Annual Meeting Reminder

Published: November 28, 2017

This is a reminder about the Shops at Prestonwood annual meeting to be held on December 12, 2017. Please attend this important meeting to hear the critical financial issues that will be described during the revenue study and insurance presentations. We would like to give you a preview of the discussions that you will hear at this important meeting:

• Under our current assessments and the proposed 2018 budget, we will have a financial shortfall of $135,000. This includes the income from the new homes being built.
• With the proposed 20% increase in assessments, we will have a balanced budget with no money left for reserves.
• 72% of our proposed budget is set aside for insurance and landscape.
• Our current reserves are $73,000. There is no plan in place to increase our reserve fund.
• By the year 2021, our reserve study shows that we will need capital expenditures of $116,000.
• By the year 2022, our reserve study shows that we will need an additional capital expenditure of $327,000.

We look forward to presenting this information to our homeowners so you have an understanding of the financial situation in your community.

DATE: December 12, 2017
LOCATION: Prestonwood Baptist Church
6801 W. Park Blvd.
Room S206 located in the Sports & Fitness Center on the 2nd floor
TIME: 6:00pm-8:00pm