Dues percent increases

[manning]

Here are the percentage increases for 2007 as they stand now

OKW = 3.77%

BWV = 3.41%

VB = 6.83%

VB(sub) = 6.55%

HH = 14.75%

VWL = 2.6%

BCV = 3.35%

SSR = 3.52%

 

[Granny]

Finally VWL is smallest in something besides resort size!

 

[Lexxiefern]

Oh my gosh! 6.83% for VB?? We just bought an add on there - DH is not going to be happy when he sees that bill....

 

[Lexxiefern]

Ok, I just noticed HH is 14%, is that a typo? Can they go up that much in a year?

 

[RobDoc]

It's not a typo. 15% is the limit - not counting property taxes (and this increase does include property taxes). The HH increase also includes a loan payment for repair of "water intrusion" damage to buildings at the resort. The repairs should be copmpleted by Spring, 2007 but the payments will extend 6 years. This first year's payments are interest only (at 5.9%) - but eventually will include principal once the exact cost of the repair is known.

 

[Delaware Mike]

It's not a typo. 15% is the limit - not counting property taxes (and this increase does include property taxes). The HH increase also includes a loan payment for repair of "water intrusion" damage to buildings at the resort. The repairs should be copmpleted by Spring, 2007 but the payments will extend 6 years. This first year's payments are interest only (at 5.9%) - but eventually will include principal once the exact cost of the repair is known.

Okay, maybe I should refrain from commenting, but isn't there something called "insurance" to cover property damage?

 

[RobDoc]

Yes, the resort does carry insurance - since it's also a component of the budget expense. In this case, the damage appears to be something not covered by insurance. The budget did not go into extreme detail on the issues - just the brief explanation about "water intrusion", the amount of the loan (from the developer) and the term of the loan payments.

 

[senecabeach]

VB = 6.83%

VB(sub) = 6.55%

HH = 14.75%

WOW !!!

Yep... "Hurricane Alley" is NOT where to own...just visit

 

[TheRustyScupper]

Oh my gosh! 6.83% for VB?? We just bought an add on there - DH is not going to be happy when he sees that bill....

1) There is a remedy.
2) Go to the annual meeting and vote against the increase.
3) Make them come up with a better budget. *
4) Do not send a proxy, since it will be voted for the increase.
5) If you don't take the effort to vote, you don't get the privilege to complain.

* Never in the history of DVC has the vote been against any dues increase or against any proposed budget. Even when the budget items seemed in excess. There are just not enough members who take the time or effort to vote.

 

[manning]

According to the by-laws you can't vote if increases are under 15%. That doesn't count real estate taxes.

Also if I remember correctly if you vote to remove Disney management they can remove any association with DVC. It's too late to look this up but I'm sure someone out there has this info.

 

[drusba]

As to the issue mentioned above about voting on the increases and thus trying to prevent them, you do not have any voting power to stop them. Except for some extreme events (like to vote a resort out of DVC), the members do not have any voting rights. The contracts and disclosure statements an owner receives when purchasing spell out that any voting rights one has are assigned to Disney.

 

[RobDoc]

1) There is a remedy.
2) Go to the annual meeting and vote against the increase.
3) Make them come up with a better budget. *
4) Do not send a proxy, since it will be voted for the increase.
5) If you don't take the effort to vote, you don't get the privilege to complain.

* Never in the history of DVC has the vote been against any dues increase or against any proposed budget. Even when the budget items seemed in excess. There are just not enough members who take the time or effort to vote.

This is NOT a remedy as members have no vote at the annual meetings. Members in attendance are observers of the meeting of the Board of Directors - who are all appointed by Disney and members have no voice in the makeup of the board. There is no provision for a "proxy" vote, as only members of the board participate in the votes taken at the meeting.

After the meeting has concluded, there will be a session where members in attendance can ask questions or make comments and board members do respond, but no action is taken on any comments at that time. No motions are allowed from the audience.

As noted, members have no say in the budget unless it represents an increase of more than 15% (not including property taxes) - and that has never happened.

You have obviously never attended an annual meeting, as none of the "suggestions" above are even possible while at the meeting.

I would suggest that members send suggestions and/or comments to DVC far in advance of the meeting to have any effect on that year's budget. Letters sent right now would not have an effect until the 2007 Annual Meeting at the earliest- since that will be the next opportunity for issues to be placed on the agenda by the board.

Disney Vacation Club
Board of Directors
200 Celebration Place
Celebration, FL 64747

 

[dvcnewgirl]

OK, this is a stupid question, but I totally forgot how this is figured. I have 80 points at hh what will my dues be?

 

[Granny]

OK, this is a stupid question, but I totally forgot how this is figured. I have 80 points at hh what will my dues be?

Don't worry...they'll send you a bill so you don't forget!

HH 2007 dues will be $4.9839 per point, so you will get a bill for 80 X $4.98 = $398.40 or so.

 

[dvcnewgirl]

Thanks!

 

[PamOKW]

The actual bill may differ slightly from what we figure based on the budget. DVC will either add or subtract the amount due on the 2006 Property Tax actual bill vs. the estimate we paid. In the past, it's sometimes meant a credit but in recent years it's usually a little more due in the first payment for the year.

A reminder -- If you take advantage of including the property tax paid when you do your income taxes, the actual bill is what you'll want to figure out how much you might be able to deduct.