Notice of Shareholders' Meeting

Most of the park residents have received the packet that the block captains and alternates passed out yesterday afternoon and evening. Don't say I didn't warn ya!
The president's letter explains that the reserves could not be fully funded without an increase of 33% to the maintainance fees. One glaring question remains: "What is the official total of our future replacement costs, our reserves?"
At the end of the Godols & Solomon LLC Independent Auditor's Report dated December 31, 2009, the estimated future replacement costs of all of our "components" totaled $3,049,358. This report was completed on March 8, 2010, and presented to us at our Annual Meeting that month. There were no reserve studies contracted this past season, yet suddenly, the reserve total has more than doubled to $6,951,569. That number is shown on the back page, bottom line of your Notice. I would like some clarification as to which total is the official total of reserve money needed.
I am reminded of a statement made by our president at a board meeting a few months ago, declaring that he was going to stop funding the reserves and instead, pay down the debt. No president has the authority to make that decision. We have now been given the option to under-fund our reserves.
We recently learned what happens when reserves are under-funded, when the seawall was replaced. If that wall had been given an accurate life expectancy, and funded appropriately, we would not have a $2.6 million loan to repay today.
Rumor has it that there will be a Town Hall meeting tomorrow. Watch the sign out in front. Please be there to have all your questions answered.