(March 3, 2016) The Ocean Pines Association released details of its 2017 fiscal year budget on Monday, after receiving the board of directors’ approval last week.
The document shows $11.1 million in projected revenue, against $10.9 million in expenses. Adding $127,255 in capital additions and $67,800 in sports core loan principal, and those numbers come out even.
Looking at amenities, recreation and parks is the biggest drag on the bottom line, projecting a $552,000 loss, or a $65 cost to each homeowner in assessment dollars. Golf projects a $133,000 loss ($16 per homeowner) and the aquatics forecast shows a $49,000 loss ($6 per homeowner).
The largest capital purchases in the FY17 budget are $550,000 for roads, $525,000 for renovations of the Beach Club bathrooms, $425,000 for bridge repairs, $250,000 for a new computer and phone system, $250,000 for pool and deck resurfacing, $160,000 for fairway mowers and $140,000 for tennis court improvements.
Assessments will remain flat this year, at $921. In order to get to that number, Ocean Pines decreased the amount it collects for legacy reserves, by $27.69. It had collected $130 from each 8,452 homeowner during recent years.
At a rate of $102.31 per homeowner, Ocean Pines will collect $864,724 in legacy reserve funds during the next fiscal year. Total reserves were $5.3 million as of April 30, 2015. By April 30, 2017, reserves are projected to drop to $4.9 million.
For some historical perspective, the association included a history of its assessments rates. From 1971-1977, the basic annual assessment was $50. The biggest one-year jump in fees occurred in 2008, when the basic assessment jumped from $575 to $725.
The last time assessments shrank was during fiscal year 2015, when they dropped $5, from $914, to $909.
The document shows $11.1 million in projected revenue, against $10.9 million in expenses. Adding $127,255 in capital additions and $67,800 in sports core loan principal, and those numbers come out even.
Looking at amenities, recreation and parks is the biggest drag on the bottom line, projecting a $552,000 loss, or a $65 cost to each homeowner in assessment dollars. Golf projects a $133,000 loss ($16 per homeowner) and the aquatics forecast shows a $49,000 loss ($6 per homeowner).
The largest capital purchases in the FY17 budget are $550,000 for roads, $525,000 for renovations of the Beach Club bathrooms, $425,000 for bridge repairs, $250,000 for a new computer and phone system, $250,000 for pool and deck resurfacing, $160,000 for fairway mowers and $140,000 for tennis court improvements.
Assessments will remain flat this year, at $921. In order to get to that number, Ocean Pines decreased the amount it collects for legacy reserves, by $27.69. It had collected $130 from each 8,452 homeowner during recent years.
At a rate of $102.31 per homeowner, Ocean Pines will collect $864,724 in legacy reserve funds during the next fiscal year. Total reserves were $5.3 million as of April 30, 2015. By April 30, 2017, reserves are projected to drop to $4.9 million.
For some historical perspective, the association included a history of its assessments rates. From 1971-1977, the basic annual assessment was $50. The biggest one-year jump in fees occurred in 2008, when the basic assessment jumped from $575 to $725.
The last time assessments shrank was during fiscal year 2015, when they dropped $5, from $914, to $909.