Joelle Varnum Dear Summit Owners,
What a great ski season it has been!! And the snow is still falling. 😊
Over the past few months, the Board has been working on the budget for the fiscal year that starts on May 1 (FY26). We sent a draft budget out to all owners in February and received 16 questions or comments, which we very much appreciated. At our March 24 Board meeting, the Board voted unanimously to pass that budget.
The budget will be reduced from FY25 (current year) to the fiscal year that begins on May 1 by $1,446,692.00. This is largely due to a reduction of $1,445,000.00 in capital improvement projects.
We still hope to accomplish several needed common area capital projects for the coming year, including the modernization of the south wing elevators, resurfacing the pool and the original hot tub (much needed repairs), various sprinkler and mechanical repairs, replacing the main lobby windows near the stairs, significantly expanding Wi-Fi capacity in all three wings, and adding new common area chillers in the north and east wing for the common area HVAC system.
There is also $100,000 designated to residential reserves, though we are still significantly below the recommended level of the last reserve study. Our insurer has our property valued at just under $50,000,000, so we are doing all we can to increase the residential reserves which are currently under $800,000.
We are also going to proceed with “value engineering” the model room, hopefully finding savings for future room renovations. We will update owners later this year on some options for proceeding with updating the rooms.
The Annual Budget Meeting is on Monday, April 28, from 6:30 to 7:30 PM via Zoom. We are trying a different time and day this year in response to some feedback about the difficulty of Saturday mornings, due to family obligations and also religious holidays in April. The Jordan has done weeknight meetings the last four years, so we are giving it a try as well! We sure hope you are able to join us to vote on the budget ratification. If you are not able to join, you may vote via proxy by completing the attached proxy ballot and returning it to ownerservices@sundayriver.com by 5:00PM on Friday, April 25th.
Thanks so much!
Sincerely,
Karen, Sean, Joyce, Cindie, Bill, Dana & Barb
Grand Summit HOA Executive Board