Polynesian Gardens Condominiums

As we are coming to the end of another challenging year for Polynesian Gardens, it is time to ready ourselves for 2019.  Due to the foresight and efforts of Hector and I, we had a massive, unforeseen expense to repair the damage from Hurricane Irma using our operating account balance and reserves.  This has set us back significantly in our planning for needed upcoming repairs and replacements.  As you're aware, due to the lack of planning by previous administrations, no reserves had been collected at all for many years. 

 

When I started as your President, we were still paying off a loan balance from the previous assessment and had no reserves.  Now we have paid off all debts, we run a safe buffer bank account balance, and have a growing reserve account.  Without those reserves, hurricane Irma would have resulted in an assessment.  We have nowhere near the necessary funds to cover the anticipated expenses of things like asphalt and roof replacement.  We struggle every year to keep maintenance as low as possible and avoid state mandated excess reserves and assessments. We know that some of you are on fixed incomes, and your income won't go up even though our expenses do go up. 

 

For 2019 we have been warned that our insurance will increase due to the recent hurricane. Trash removal, water, and sewage services are  going up significantly.  Payroll increases are anticipated as our booming economy is creating a labor shortage and raising wages.  Thus, we are forced to increase maintenance slightly, and increase our reserve collection.  We still remain the lowest maintenance cost in the area, and I will always strive to keep maintenance as low as possible, while still responsibly planning for the future expenses we will need to keep this place beautiful and functional.

 

In our budget mail out there is a voting form to approve removing the bowling alley.  The bowling alley equipment was used when it was installed over 40 years ago, and is now almost impossible to maintain.  Replacement of the equipment would be well over $100,000.00, and we believe that it is not a reasonable expense given how few residents use the bowling alley.  We recommend voting yes to remove the bowling alley, and then we will consider our options for a better use of this space.

We have accomplished much this year; our bad debt/delinquency has been reduced greatly again, and Hector's efficient management of the property has saved us a lot of money and helped us maintain a beautiful property.  We always welcome your feedback/complaints/compliments, so please share with the staff any of your concerns or comments.

Sincerely,

Chris Richardson

President

Polynesian Gardens Condominium Association