Annual Meeting Resolutions

[epcotized]

The notice of the 2011 annual meetings referred to excess assessments being set aside for major repairs or capital components. It then states that amounts assessed for the Capital Reserves Budget are not payments for yearly Association operating services.

Does anyone know what excess assessments are? Would this be a question for member services or would they tell me to get a life?

 

[rock_doctor]

I noticed this on my BLT sheet. I *assumed* this is the money that was left over and they keep it just in case something unforeseen comes up. Since the dues are based on anticipated operating expenses some time money is left over, some times it isn't. If there is some left over it becomes in essence an emergency fund. If they did not have this money they would have to take a loan to cover issues until they could charge the owners the next year. I would imagine if you call member administration and ask they would tell you what it means. I am sure somebody will correct me if i am wrong.

 

[drusba]

Excess assessments are amounts collected in excess of the amounts that were actually needed for the annual operations and if an excess exists at end of year it goes into the capital reserve account. The other statement is just a truism. The annual operating budget is separate from the capital reserves budget. The operating budget focuses on expected costs for operating the resort for the upcoming year. The capital reserves budget focuses on repairs, rehabs or refurbs that are expected to occur in future years.

 

[epcotized]

Thank you for the responses.

So DVC will take the anticipated operating budget plus the capital budget and then arrive at the dues being charged?

 

[RobDoc]

Thank you for the responses.

So DVC will take the anticipated operating budget plus the capital budget and then arrive at the dues being charged?

They also estimate the ad valorem property taxes for the coming year. In some years members received a credit since the property taxes were estimated higher than the actual amount due to the county.