POA Board says, Let’s Rush an Assessment Increase – before new Board is voted in

We are about to enter into an election for 2 new Board Members, and one of the central themes of the election is clearly “Fiscal Responsibility”. Yet the current Board seems dead set to RUSH us into the largest One-Time Monthly Dues increase in the history of the community – before the next Board begins. $29 Monthly Increase for Lots. $45 Monthly Increase for Lots w/Homes.

They say a picture is worth a thousand words, so lets look at a chart of the past 4 years of Annual Assessments. These Annual Assessment Numbers come directly from this weeks Financial Report, titled “2019 Budget Key Bullet Points” {See Pg 5; 1st Line of Spreadsheet}

I think it is inappropriate that the largest single increase in Big Canoe History is rushed through in the closing days of a Board with one of the worst spending records we’ve ever had as a community. We need to wait and let the next Board tackle this and look at it with fresh eyes.

I also think we need a lot more existing financial transparency and information – before we decide to spend more money and raise monthly assessments. Our POA Board operates under the Georgia Laws that govern non-profit boards. There are some things that property owners are entitled to by Law, one of which is Accounting Records. Below is an excerpt from the GA Legal Code:

The Board & GM have been denying access to Accounting Records recently. One of the most basic questions members have questions about, and are being denied answers to are:

How much line item money have we been spending on “Special Projects”, for example:

Internet Task Force (Legal, Engineering, Consulting, and Other Fees)
Water Task Force (Legal, Consulting and Other Fees)
Troon Management Study (Legal, Consulting and Other Fees)
Spa / Fitness Center Addition & Redesign (Architectural, Consulting, Other Fees)
High Gap Land Deal (Legal, Surveying, Other?)

There is one thing that ALL of the above Special Projects have in common…..

We Spent A LOT of Money, and the Projects Never Materialized!

Is it unreasonable that we ask for the accounting records of how much was spent on these failed projects, that were undertaken without receiving prior Community Explanation and Feedback? All of that money is just gone…. as if we had burned it!

In addition to the previously mentioned increases in the Monthly Assessments, they are also raising other fees on property owners….

Amenity Rates across the board are increasing 5%
Implementing a substantial “Initiation Fee” for new members (rumoured $4 – 6K)
(this one will be a huge drag on Real Estate Sales & Values)
Food Costs at the Swim Club have skyrocketed
No more Pool Bands for Guests
Annual Rental Home Registration Fees
Charging for Bulk Trash
Raising Boat Sip Fees by $250
Storage Yard goes up 10%
…and this is on top of all the recent year increases

And of course, let us not forget the 2016 Land Deal that got us here in the 1st place, and has tied up our Amenities as collateral for 8 more years. But the Board still can’t stop spending! (Eventually this is going to drive our Property Values into the dirt, and it is going to drive some residents and lot owners OUT! I am already hearing lots of talk about this, and our Lot prices are already in steep decline as increasing holding costs make lot ownership a bad investment.)

They recently tried to talk us into a $10,500,000 Internet Project if you remember. They are now talking about a mandatorily necessary $7 – $9,000,000 Golf Course Redesign! Why not just maintain what we have?

This Board has a Spending Addiction! Just like you take the Bottle away from the Alcoholic; we need to take the blank checkbook away from this Board. They want everything they see! There is nothing too expensive! They are living above their means! They are trying to change the Character of Big Canoe too fast, and in directions that the majority of the community are not comfortable with (remember this when you are considering your votes in the upcoming election – because if you want a new direction, maybe you need to start with a new team).

STEP ONE IN TREATING THIS ADDICTION: Pause all Capitol Budgeting, and Freeze all Increases, until after the 1st of the New Year when our newly elected (and hopefully fiscally conservative) Board members take office. Let’s let a new team, with new leadership, and fresh eyes take a look at all of this!