IRONOAKS at SUN LAKES

Board of Directors Meeting

Purpose: Monthly Meeting 

Date: Wednesday March 25, 2015

Time - 9:00 AM

Location: Oakwood Clubhouse Ballroom

Revisiting The 2013 Reserve Fund Financial Plan

The HOA Board of Directors adopted a long term financial and renovation plan at the August, 2013, Board meeting. This plan addressed the financial impact on the reserve fund as a result of the renovation of the badly deteriorated 45 holes of golf located in Oakwood and Ironwood Communities.

The plan called for renovating the 9 holes of the Palms course during the year of 2014, the 9 holes of the Lakes course during the year of 2015, the 18 holes of the Ironwood course in 2016 and finally the remaining 9 holes of the Sonoran course in 2017. All properties were scheduled for extensive irrigation maintenance, controller replacement, sprinkler head replacement, new pump stations, bunker replacement, T-leveling, etc. This is not an enhancement project, but a refurbishment/reconditioning effort to bring the courses back to enjoyable playing conditions. The plan was viewed as an investment in the betterment of our amenities and the community overall.

During the summer months of 2014, the Palms course renovation was completed. A new pump station was installed, non-operative controllers were replaced, new spacing of underground piping was installed, 903 sprinkler heads were updated, bunker and T-work was completed. All of this deferred maintenance by the developer was at a cost of $1,474,342, paid for from the reserve fund via the reserve fund financial plan.

The original financial plan in August of 2013, projected an increase in a homeowner contribution of $125 to the reserve fund in addition to the $300 that was currently being contributed. In addition $200 was assessed in the fall of 2013 and it was projected that an additional $125 special assessment was to be assessed to each homeowner per year for the four coming years commencing 2014. However, due to escalating costs, the special assessment needed to be increased to $170 in 2014.

The second phase of the long term plan to fund the reserve is upon us. For us to continue with executing the reserve funding plan and the betterment of Ironoaks, a special assessment will be included in your July 2015 assessment statement. We will keep you posted regarding the renovation plans and financial aspects of the project as they develop.

 Jim Willsey