| December 7, 2023 Dear Members, Greetings to you and your families. This is a good time of year to celebrate the season with family, and with neighbors and friends you have met here. This sense of community is one of the elements that makes Lake Caroline a great place to live. This is also a good time for a retrospective review of the association. Throughout 2023 we strengthened business operations with financial management being our main focus. After detailed financial analysis by the Finance Committee and Executive Director, the Board set the annual assessment for 2024 at $1,045.* Although our HOA assessment continues to be lower than other communities with far fewer amenities, we recognize that any increase puts pressure on tight budgets. The Board balanced this concern with the need to take measures to protect Lake Caroline property values in the long term. *Per Bylaws - the Board is charged with setting the annual assessment, which can include up to a 10% increase with a vote at the Board level. New house builds have allowed us to maintain annual assessments at $950 for 14 years but developers will soon reach the end of the building cycle, and fees from new members are insufficient to fund necessary capital projects in 2024 and build the reserve fund. Lake Caroline Owners Association has estimated more than $2.7 million in dredging (still under evaluation), repairs, and replacement cost over the next five years. Lake Caroline is one of the most desirable neighborhoods in Madison County. The fee increase will fund services and maintain amenities at a level in 2024 that justifies this reputation. Faced with many challenges – rising costs, financial pressures, employee turnover, the need for greater transparency with financial communications, and others, the Board hired an experienced Property Manager, Jeff Portwood, to serve as LCOA’s Executive Director. Working quickly and strategically, every aspect of our business operations was evaluated, and changes made, ensuring that we have the right processes and the right people in place to provide a high level of service in a cost-effective, efficient manner. Our Finance Committee scrutinized expenditures and recommended additional processes to continue downward pressure on expenses. A new financial section of the website was added to better inform the membership about financial matters. After doing the work necessary to strengthen and reorganize our operations, we finish the year as a strong association – one with sound operational and financial leadership, a talented staff, and a bevy of committed volunteers. As we look to the future, the Board is confident that we are a strong association - the foundation for our beautiful resort style community and strong property values. Multiple capital improvements are planned for 2024 and you can read more about them in News Notes over the next few months. Please consider joining us at our March 19 annual meeting where you will hear more about LCOA accomplishments and future plans. Best wishes for the holidays, Nancy Lehman Nancy Lehman, President, Board of Directors PS – We want to keep you informed. Are you receiving News Notes? If not, please go to www.lakecarolineMS.com and submit a Contact Us ticket. This option is located on the main menu. |
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