Report 2010

Wekiva Golf Villas Homeowners Association, Inc.
PO Box 915501, Longwood, FL 32791-5501
Annual Meeting May 31, 2011
Treasurer’s Report for Calendar Year 2010

With no increase in 2010 dues, the Board limited operating costs by approving only minimal repairs and two capital expenditures (the dead tree overhanging the wall and sidewalk was removed, and the wall and pavilion were painted). This resulted in the budget being very close to target with expenses exceeding income by just $131.

All vendors were reviewed at the end of 2010 and, after careful consideration of several proposals, we switched to Richart Landscaping at the beginning of this year. The savings realized will help cover repair/replacement of the pool ladder, pool light, security lights, 4″ gate valve, and the driveway apron in our 2011 budget. Beyond the normal repairs, it has become evident that replacement of the pool decking and tile can no longer be delayed and addressing these issues will have to be on the agenda for 2011 if we are to retain the value of our community pool. Bids are currently being collected, but we know already that this type of expenditure can not be covered by our limited budget and we will have to draw from our reserves. Notice of the meeting to vote on this important topic will be sent out in the coming months…please make every effort to attend so your voice can be heard.

One home remained in foreclosure for 2010, which resulted in zero payments and another $440 shortfall. Efforts continue to collect these outstanding monies pending resolution of foreclosure proceedings.

We continue to follow the late payment collection policy from past years, as authorized in the Association Articles of Incorporation; Declaration of Covenants, Conditions and Restrictions; and Bylaws. The Board shall refer all debt collection for payments 30 days past the due date to the Association’s attorney, with all applicable legal fees and expenses billed to the homeowner.

The 2010 Financial Statement has been prepared by our accountant and is available upon request. Attached is the 2010 operating statement, which is summarized below:

Income: $19,323
Expenses: $19,454
Net gain/loss: -$131
Cash and Reserves as of 12/31/2010: $30,249

Prepared by Elaine Curran
WGVHA Treasurer – April 12, 2011