Lake Neighbors,
Recently, the Lake Management Board met to consider the budget and dues for the coming year.
Following our December meeting, we have enacted an increase for the dues for the lake.
President Hickey, (now Past President) made an excellent presentation at our annual lake meeting in December to explain why an increase is necessary and appropriate at this time.
Some of his key points:
A rough survey indicates that pour lake property values have grown in recent years about 30%faster than other property in the area. The lake is a primary contributor to the difference.
Our base costs, lake management and fish costs, have increased and continue to increase. If we were to hold dues steady, we would soon be in a negative cash and financial position.
We are taking steps to limit, if not exclude, short-term rentals on the lake. This measure has raised the issue of liability. Consequently, we have taken out insurance to indemnify our leaders as a result of steps and exposures seen and unseen in relationship to the fulfillment of their duties. This is not a new issue. It has been noted as important in the past and is increasing in importance now.
There are things we have identified, such as access to the lake for our management firm to launch boats which could become problematic in the future. These things could cause unanticipated but necessary expense. By having a responsible cash and financial position, the board will have the resources to take necessary action without additional assessment to the lake owners.
Kathy and I have lived on the lake for more than 25 years. When we moved here, lake dues were $50. In relationship to inflation and in proportion to present property values, an increase is certainly justified.
The board’s unanimous decision is to set dues for 2024 at $225. We have made this decision, in part, to avoid the necessity of an annual series of increases.
Please refer to the minutes of the last Annual meeting for more information.
Please call or email me so that I know you have seen this notice.. voice mail with you name or an email or text with you name saying “I got it.” is fine
Billoak@icloud.net, 321-961-7618
Please pay your dues promptly to continue your part in preserving our neighborhood’s most precious asset. Your invoice will arrive soon. As in past years, payment is due by April 30, 2024.
Bill Oakley, President, Talahi Lake Management Corporation
Thank you to the Board for taking on these challenging issues so we all can continue to enjoy our homes on the lake.
Please post information on current budget, expenditures and actions associated with these new initiatives (how much has been spent on insurance for board members, what action is being taken in regards to short term rentals, etc.). If lake dues from property owners are being spent on these actions, the information should be shared with the corporation members.
We hold an annual meeting with appropriate notice to cover these issues and hold open dialogue. The meeting was duly announced, including the information that dues and costs would be discussed. Matters discussed included insurance and anticipated costs. The meeting occurred in December.
Insurance for Directors and officers of the corporation has been purchased. Cost 1,394 per annum premium guaranteed for 3 years. To be clear, it is for elected trustees present and future. We have identified potential risks across a broad spectrum that prudence requires be mitigated through insurance. The absence of this coverage would be a deterrent for lake board service.
Activities around short term rental have included calls and visits with County officials. No costs have been incurred to date. I have expressed concerns in a recent email to the county.
The budget includes an amount for legal fees currently unspecified and unspent.
The next annual meeting will be announced with ample notice. All members are welcome and encouraged to attend.