Palisade Gardens Townhall

Join us for our upcoming Townhall

The Association is in a very bad financial situation. In the month before the new Board took office, the previous board approved over $100k in expenses all but eliminating what we have in reserves. Where possible, the current Board has tried to negotiate down or talk our way out of these agreements. In addition, all monthly revenue is immediately consumed by known expenses, the largest of which is a ~$6k/month debt payment taking up approximately 28% of our revenues.

This town hall will focus on an assessment of how we got to this position, where the current Board sees as opportunities, and possible remedies for our cash shortfall, that do not include raising regular does or levying a special assessment. However, if we don't find relief in one of the following ways, unit-owners can expect an emergency special assessment. Please joins us to discuss these matters. The Board will be meeting on Thursday September 14th to vote on the corresponding action/direction with your input.

Agenda:

• Financial Standing - Operating Budget, Construction Loan, Reserves, Insurance Claim
• Cost saving initiatives
• • Restructure loan (currently takes up 28% of our operating budget). Attempting to negotiate down to 15% of budget.
  • Opt for self-management. Would save 14% of our operation budget. 
  • Greater vendor scrutiny. Issues escalated to 3rd party vendors where appropriate on an as-needed basis.
  • Optimize contracts - Already did this with ATT, fire alarm monitoring, and access control systems for a net savings of around 4% of budget.
• Revenue Opportunities
• • Google Fiber bulk-buy agreement. GFiber becomes our exclusive ISP. Internet cheaper for the community. GFiber will provide 1GB download speeds, a free google nest router. Proposed cost the resident will pay to the Assoication will be $55/mo.  HOA receives a percentage. Value of approximately $7-10k a year (~3-5% of operating budget)
  • Leverage access-control-system and planned CCTV surveillance system to rent out excess parking on top-lot through AI-driven monitoring and automation.