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Dear POA Members,
I would like to provide you with a brief update on the actions at the July 18th board meeting. Several interested owners attended the owners forum but there were no topics of discussion.
Catherine Kovacs, our new Island Administrator, was introduced to the Board. By now you have seen Kim’s announcement regarding Catherine. She is very enthusiastic about Dewees Island and her new position. She brings excellent skills to the island and we are fortunate to have her join us! Please welcome her as you see her around the Island.
Following the committee reports, the Board focused on your Treasurer Bill Easterlin’s report. Year to Date through June our income is $9,000 behind budget. This is primarily due to lower than budget ferry fee income. However, this should equalize by fiscal year end (Sept. 31) with much higher ferry usage through the summer. On the operating expense side, the POA is $3,000 below budget (favorable). This result was primarily due to lower fuel prices. The ERB budget was $4,000 on the favorable side. The overall result through June is $2,000 negative. This small deficit should be wiped out by the fiscal year end.
Next, the delinquencies were reviewed. There were five to discuss. Since the meeting, one of these has been assigned to a bank (Lot 3DI). Lot 107, which was purchased at tax sale, has received its quick claim deed. Both should be paying their assessment fees in the future. This leaves only three delinquencies:
LOT 30, Aden group; LOT 90, Knott; and LOT 81, Tinkler. The Aden and Knott lots are involved in countersuits to our foreclosure. Tinkler, as you know, has been suing the POA and its Directors for mismanagement. That law suit is scheduled to be heard in the Charleston Courts on August 24th.
Afterwards, Bill Easterlin, Chairman of the Budget Committee, informed us of the committee’s recommendation for the 2015/2016 budget and the assessment for the coming year. There will be a more detailed report coming to you from Bill on the budget approved by the Board, Total expenses next year net of income produced (ferry fees, rentals, etc.) and including the environmental program is budgeted at $1,152,775. This results in an assessment per lot of $7,763. This is a 4.06% increase over last year. This increase is due, primarily, to budgeted wage increases, higher legal fees, and higher administration costs as we begin our staff transition process. The Board also approved the Reserve Assessment at $2100 per lot, which is the same as last year. We thank the volunteer Budget Committee for their time and work preparing this budget.
Finally, at the time of our meeting, we had experienced many viewings of the Marsh View House and much interest expressed but we had no offers. Since that time, we have a signed contract for the sale of the property.
On that cheerful note I will close and wish you all an excellent remainder to your summer.
David McIntyre, POA President