We have spent for new capital projects:
$8.4 million in 2020 (most of the New Horizon Plan)
$3.3 million in 2021
$2.7 million in 2022
$4.5 million for 2023 YTD – estimate of $7.0 million for 2023
Currently, there is no limit on annual capital expenditures in the bylaws.
Borrowings in excess of 1 year and in excess of $1,500,000 must be approved by a vote of 2/3rds of the members of the Board and a majority of votes cast by the membership.
The Club may refinance existing loans without a member vote.
Members who qualify to receive equity and assessment payments are currently 402 members/$4.8million for equity and 704 members/$1.9 million for assessment.
Our Reserve Funds are comprised of $5.7 million ($1 million working capital + $1.2 million for debt service + $1 million for storms and emergencies +$2.5 million replacement/repair) – the latter two tie to the $3.0 million goal of prior boards (2016 – 2019 and it was reached in 2020).
The percentage increase of dues in the last 5 years/year have been:
2019 - 3%
2020 - 5%
2021 - 0
2022 - 2%
2023 - 5%
Over these 5 years, dues have increased by 15%; over the same five-year period the rate of increase in inflation (CPI) has been 19.2%, with dues increasing 4.2% less than inflation.
There is a current Board policy which requires a member vote (majority of votes cast) to approve spending on any new project in excess of $2,500,000, adjusted annually for inflation. In 2024 this limit will increase by the inflation percentage.
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