On Tuesday, November 2nd, the Annual Budget Meeting took place at the Clubhouse. Joint presentations were made by Finance Committee chair, Dave Stackelhouse and Facilities and Development chair, Emmett McClintock. The committees presented their recommendation of the 2024 dues increase and how to allocate funding for:

• • Operations
  • Recurring Maintenance
  • New Projects—LIP
  • Reserves
  • Debt Paydown

The overall guiding principle of the planning work this year, like previous years, is to protect Lakewood, both present and future. The strategy remains the same—reserve funding and debt paydown.

The current Lakewood debt was written for a 5-year period at a favorable annual interest rate of 3.65%. The loan is due in May 2025. At that time the remaining balance will be $915,304. As part of the planning structure this year, the FC and FDC agreed that prudent management would dictate that some monies be added to the Reserve balance to allow for the pay down of the note when it becomes due. That added amount is built into the proposed Operating and Lakewood Improvement budgets.

The proposed operating revenue is enhanced by increasing monthly dues by the maximum annual assessment (1.5% x 3.27% CPI) which this year is 4.767% or an increase of $8.55/mo dues increase.

This increase will allow Lakewood to meet the maintenance and operations as expected and set aside money for the debt pay down in May 2025.

The Board of Directors will meet this Thursday, November 9th, at 6:30 PM at the Clubhouse to vote on the proposed 2024 dues increase, operating budget and LIP projects.

We know our history, and what is at stake if we aren’t able to continue to fund the projects that are important to our Lakewood residents. We are using this knowledge wisely to assure a bright future for Lakewood which will protect and enhance our property values. That is our Mission.

Regards,
Debbie Stalnaker
LPOA Board of Directors President

For additional information in regards to the budget process of the association, please see the document below: an installment in the “Transparency Through Education” series that have been produced for residents by staff:

“Understanding Our Dues Strategy: Why we are operating the LPOA at the Maximum Annual Assessment”