December 2022

LEADERSHIP

increased costs and fewer real estate sales are projected to result in break-even net operating income of $22,522 for the year which is slightly below the 2022 budget of $59,929. All of the above topics were discussed at length during review of the Operating and Capital/Reserve budgets for 2023 at the most recent board meeting held on Monday, November 21. In addition to reviewing projected results for 2022, the board evaluated assumptions for what to expect in 2023 including known economic impacts such as the 8.4% increase in the hourly minimum wage and continued inflationary price increases from suppliers and vendors throughout the operation. The board carefully weighed options and opportunities for expense reductions as well as the potential of generating additional revenues. Labor and related payroll cost comprise 71% of our annual expense budget so the impact of the mandated increase in the minimum wage for 2023 coupled with continued inflation and low inventory of resale homes and lots resulted in approval by the Board of a $130 increase in the operating portion of the Regular Monthly Assessment for 2023 to $1,050 per month. continued on page 4 > > >

NEW OWNER CAPITAL CONTRIBUTION (NOCC) FEE INCREASE

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FAQs

The vote will conclude on December 15, 2022.

VOTE

As communicated in the President’s article in the November 1 Voice in the Pines, the Board of Directors voted to proceed with a member vote to increase the New Owner Capital Contribution (NOCC) fee paid by buyers when they purchase a Forest Highlands property. This fee is used to help pay for new projects around the Club, and to assist in funding the Reserves to pay for replacement of existing assets. The Board of Directors is asking you, the members, to approve a one-time increase of the NOCC fee to $100,000. We are nearing the 434 votes necessary to meet the quorum requirements! The increase must be approved by members representing more than 50% of the votes cast. Please cast your vote today!

VOICE IN THE PINES | DECEMBER 2022 3