PETITION TO STOP INCREASES IN ASSESSMENTS & BUDGETS FOR LEGACY PARK COMMUNITY ASSOCIATION, INC.
Members received notices on December 9, of increased Assessments to $665 in Legacy Park and $500 in Northgate; and Operating and Capital Budgets totaling $1,552,725. Members consider these increases to be unnecessary, because:
- Fund Balances (cash on hand) are $1,330,000 (more than enough)
- 2020 receipts without increases would be more than $1,500,000
- 2020 total available funds = $2,830,000 (more than enough for operations and capital expenditures)
- No shortfalls or expenditures were communicated that justify the increases
- There is no long-term Strategic Plan
- Finance Committee recommended no increase in assessments
- The notices and budgets were not delivered to Members as provided in the Declaration of Covenants and By Laws
It's high time to rein-in spending. There are concerns about how Association funds are being used, the needs for competitive bidding for service contracts, justifying capital expenditures and strategic planning for the future.
The undersigned Members hereby petition the Board of Directors of Legacy Park Community Association, Inc. to: stop the increases in assessments and maintain current rates at $650 for LP and $490 for Northgate; reduce expenses by at least $120,000 which would increase the contribution to capital replacements fund to $164,535, enough to pay the $160,000 capital expenditures without using capital reserve funds; justify capital expenditures; and set the earliest reasonable date, time and place for a special membership meeting to reconsider the assessments and budgets for 2020.