Review the facts

As of April 30, the Emergency Reserve Account (ERA) value, including capital gains under homeowner’s control was $7,109,345. Your yes vote will remove $5.8 million from the fund on June 27 with $3.8 million removed permanently and an additional $2 million will be taken as a loan. The $2 million borrowed will be paid back over 15 years with four percent interest. Any emergency that may happen in the next 15 years could require a considerable special assessment from homeowners if sufficient money is not available in the ERA.
The past 10 years budgets have included many of the repairs to both the Pro Shop and clubhouse but were not accomplished by LMOA management. Now these repairs are proposed to be accomplished in the R & R proposal. A yes vote in addition to increasing dues puts each homeowner at risk for future dues increase as a result of this decrease in the ERA value. A yes vote will be the first invasion of the ERA principal since the homeowners vote in 1998 to sell the Lake Monticello Service Company and utilize the investment income for the benefit of the homeowners.
Please analyze the above numbers and vote yes or no based on your personal desire. The number of yes votes versus the number of no votes will determine the outcome of the proposal. If you don’t vote the outcome will be decided for you.