The RSFA FY 2024-2025 Budget Meeting was held last week, and the supporting documents, minus Director Phil Trubey’s Treasurer’s letter, are on the Association website. However, for those who missed the meeting, the following are the highlights.
Open Space Fund is now the Capital Improvement Fund
The Association has sufficient funds to pay off the Race Communications fiber loan, so the 2.5 cent assessment (formerly designated for the Open Space Fund) is no longer needed for the fiber project. The Board is not planning to conduct an advisory vote on how to re-allocate those 2.5 cents. Instead, a portion ($500,000) is being allocated to General Services for ongoing maintenance of the fiber infrastructure. The remainder of the 2.5 cent assessments (>$1 million) is going into a newly created Capital Improvement Fund (CIF). This seems to be a general fund for projects the Board of Directors may want, but that haven’t been funded elsewhere.
Golf Club Restaurant loss expected to be nearly $1.8 million
Next year, the Ranch clubhouse restaurant is projected to lose $1.799 million and the Board is again allocating $500,000 from General Services to help subsidize the losses. This year, the restaurant is projecting a $1.55 million loss that also was offset with $500,000 from General Services. The cost-sharing agreement reportedly ended last year, therefore the Golf Club is operating under the 2017 Resolution. This stipulates that the Golf Club is responsible for paying for the restaurant losses. Once again, the directors declined Director Lorraine Kent’s request for an audit of the restaurant to help shed light on the losses.
Renovation designs total $600k
Two items in the new CIF that are presumably covered by the 2017 Resolution are allocating another $100,000 toward the restaurant renovation design costs. This, added to the $450,000 the Board approved last year, totals $550,000. The Golf Club/Restaurant parking lot’s engineering and design is budgeted for $50,000.
The Board of Directors will be discussing the proposed 2024-25 budget at the upcoming meeting, Thursday, May 9, at 10:00 a.m., at the offices on Avenida de Acacias.