By Jack Chavez, Staff Writer
(Sept. 29, 2022) The Ocean Pines Board of Directors discussed the following at its Sept. 24 meeting:
As of Aug. 31, the association had $18 million in cash: $15.1 million in Bank of Ocean City insured cash sweep (ICS account); $1.1 invested in Certificate of Deposit Account Registry Service accounts (CDARS); $1.8 million in the money market and other operating accounts.
In response to increased rates, the association transferred $10 million of funds in the ICS account to the Bank of Ocean City CDARS.
“(Finance Director) Steve (Phillips) and his team are continually looking for opportunities to improve our rates along with oversight from the Budget and Finance Committee,” said OPA Treasurer Monica Rakowski.
The board unanimously approved $363,000 for three miles of road paving to be completed by Asphalt Maintenance and $170,000 to Petro Supply. for the replacement of gas lines and fuel dispensers to include a fuel management system on the Ocean Pines Marina’s C Dock and $125,000 for completing renovations to the administration building, which is being done with in-house contractors.
The board unanimously approved a motion to authorize a change in the contract agreement for the purchase of golf carts. According to updates from the vendor, costs have changed for the price of the new carts as well as the trade-in value of the association’s current carts, though ultimately the original purchase value and expenses associated with the contract remain the same. The purchase of the golf carts was approved at the previous board meeting.
The board unanimously approved a request for a reserve funds transfer from the realized budget favorability of FY2021-22. The request broke down to $150,000 for mailbox maintenance and replacement, $75,000 for renovating existing pickleball courts and $350,000 for the roads reserve. The request was made by General Manager John Viola.