January 31, 2020
Dear Mar Cheri Homeowner:
We are pleased to let you know our final 2019 results and request approval of your 2020 dues. After all revenue and expenditures have been combined, we ended 2019 with funds of $ 33,000.30. Your Board has transferred $ 25,000 into the Reserve fund leaving the rest of the funds for 2020 operating capital.
Our 2019 reserve study was completed just prior to our November 2019 annual meeting. The recommendation of the reserve study was to increase our dues significantly in 2020 to a minimum of $860 with a special assessment of $ 21,850 or $ 316 approximately per homeowner. That would be a total of $ 1,176 this year. This amount was to help us achieve a recommended 70% reserve or $ 75,695 as soon as possible. Having an ample reserve is the key to being able to maintain and improve our pool and grounds for the all Mar Cheri homeowners.
However, your Board has decided to recommend only a small increase in your 2020 dues to $ 720. This will allow us to obtain bids on some critical areas that will need repair in the future to better determine the actual cost. This amount is incorporated into the 2020 budget which was approved by your Board at our January meeting. Below is the 2020 Budget in broad categories:
Total Revenue: $ 49,680 ($720 per homeowner for 69 homes)
Administration, Taxes and Insurance: $ 10,305
Pool and Grounds: $ 14,291
Utilities: $ 5,400
Capital Projects and Reserve retention: $ 16,500
Total Expenditures: $ 46,496
At the bottom of this letter is your ballot to approve the 2020 dues. If you would like to discuss the budget in any more detail before voting, please come to the February meeting at Anne Mesick’s home on February 11 at 7:00 pm. Please return your vote (and your check if you approve) to Mar Cheri Community Club, PO Box 25281, Federal Way, WA 98093-2281. Final approval will come at our March Board meeting.
I especially want to thank all our Board members for their time as we work together to keep Mar Cheri as one of the best small neighborhoods in Federal Way. Remember that our all-volunteer Board helps keep your dues down! Thanks for our outgoing Board members: Audrey Isaacson who served on the Board as our Secretary and Makoto Sugiuchi who leaves us after many years on the Board as an At-Large member. We welcome Brenda Busskohl as our new Secretary. In 2020 we are hoping to have more of you volunteer to join committees to help out your Board! So please say yes to being a volunteer!
Your Board is looking forward to a great 2020 for Mar Cheri and all our residents!
Ken Schiewetz President, Mar Cheri Board
_________________________________________________________________________________________
______________Yes, I vote to approve the 2020 dues of $ 720 per Lot.
______________ No, I vote not to approve the 2020 dues of $ 720 per Lot.