December 1, 2011
Dear Residents of Twin Lakes:
Each year, in accordance with our By-laws, the Board of Directors establishes an operating budget for the Twin Lakes of Brandon Homeowners Association. This budget is drafted by the management company, reviewed and discussed at a Board of Director’s Meeting where all resident are encouraged to attend and participate in these important decisions, and finally adopted for the following fiscal year; this was accomplished at our Board Meeting on November 3, 2011. Once finalized, the budget is mailed out on or before December 15th to each member of the Association, a copy of the Board approved 2012 Budget is attached for your information and review. The Budget process is fairly complex as we have a very large community to run with just under a half million dollar budget and must consider everything from utilities to pool cleaning to postage.
Again this year, as we have for the last four years, the Board wanted to remain sensitive to the fact that times are tight and we need to hold the line on the annual assessments. I am happy to report that the approved budget does NOT require an increase in home owner assessments for 2012. That is not to say that we will not be focused on the continued maintenance and upkeep that has set our community apart from many others. Over the years, we have done a very good job in selecting and hiring quality contractors to serve Twin Lakes, as a result we have been able to negotiate favorable contract terms with many of our vendors and contractor’s, thus allowing us to continue the high level of service without having any major increases in costs.
In accordance with our Declaration of Covenants, Conditions and Restrictions, the Board of Directors can approve an annual increase of up to 15% over the last year’s budget. During the first several years of our association, that is what we did, and then the annual increase was lowered to around 10%. However, for the fourth year in a row, in consideration of the economic challenges we know many Americans and residents in our community are continuing to face, the Board approved a budget with NO INCREASE in the annual assessment. The Annual Assessment will be $928 per year (or $232 per quarter). We will continue to utilize the payment booklets for reminders (since these save the community several hundred dollars in postage costs each year) and look for reminders on the community bulletin board at the entrance.
In the past, the budget has included “special” projects including a major lake enhancement program three years ago and improvements to Zeina Park two years ago. While no “special” projects have been identified for 2012 in the budget, we will continue supporting these two programs and have set aside a contingency fund should a project need develop over the course of the year.
Twin Lakes has been fortunate in that the current and previous Board of Directors have had the vision and wisdom to set aside a line item in each budget for funding a reserve account. This special account is funded each year and held in reserve for future repairs and maintenance projects as well as any other extraordinary expenses, such as clean-up after a hurricane or major repairs to some of our amenities. This reserve fund is designed to prevent the Association from having to impose special assessments when unusual demands are placed on the community's finances. This past year we utilized the Reserve Fund for the first time in our history for a major refinishing of the community pool; as a result of having the reserve fund in-place, no special assessments were needed from the community to fund these repairs. While we have the fund in-place for such events, we still try to limit our use of the reserve funds and run the community from our operating funds each year. Once again, we will be able to fully fund the 2012 Reserve Fund installment with remaining 2011 operating budget, thus allowing us to keep the annual assessments flat for 2012.
If you would like more information on the budget or budgeting process, please visit our Community Website (TLBHOA.org) or please contact any member of the Board. On behalf of the Board, we would like to take this opportunity to thank you for being a part of Twin Lakes and we would like to wish you and your family a very happy and safe holiday season.
David C. Campbell, President
Twin Lakes of Brandon Home Owners Association, Inc.
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