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Old 12-04-2012, 06:43 PM   #1
tjkraz

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2013 Dues Analysis

I'm in the process of gathering budgets for all of the resorts. Have 6 of them so far and can share some very high-level observations based upon what I have seen:

Bay Lake Tower

Big drivers of the dues increase at BLT are property taxes and housekeeping.

2012 Taxes: .9805
2013 Taxes: 1.0743

2012 Housekeeping: .6534
2013 Housekeeping: .8502

Meanwhile the budget for capital improvements was reduced significantly.

2012 Reserves: .6817
2013 Reserves: .5836

Total dues increase amounted to $.2753 per point and .1925 of it comes from these three categories. I had personally questioned whether the staffed front desk at BLT caused some of the increase. Turns out "front desk" charges actually went down about a half penny per point from '12 to '13.


BoardWalk

The BWV dues increased $.2249 per point and almost all of it can be attributed to housekeeping.

2012 Housekeeping: .8563
2013 Housekeeping: 1.0403


Saratoga Springs

SSR had one of the lowest dues increases, going up just $.0820 per point. Contributing to that was a reduction in property taxes of $.0644 per point. Without that reduction, SSR would have seen an annual increase of 3.1% instead of the 1.7% actual.

2012 Taxes: 1.0515
2013 Taxes: .9871


At AKV and VGC, nothing really stands out as the major source of the increase. Housekeeping at each only went up about $.04 per point. Other categories were also up in the $.01 - .04 neighborhood.

VGC did have a "front desk" increase of $.12 per point, which is abnormally high. No real explanation can be gleaned from the budget statements, though.
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Old 12-04-2012, 06:55 PM   #2
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Hilton Head

HHI dues went up a modest 1.55% from $5.9290 to $6.0213 per point.

That number was aided by the developer loan finally coming off the books. Approximately 5 years ago DVC effectively loaned money to the HHI Condo Association for repairs (roof?) which were needed much earlier than originally planned. In 2012 owners were paying $.1303 per point to repay that loan.

Meanwhile similar to VGC, HHI is seeing a dramatic increase in front desk charges.

2012 Front Desk & Admin: .7890
2013 Front Desk & Admin: .9559

Adding the additional front desk charges and deducting the developer loan accounts for all but $.0557 of the increase.
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Old 12-04-2012, 07:00 PM   #3
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Thanks Tim.

I wonder why the upgrade of the Paddocks pool did not raise the dues to a higher level at SSR?
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Old 12-04-2012, 07:06 PM   #4
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Quote:
Originally Posted by KLEONARD View Post
Thanks Tim.

I wonder why the upgrade of the Paddocks pool did not raise the dues to a higher level at SSR?
Remember when dealing with percents, the impact is only visible in the first year following the event. Paddock Pool opened in mid 2011 and 2012 SSR dues went up nearly 5%. There's your Paddock increase.

Construction costs came from reserve fund so a modest increase there spread over 10-20 years would help replenish. And day-to-day operating costs are limited to a couple lifeguards, utilities and pool upkeep. Restaurant is a profit center for Disney so owners wouldn't be paying anything for that.

Also it's a big resort with around 11 million points. Just a penny in dues generates over $100K in operating revenue.
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Old 12-04-2012, 07:08 PM   #5
CMOORE185
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Good news for me this year as I own at SSR and HHI.
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Old 12-04-2012, 09:56 PM   #6
bighoo93
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Quote:
Originally Posted by tjkraz
I'm in the process of gathering budgets for all of the resorts. Have 6 of them so far and can share some very high-level observations based upon what I have seen:

Bay Lake Tower

Big drivers of the dues increase at BLT are property taxes and housekeeping.

2012 Taxes: .9805
2013 Taxes: 1.0743

2012 Housekeeping: .6534
2013 Housekeeping: .8502

Meanwhile the budget for capital improvements was reduced significantly.

2012 Reserves: .6817
2013 Reserves: .5836

Total dues increase amounted to $.2753 per point and .1925 of it comes from these three categories. I had personally questioned whether the staffed front desk at BLT caused some of the increase. Turns out "front desk" charges actually went down about a half penny per point from '12 to '13.

