extraordinary assessment, is a one-time financial contribution collected from all homeowners, over and above the regular HOA dues. This measure is proposed when unexpected or significant expenses arise that exceed the current budget and reserve funds. Per our community’s CC&Rs, an extraordinary assessment requires the approval of a majority of the community (60%).
Why Consider a Special Assessment?
Our community faces necessary repairs and upgrades that cannot be postponed without compromising the integrity and value of our properties. From maintaining and replacing aging infrastructure to enhancing common areas, these improvements are essential for maintaining our community’s standards and ensuring safety. The Board and management team feel that special assessments are the best way to fund these repairs, as increasing dues now leads to significantly higher dues down the road - a rate of increase that compounds itself and ultimately leads to a higher cost than a special assessment.
How Will the Funds Be Used?
The funds from this special assessment are earmarked for several critical projects:
Roof Repairs and Replacement: To address wear and prevent leakage that can lead to more severe damage.
Heat Tape Installation: Essential for preventing ice dams and ensuring our roofs can withstand the winter months.
Asphalt Repairs & Upkeep: Maintaining our community’s roads and infrastructure is vital for safe access and the preservation of our property values.
Other Reserve Projects: A detailed list of reserve projects, or components, can be found in the community’s new reserve study. We also encourage you to watch the reserve funding presentations (linked above) for more information about the community’s maintenance priorities.
Each of these projects contributes directly to the maintenance and enhancement of property values and living quality in our community. By investing together, we can ensure that The Lodges at Snake Creek remains a beautiful place to live.
We understand that financial contributions are significant; hence, transparency about the necessity and usage of these funds is paramount. We encourage every homeowner to review this information, attend the upcoming forums, and participate actively in the decision-making process. Your voice and vote will shape how we move forward as a community.
Details on Reserve Funding Strategies
Our Strategy for Reserve Funding
Effective reserve funding is key to the long-term health of our community. A well-funded reserve account ensures that we have the funds available to perform critical infrastructure projects, such as roof replacements, protecting our property values and the investment we have made in our homes.
Current Reserve Status:
Our reserves are designed to cover long-term repairs and replacements. However, current funding levels are insufficient for upcoming significant expenses. This has prompted a reassessment of our reserve strategy.
Why is this Important?
Adequately funded reserves:
Minimize the need for special assessments in the future.
Ensure we can handle unexpected repairs without financial strain.
Protect property values by maintaining and improving community assets.
New Reserve Funding Strategy:
To address these challenges, we are implementing a multi-faceted approach:
Maintain Annual Contributions: Utilize our regular HOA dues to fund our operating budget, with just a minor 4% annual increase to account for inflation.
Special Assessment Integration: Utilizing special assessment funds to immediately bolster our reserves, specifically targeting critical upcoming expenses.
Regular Reserve Studies: Closely monitor our reserve budget and plan to ensure our funding goals and timelines align with actual infrastructure needs.
Engagement and Transparency:
We are committed to transparency in our financial strategies. Detailed plans and progress reports will be regularly shared with the community, ensuring every homeowner understands and supports our financial health initiatives.
These steps are designed to secure our community’s future, ensuring that we are prepared for both expected and unexpected expenses. Your understanding and participation are vital in this collective effort.