Fourteen days into the new year, and we now learn that we have a $3 – $4 million dam problem. As discussed at the January board work session, Geosyntec has completed their study regarding the condition of the Lake Petit Dam and provided management with a report of their findings. (1) The GM indicated that the required repairs to the dam in the next four years would be in the $3-$4 million range, and that the contents of the report had been reviewed earlier in the week with the board, Geosyntec and certain members of the staff and Audit and Risk Committee. Continue reading “About that Dam . . .”
Category: Financial
Reality Check 2020 . . .
It has been a long, unusual and challenging year in Big Canoe for sure. And honestly, most anyone can find comfort in any news spun with optimism in difficult times, but healthy doses of truth and reality can not be cast aside if we ever hope to establish that path to honestly addressing the issues facing our community. Continue reading “Reality Check 2020 . . .”
Time to talk about our Capital Reserve Fund . . .
Given the size and complexity of our beloved Big Canoe and for all the capital dollars spent and long range plans envisioned, it is baffling and disturbing that our community’s restricted capital reserves have been so woefully unfunded. Instead, Continue reading “Time to talk about our Capital Reserve Fund . . .”
Where does our money go? . . .
Now isn’t it remarkable that only weeks after being subjected to an extensive campaign for golf course renovations boasting the message “we already have the money” and culminating in an overwhelming approval for the project, property owners would now be confronted with a proposal for a $2,500 capital contribution fee containing the veiled threat that assessments or debt could be increased if not approved. (1) Seriously? Where did our money go? Have we just been duped? Continue reading “Where does our money go? . . .”
And now we will decide . . .
Since the launch of the initial Creek nine presentation, discussion on all sides of the proposal has been extensive. (1) (2) (3) Meanwhile leadership and management continually promote the project across all available media. And yet, with delivery of the ballot package only days away and based on information available today, questions and many loose ends remain regarding this $2.3 million renovation project. Continue reading “And now we will decide . . .”
The Metamorphosis continues . . .
In the midst of many important discussions regarding the Creek nine renovation, other issues or changes taking place in this community have been understandably overshadowed. However, recent decisions, particularly as they apply to POA cash balances and governance, warrant our attention. After all, no single segment of Big Canoe can exist in a vacuum. Continue reading “The Metamorphosis continues . . .”
Seriously lacking initiative . . .
With the renovation of our signature golf course on the radar for some time, the day has finally arrived for property owners to cast our votes on September 8th for or against the proposed project.
While we have been struggling with pandemic restrictions and other issues, a group of eight property owners, assisted by three staff members, has been working since May developing a proposal or educational campaign known as the Creek 9 Initiative. (1) It’s fancy. It’s glitzy. Continue reading “Seriously lacking initiative . . .”
The metamorphosis of our capital funding . . .
Last month’s board meeting was certainly full of surprises. Not only did we learn of the bleak 2020 financial projections, but we were also presented with a completely new approach and purpose for what has now become known as the Board Designated Cash – Capital Fund (Board Fund). Continue reading “The metamorphosis of our capital funding . . .”
Back to the numbers . . .
As things in Big Canoe slowly begin to settle down into the new normal after months of negotiations culminating in the official execution of the Bobby Jones Links agreement, it is important to remember how we presumably got here. The board’s rationale has always been that a change was needed due in part to the 2019 losses in food and beverage. Continue reading “Back to the numbers . . .”
Here and there . . .
It is certainly good to see that the consent agreement for the Hubbard Road property sale has now been posted to the POA website. (1) Continue reading “Here and there . . .”