OKW Dues for 2005 up

[Chuck S]

Received the estimated budget today. OKW dues are proposed to be $3.8619...about a 5% increase. Taxes are estimated at $0.8507 per point, operating at $2.5657, and reserve fund $0.4455.

 

[disgirl]

Thanks for posting. My dh and I were wondering how much it would go up. Not too bad, I guess, considering the new slide.

 

[Chuck S]

I didn't think it was too bad, either, considering the pool slide and landscaping from the hurricanes, and maybe some other minor hurricane damage.

 

[LeftCoaster]

Wow. Not bad at all. After that poll a few weeks back, I think everyone was thinking the raise would be a little higher. This is nice to see costs are still under control.

 

[Simba's Mom]

I'd be interested to know how this compares to the 2005 dues at the other DVC resorts. OKW has always had one of the lowest dues. I wonder if it still does. We haven't gotten anything on dues yet, anyone else?

 

[Doctor P]

What did they say about whether they overestimated or underestimated the 2004 Property Taxes. That usually has a meaningful effect on the actual dues we end up paying.

 

[Chuck S]

Originally posted by Doctor P
What did they say about whether they overestimated or underestimated the 2004 Property Taxes. That usually has a meaningful effect on the actual dues we end up paying.

Honestly, now that you mention it, I don't see it mentioned, all I see is the proposed 2005 budget, not the actual vs estimated 2004 budget. Maybe we have to wait for the actual billing statements.

 

[Bojo]

Originally posted by disgirl
Thanks for posting. My dh and I were wondering how much it would go up. Not too bad, I guess, considering the new slide.

I thought the slide construction was paid by DVD and pool operation expenses will be paid from OKW dues. Is that a correct understanding?

 

[DebbieB]

Originally posted by Bojo
I thought the slide construction was paid by DVD and pool operation expenses will be paid from OKW dues. Is that a correct understanding?

Yes, that's correct. I think someone heard the operating expenses would be 3 to 5 cents per point.

 

[Chuck S]

Originally posted by Bojo
I thought the slide construction was paid by DVD and pool operation expenses will be paid from OKW dues. Is that a correct understanding?

DVD is paying for the slide construction, but members will be paying for maintenance and (my understanding) a lifeguard. Plus , most likely an increase in liability insurance rates.

 

[disneyberry]

Originally posted by Doctor P
What did they say about whether they overestimated or underestimated the 2004 Property Taxes. That usually has a meaningful effect on the actual dues we end up paying.

<font face="times" size="+0">The Condo Meeting annoucements won't have the 2004 Actual Taxes info. We'll have to wait until our actual 2005 Dues <i>bill</i> to find that out. (They're mailed around Xmas right?)

Anyway I'll probably be posting an update to my old Dues Tables from last year (see link in my sig) as soon as we find out the Actual Taxes. The analysis from last year was for Estimated Dues. I plan to do a more specific analysis breaking down the increase history by Operating Expenses, Capital Reserves, and <i>Actual</i> Property Taxes.</font>

 

[PamOKW]

Just seconding Disneyberry -- We don't know the actual dollar figure for the taxes until we get the bill at the end of December.

The budgets for the other resorts should be following shortly. They have to be out prior to the association meetings.

Here's that schedule

2004 Annual Condominium Meetings*


Tuesday, November 30, 2004
9:00 a.m. The Villas at Disney's Wilderness Lodge
11:00 a.m. Disney's Beach Club Villas
2:00 p.m. Disney's Saratoga Springs Resort


Wednesday, December 1, 2004
9:00 a.m. Disney's Old Key West Resort
11:00 a.m. Disney's BoardWalk Villas


Friday, December 3, 2004
2:00 p.m. Disney's Vero Beach Resort


Monday, December 6, 2004
9:00 a.m. Disney's Hilton Head Island Resort

 

[PamOKW]

Took a quick look at a comparison to the 2004 Operating Budget.
(Rounded most numbers)

Member Activities, which includes the recreational activities at the resort, is up 66% from $480,000 to $794,000. The per-point cost is up from $.0625 to $.1035. It looks like the new slide will run about $.04 per point in additional costs.

Admin & Front Desk came down 2% by roughly $50,000. Insurance also dropped 18% or $201,000.

Housekeeping +5% +$243,000
Transportation +1% +$16,000 (pretty good considering fuel)
Maintenance +8% +$225,000
Utilities +12% +$168,000
Mgmt. Fee +5% +$106,000
Security +15% +$68,000
Income Taxes -1% =$2,000
Fees to Division -- Same
DVC Reservation Component +17% +$6,000
Legal -- 50% -$1,000
Annual Audit +2% +210

The Income to DVC also took a hit. Interest Income was down 19% -$17,000. Member Late Fees & Interest Income was down 11% or -$15,000. Breakage Income was up 5% or +$26,000.

Dues Income for 2004 was up 5% or an additional $900,000.

 

[PamOKW]

The Capital Reserves Budget was $.4323 per point in 2004. 2005 is $.4455.

Taxes for 2005 are being estimated at $.8507 per point. The 2004 estimate was $.7959. We haven't received the actual tax cost yet.

The 2004 estimate was $3.6766 per point. 2005 is an increase of $.19 per point to $3.8619 with at least $.04 of that going towards the cost of the slide and $.06 towards taxes and capital reserves increases. It looks like costs are pretty much back under control with only a $.09 per point increase in operating costs. If the interest income would rebound, we might see a return to stable dues.

 

[CarolA]

I am surprised the audit fee didn't go up more. (Trust me they are rising fast!)

 

[missyndda]

Did anybody find it odd that insurance dropped 18%?

I don't think we are seeing the full effects of the hurricane damage in the insurance rates. Maybe in 2006???

 

[DebbieB]

Originally posted by missyndda
Did anybody find it odd that insurance dropped 18%?

I don't think we are seeing the full effects of the hurricane damage in the insurance rates. Maybe in 2006???

I work in insurance. Workers Comp rates have dropped in Florida. Property rates were also down (pre hurricanes). The odd thing is insurance was only down 5.5% at BWV.

 

[BobH]

I have the following dues history. I used to have more info but my computer crashed and I lost some of it. Does anyone have more complete information? It was posted in years past.

Resort

2000-2005 OKW 3.16 3.13 3.22 3.49 3.67 3.89

2000-2003 BWV 4.02 3.83 3.92 4.10

2000-2003 HHI 3.26 3.32 3.49 3.69

2000-2003 VERO 4.08 3.98 4.17 4.37

2001-2003 VWL 3.63 3.80 4.05

2002-2003 BCV 3.77 4.37

2004-2005 SS

HOPEFULLY THIS EDITED POSTS IS MORE READABLE.

 

[DebbieB]

See this thread for dues history:

http://www.disboards.com/showthread.php?s=&threadid=483351

 

[BobH]

Thanks a great deal, Debbie B., for posting the link to the dues history.

BobH