The following is the latest in a series of monthly messages from the RVR Master Association Board, called “A View From the Board.” The messages summarize recent Board decisions and discussions and are designed to bring RVR homeowners up to date on issues important to the community.
Dear RVR Homeowners,
The result is a revised 2022 Master Association budget the Board will vote on at a Special Meeting, to be held on Wednesday, Dec. 1 at 5:30 pm.
Later today, you will receive formal notice of that meeting, along with a link to three important documents:
- the detailed budget
- a budget summary
- a “dues-by-neighborhood” matrix that shows how much you’ll pay in monthly dues next year, depending on where you live.
Thank you to all who engaged with us in the process of refining next year’s budget. The changes wouldn’t have been possible without your participation.
We hope the new proposed 2022 budget satisfies the concerns of both supporters and opponents of the previous budget proposal. That previous budget proposed an increase in monthly Master Association dues of $100. The new budget proposal represents an increase of $68 per month. Cutting the budget wasn’t easy, but it was the right thing to do.
The reduced dues increase incorporates additional income, from modest and reasonable growth in fees, which come primarily from non-RVR property owners. It also reflects cuts in expenses, where we felt operations wouldn’t be adversely affected.
We believe the revised budget meets the current needs of the community, and plans adequately for the future. The revised budget is meant to address the desires of all 552 RVR property owners.
Here’s how we arrived at the proposed Budget changes the Board will vote on this Wednesday.
Over the past few weeks, we held a series of listening sessions at the Ranch House. We heard from many within RVR, both supporting and opposing the proposed 2022 budget.
We are nowhere near finished listening. We will continue to seek ongoing dialog over the next year, and expect to reach out to the RVR community, asking what amenities and services you want, and how best to fund them. This community engagement will be one of the top priorities of the new General Manager we hope to bring on board next year.
But for now, we must act. Our governing documents require us to adopt and implement a new budget by year’s end, and that’s what we are committed to doing.
Just yesterday, the full Board held an informal three-hour working session to review the proposed budget, looking for opportunities to increase income and decrease costs.
As we went over the budget, line-by-line, we thought of all the homeowner input we’d received over the past few weeks. Your feedback was instrumental in helping us strike the right balance between cost and homeowner satisfaction.
While you weren’t in the room physically, we felt your presence.
Some of what you suggested, like “pay for use,” involved policy changes, not just pencil sharpening. The Board is committed to considering such changes, but only after thorough community engagement. We expect that will happen next year, and will be part of the conversation leading to the 2023 budget a year from now.
Here are highlights of our proposed 2022 budget:
Operational Budget: For 2022, we propose a $55 per month increase in dues for the Master Association’s Operational budget. Monthly dues for Operations will go from $243 to $298. As we’ve said previously, our labor costs are rising dramatically, as is the case throughout the Roaring Fork Valley and across the country. Staffing and maintenance costs make up the bulk of the increase.
Reserve Budget: Dues for the Master Association’s Reserve budget will increase from $47 to $60 per month. This number is unchanged from the originally proposed 2022 budget. RVR facilities, including the Ranch House, are showing their age – and we need to set aside more money for future expenses. We will end 2021 with nearly $1.9 Million in our Reserve account; we expect to add, through monthly reserve dues, another $400,000 to that account during 2022.
Combined Operational and Reserve Budget: The proposed monthly RVRMA base dues for 2022 are $358 ($298 for Operations + $60 for Reserves). This represents an RVRMA dues increase of $68 per month ($55 for Operations and $13 for Reserves). We believe this amount is necessary to provide the services and amenities you deserve and expect.
Everyone at RVR pays the same Master Association base dues; neighborhoods (Old Town and The Settlement) and sub-associations (The Boundary, The Twenty Four Residences, and Crystal Bluffs) pay additional amounts for various services.
Key Steps in Budget Process: Here are the remaining key steps in the budget approval and ratification process.
- Wednesday, December 1, 5:30 pm
Special Board Meeting.
The sole item on the agenda for this meeting will be the Board’s vote to approve the proposed 2022 Budget.
- Friday, December 3
Budget Balloting Begins.
These ballots will be sent by e-mail to all RVR property owners. As required in our governing documents, you will have 10 days to return your ballots.
- Monday, December 13
Deadline for Returning Budget Ballots.
When all the ballots are received, they will be counted and we’ll know the results of the budget ratification vote.
- Wednesday, December 15, 5:30 pm
Regularly Scheduled Board Meeting.
At this meeting, we will announce the results of the community’s budget ratification vote.
- Monday, December 20
Notification to Property Owners of 2022 Dues.
Based on the results of the budget ratification vote, you will receive a communication, announcing the amount each property owner will owe in monthly dues for 2022. This amount will vary, depending upon whether you own an empty lot, a custom home, or live in a neighborhood or sub-association.
- Saturday, January 1, 2022
New Budget Goes Into Effect.
Your new monthly dues amount for 2022 begins today.
Finally, the Board has been justifiably criticized for not giving you adequate notice for the significant budget increase we presented a few weeks ago. That’s completely on us.
There were a number of factors that caused us to miss the mark in preparing you for such an increase; the main reason was the Ranch House leadership transition that happened just as our budget preparations were entering a critical phase.
We own that process breakdown and will work next year to put safeguards in place so it doesn’t happen again.
If you have feedback on the revised budget proposal, the best way to make your voice heard is at the Special Board Meeting, to be held on Wednesday, December 1 at 5:30 pm. When we send out the formal meeting notice later today, you can register to attend by Zoom, or participate in the meeting in person at the Ranch House upstairs Board room.
Whether in person or by Zoom, you can provide your feedback in the Public Comment period before the Board votes on the proposed 2022 Budget.
We want to express a heartfelt thank you for all you’ve done to help us arrive at the proposed 2022 budget.
On behalf of your volunteer RVRMA Board,