I’m writing to provide a brief update of the May 16, 2015 Board Meeting. Our financial status through April was reviewed. Our income from services is $31,000 below budget with the ferry income being below by $17,000 and rentals below by $14,000. On the expense side, legal fees are substantially over budget but they have been more than offset by lower fuel and insurance costs, resulting in overall expenses being $6000 less than budget. The combined effect is a deficit of $20,000 through April. With the summer season now starting, we expect to make up these differences and make budget by fiscal year end (September 31). As you know by now, the Board approved a $775 supplemental assessment. This was based on this year’s uncollected delinquent regular assessments. POA held lots don’t pay the assessment, but we are working to place them in the hands of paying owner’s. We currently have three free and clear lots that we can sell. We have five that have one form or another of encumbrances. Three of the five remaining delinquents are involved in litigation of one kind or another. All of this is an ongoing effort. Also, the Marsh View cottage is actually on the market and has had quite a few showings. It is currently listed at $475,000.
The 2015/2016 Budget Committee has been formed and has begun preparation of next year’s budget. Steve Ferguson and Scott Peterson are new additions to the committee. Bill Kastler and Reggie Fairchild are on again this year. Bill Easterlin is our Treasurer and Chair of the Committee. Other members are Dave McIntyre , POA Board President, Bill Duncan, ERB Representative and the Island Manager and Accountant , Kim and Joan .
Under the Old Business part of the meeting we received two bids to our solicitation from competing engineering firms to evaluate the condition of Dewees Marina docks and pilings. They are then to recommend a course of action to renovate it. The Board selected Applied Technology and Management Inc. who was the low bidder at $15,000. This study will be underway soon.
The Board requested that I write a letter to the Bureau of Ocean Energy Management in opposition to the proposed offshore drilling adjacent to the South Carolina Coast.
Lastly, you will recall that we have discussed the orderly transition in the island management team which will occur over the next 2 to 3 years. The first step is to hire an Island Administrator. Kim and your HR committee are pleased to announce that this person has been selected and will start July 7th. Her name is Kelly Riley and she has excellent experience in hotel and resort management. A more detailed announcement is forthcoming.