There was an open board meeting held on Jan 20th and the discussion focused on the budget. In addition to the budget we discussed the amount of money the association had accumulated for reserves (funds for major repairs like, siding and roofs etc.). As of November 30, 2011 Island Gate has about $310,000 in FDIC insured institutions being safely held for a rainy day. And even though interest rates are at record lows over $200,000 is invested in CD's with rates in excess of 2.5%.
During 2011 we reached our goal and saved $48,000 for long term maintenance and $12,500 for short term needs. In 2012 the board has decided to be even more aggressive and try to put away $60,000 for long term and $20,000 for short term needs. Unforeseen items such as building repairs and pool issues will determine if we make those goals but we will keep you informed how we are doing during the year.
As always your thoughts and comment are appreciated
