OFFICIAL YOSEMITE LAKES PARK BUSINESS
On Tuesday, April 28th, the YLOA Board of Directors voted 6-1 to pass the budget for the 2020/2021 fiscal year.
The new budget includes a modest increase to homeowners assessments of $6.17/month — primarily to cover road repairs, potential lost revenue from COVID-19, and increased costs due to inflation.
A motion was made to include $30,000 for the installation of pool heaters in this years budget. However, the Board voted 4-3 to not commit funds for that project at this time.
A summary of our new reserve study was also presented. As anticipated (and discussed in prior town halls) our reserves are underfunded — presently 18%. The funding plan proposed by the reserve specialist recommended a $1.1 million special assessment in addition to annual funding of $696,000.
The Board recognizes the importance of appropriate reserve funding, however, they did not vote or approve the recommended special assessment and, in light of present circumstances, will adopt a more gradual funding plan to increase reserves.
This year, funding for reserves (general and roads) will be $515,000. This is an increase of $40,000 from last year, and an increase of $415,000 from 2 years ago.
This would have increased further this year, but this year’s budget adds an additional $60,000 to contingency funds due to possible financial impacts of COVID-19.
The increase in reserve funding and contingency represents 65% of this year’s increase in assessments (or about $4 of the $6.17/month increase).
The pro-forma budget for 2020/2021 will be mailed to all homeowners in May along with the annual disclosures. A detailed copy of the approved budget will also be available, upon request, at that time.
NOTE: YLOA has applied for and received funds through the federal Payroll Protection Program. The use of these funds is quite specific and more information will be provided in your Annual Homeowners Packet.
In addition, YLOA has applied to participate in the California Work Share program. Under the terms of this program, most YLOA and YSPUC employees have taken a 10% reduction in work hours and compensation.
Under this program, the state makes up a pro-rata portion of an employee’s lost income by paying partial unemployment benefits. For example, if an employee is working 10% fewer hours for 10% lower pay, the state will pay 10% of the employee’s unemployment benefit directly to the employee to help compensate for the difference.