BoardWalk

The BWV dues increased $.2249 per point and almost all of it can be attributed to housekeeping.

2012 Housekeeping: .8563
2013 Housekeeping: 1.0403

Saratoga Springs

SSR had one of the lowest dues increases, going up just $.0820 per point. Contributing to that was a reduction in property taxes of $.0644 per point. Without that reduction, SSR would have seen an annual increase of 3.1% instead of the 1.7% actual.

2012 Taxes: 1.0515
2013 Taxes: .9871

At AKV and VGC, nothing really stands out as the major source of the increase. Housekeeping at each only went up about $.04 per point. Other categories were also up in the $.01 - .04 neighborhood.

VGC did have a "front desk" increase of $.12 per point, which is abnormally high. No real explanation can be gleaned from the budget statements, though.
This was really good analysis. I posted a joke earlier that I thought was obviously tongue in cheek, but it was removed. I hope you were not the one who misinterpreted. I found this interesting.
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Old 12-05-2012, 12:15 AM   #7
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I find it interesting that both AKV and BLT (the two resorts that I own) have significant increases in Common Element Renovation reserves in 2013. This budget line item is increasing $0.2456 at AKV and $0.1922 at BLT. In AKV's case, its maintenance fees would have actually gone down $0.0063 if the Common Element Renovation amount had remained unchanged.

I'm hoping that DVC Management will explain at the Annual Meeting what is driving these large increases in AKV's and BLT's Common Element Renovation reserves in 2013.

Like Tim, I was surprised that BLT's Front Desk and Administration costs are going down in 2013 compared to 2012. However, I wonder if the modifications made in BLT's lobby and/or behind the scenes to accommodate the new check-in desk are being charged to Common Element Renovation reserves.
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Old 12-05-2012, 08:21 AM   #8
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Originally Posted by CMOORE185 View Post
Good news for me this year as I own at SSR and HHI.
Us too!! Curious. Did you buy SSR first, stay at HHI and decide I need HHI points too?
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Old 12-05-2012, 09:24 PM   #9
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Quote:
Originally Posted by marynvince View Post
Us too!! Curious. Did you buy SSR first, stay at HHI and decide I need HHI points too?
We were at HHI looking at a different timeshare and happened to see Disney's HHI resort and stopped in to talk to a guide. We ended up buying right there in the spot. BWV's were also for sale at the time and we chose HHI for two reasons, 11 month booking window in summer and believe it or not HHI had the lowest dues at the time. We bought SSR some years later.
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Old 12-06-2012, 02:50 PM   #10
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Would you happen to have a last yr over this year comparison for actual dues amounts?
or know where I could find one?

Thanks
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Old 12-06-2012, 02:58 PM   #11
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Originally Posted by mom_rules View Post
Would you happen to have a last yr over this year comparison for actual dues amounts?
or know where I could find one?

Thanks
Here is a chart that shows maintenance fees for each DVC resort through 2012. I anticipate that it will be updated shortly to include the 2013 amounts: http://dvcnews.com/index.php/dvc-pro...ask=view&id=51.
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Old 12-06-2012, 07:45 PM   #12
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Tim,

Thanks so much for this. . Your usual excellent analysis. This seems like a very reasonable rise in mf. We appreciate all you do.
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Old 12-07-2012, 09:15 AM   #13
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Quote:
Originally Posted by wdrl View Post
Here is a chart that shows maintenance fees for each DVC resort through 2012. I anticipate that it will be updated shortly to include the 2013 amounts: http://dvcnews.com/index.php/dvc-pro...ask=view&id=51.
Thanks!
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Old 12-07-2012, 03:44 PM   #14
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The transportation expense at SSR always has me taken back $7.7M for buses... um kay

As for the Front Desk costs at BLT, I wonder if the decrease is due to some services moving to the BLT lobby instead of despite the move. Meaning, it is possible the DVC finance team negotiated a lower allocation of the Contemporary's front desk costs, which may net lower than last year even with the increase in staff in the BLT lobby.
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Old 12-09-2012, 03:26 PM   #15
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Any info on VWL? I'm suspecting mostly housekeeping increases however they are getting refurbished soon.
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