June 15, 2023 Financial Discussion Meeting Information
THe Board of Directors held an open meeting to discuss the current financial status of the Association and to discuss options for maintaining our current budgt needs and to plan for the future. Andrew Davignon, LVE Treasurer created an excellent PowerPoint Presentation and presented to all co-owners who attended in person and participated via ZOOM. There was an opportunity for questions and comments and to express appreciation to the work of the Board and especially Andrew.
Here is a copy of the powerpoint presentation and a modified version of the current Reserve Study that was updated this year for your review.
2022 Year-End Budget to Actual Document
The Board Treasurer Andrew Davignon, along with the rest of the Board, has been working hard to manage the Association’s monthly financial responsibilities and to create a strong reserve fund to plan for future necessary infrastructure needs.
In the continued efforts of the Board and the Public Relations team to provide more information to all co-owners about how our money is being currently spent and the vision for saving for the future, the 2022 year-end detailed Budget analysis is available for all Lakeview co-owners to review HERE.
2023 Budget Package
In December, all co-owners should have received a letter, a copy of the 2023 Budget, a form to use for Automatic Bank Withdrawal form for monthly dues and a form to update all your personal contact information via postal mail.
At the December 13, 2022 Board Meeting, Treasurer Andrew Davignon explained that the 2023 Association Budget that had been approved by the previous Board had been carefully analyzed and there had been a reduction of about $20,000 to that budget.
The new 2023 Budget with this reduction was approved by the current Board and was sent out in the mail. Unfortunately, as stated in the letter, the $450 per month dues were not reduced and therefore remain intact at this time.
You can view the entire financial package that was mailed HERE.
Financial Control Procedures
At the open Board Meeting on December 13, 2022, Board Treasurer Andrew Davignon explained the content of the new Financial Control Procedures document that he created and was approved by the Board on November 15, 2022.
This document’s Vision and Goals include this statement: “Financial controls are policies and procedures developed by an organization to manage financial resources to operate efficiently. The goal of the financial controls is to have clarity, transparency and accountability around how the Board makes decision and spends the Association’s resources.”
Here is the document for your records and review.