How do you want to conserve Lake Monticello's array of services?

The Challenge We Face
One of the Board of Directors' top priorities is to manage our association’s financial health. Our Finance & Audit Committee conducted a 10-Year Outlook and determined that LMOA Operations are underfunded. This is projected to deplete our reserve funds, creating a $4.5 Million shortfall in less than a decade. Sufficient Reserve Funds are required by law to ensure the replacement and repairs of LMOA's common property. Proper maintenance of the common areas protects the property values of our Members and their quality of life.
 
What Caused This to Happen?
  • The inflation rate in 2022 was 8%, and the costs of goods and labor have permanently increased.
  • The community has grown and so has its need for various services (there are 4635 lots and an estimated 12,000 residents).
  • $6 million from the Emergency Reserves Account (ERA) and other reserve funds was spent to replace and repair deteriorated facilities from 2015 to 2017.
  • To help its Members during the pandemic, the LMOA Board of Directors decided to raise dues by only 1.5% in 2020 instead of the annual increase of 3% allowed by our Bylaws.
What Has Been Done to Help the Situation?
LMOA believes it has reduced Operations to a minimal level by:
  • Cutting a full-time position and reducing other staff expenses by $100K in the 2024 budget
  • Eliminating 4 admin and maintenance positions (2022-2023)
  • Reducing LMPD by 4 Officers (2022)
  • Examining contracts and utility bills to secure savings and better pricing
  • Examining potential revenue streams
  • Minimizing reserve fund spending (LMOA is not overfunding reserves)
  • Postponing non-essential repairs
  • Enhancing investment efforts
  • Implementing a more aggressive collection campaign, collecting $125K in outstanding due payments in 2023
  • The Food & Beverage and the EC&C Departments are undergoing reorganization
The Good News
Together as a community, we can decide how to avoid a budgetary crisis in constructive and responsible ways. The Board of Directors will be deciding on a proposal in the next several weeks. Your participation in this important survey can help them develop a financial roadmap that best serves our community in 2025 and beyond. The deadline to participate is 12 PM on February 14, 2024. Please let your voice be heard!

Question Title

* 1. This survey is for Lake Monticello residents and homeowners. Please do not fill this survey out if you do not live at Lake Monticello or own property at Lake Monticello. This is not a vote. By completing the survey, you are offering feedback that may or may not influence future decision-making. Please answer the questions honestly and accurately. Individual responses will be kept confidential; only overall survey results will be shared with the LMOA Board of Directors. Below, please let us if you are a homeowner, a renter, or another type of Lake Monticello resident:

Question Title

* 2. Please help us understand why you chose to live at Lake Monticello. Which of the following statements best describes your situation?

Question Title

* 3. Please choose the statements that are TRUE in your situation. You may choose more than one option. I chose to live at Lake Monticello because:

Question Title

* 4. The Lake, its Marina, and its beaches are the crown jewels of our community, but LMOA offers so much more! Your annual dues and LMOA investments fund the operations and maintenance of the Services and Amenities listed below. Please let us know which LMOA Services and Amenities you value most by rating the following:

  Essential Somewhat Valuable Unnecessary
Lake Monticello Police Department
Police Water Patrol of the Main Lake 
Lake/Cove Dredging Operations
Fishing Dock at Tufton Pond
Ashlawn Clubhouse
Ashlawn Lakeside Restaurant
Tennis Courts
Basketball Courts
Pickleball Courts
Horseshoe Pits
Ashlawn Park (playground and picnic facilities)
Lafayette Park (all-inclusive playground)
Bunker Park (playground and picnic facilities)
Track
Ballfield
Golf Course
Fairway Clubhouse
The Pub
Pool
Pool Snackbar
Five Access Control Gates
Common Area Security Patrol
Common Area Maintenance
Roadside Mowing and Tree Trimming
Storm Recovery/Snow Plowing
Trash Pickup
Recycling Pickup
Young Residents & Families Committee's Monthly Community Events
Independence Day Festivities
Independence Day Fireworks
Fall Festival
Beach Bonfire

Question Title

* 5. LMOA must set aside money for future repair and replacement of our dams, roads, facilities, and amenities. An independent contractor conducts a Reserve Study every five years which serves as an essential tool to model our budget. The reserve studies and other financial documents can be found under FINANCE on the private side of lmoa.org. LMOA Members can also attend and speak at open Board meetings, Finance & Audit Committee meetings, and open budget review sessions. Are you aware of these possibilities to follow and influence financial decision-making?

Question Title

* 6. LMOA welcomes its Members (property owners) to attend or watch town hall meetings that will be held on February 6 and February 28 at 6 PM at the Fairway Clubhouse (51 Bunker Blvd.). If you are an LMOA Member, how do you plan to participate in the town hall meetings? Please select the option that best describes your expectations.

Question Title

* 7. The Finance & Audit Committee recently presented a 10-year financial outlook. Conclusion: If LMOA continues to operate at the current level, there will be insufficient funds put into reserves. If the Membership would like to maintain the Services and Amenities listed in question 4, LMOA can employ three options:
  • Facilitate a vote to raise dues more than the annual 3% allowed in our Bylaws.
  • Cut one or two major services such as Access Control Gates or Food & Beverage.
  • Levy a special assessment (an extra fee an association may charge homeowners in case reserve funds are insufficient).
Which of these options do you support most?

Question Title

* 8. The LMOA Board of Directors does not support cutting a major service or levying a special assessment. Instead, the Board would like to maintain all of the services listed in question 4 and replenish our reserves by raising dues between $150 and $300 effective in 2025. This is more than the annual 3% increase that is allowed by our Bylaws. To pass, it requires a vote from the Membership in the spring of 2024. The Board will explain its stance at the town hall meetings. Which of the following options applies to you at the moment?

Question Title

* 9. In exchange for a dues increase of $150 or more, the Board of Directors is considering offering a free service to Members in Good Standing. Which of the following options best describes your opinion?

Question Title

* 10. This survey has offered some insight into LMOA’s financial future, but I understand I can learn more by watching or attending the town hall meetings on February 6 and February 28 before Members in Good Standing vote in the spring of 2024.

T