The Board keeps raising assessments and amenity fees. Why aren these funds used for capital expenditures?
A. The monthly assessments and amenity fees do contribute to both operating expenses and capital expenses. The community has more than $24 million in assets that need annual repair and replacement. At the end of 2008 the total asset value will have grown to nearly $30 million with the addition of the clubhouse and marina restoration. The POA is spending $2 million annually just in maintaining and replacing the assets we have including roads, equipment and facilities, etc. However, we currently have no capital reserves and no funds for new facility requirements.
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