Meeting shows Village progress remains steady
HOT SPRINGS VILLAGE — The Hot Springs Village Property Owners Association’s board of directors meeting on Wednesday painted a positive picture of the community’s standing halfway through 2017.
In his chairman’s report, John Weidert shared feelings of gratitude for America and its July celebration of independence, noting the work of Lakes Committee members and HSV fishing clubs during the recent children’s fishing derby, held as part of the Stars and Stripes Festival.
Weidert additionally showed appreciation for residents including Keith Brown, Harv Shelton and Jason Temple by speaking on the men’s military contributions and saluting each individually.
He told of CEO Lesley Nalley’s trip to the Washington, D.C. area, where she and her husband joined the family of a veteran at a service of interment in Arlington National Cemetery.
In his comments, board member Mike Medica spoke about completion of repaving on Highway 5, from Goose Pond to the Benton city limits. He said the drive has been vastly improved by the project, and thanked those who contributed to its success.
In her financial report, Nalley said the HSV cash position remains strong, with significantly more reserves than last year. Equity has also increased.
The Sales and Development Division, which includes real estate sales, the Discovery Center, marketing, and development, had its own separate entry in the report this month.
Nalley said real estate has made
$24,000 since its spring startup, and the goal is to for that department to become profitable by the end of
2018. She reported that four new home permits have already been issued this month, 56 leads for new residents have been given to the Board of Realtors, and existing home sales are outpacing the previous four years. In addition, eight POA lots have been sold or are awaiting closing, which reflects 36 percent of the 2017 goal.
The POA is also looking at additional revenue streams for the Discovery Center, to allow it to become more self-sustaining.
Regarding things to watch, Nalley said her staff continues to aggressively pursue cases in which property is not in good standing.
In the 401(k) audit presentation, Lindsey Baker and Liz Mathis reported no significant change in net assets. No issues or deficiencies were identified through the limited scope audit.
In her COO’s report, Linda Mayhood said the 2017 Utility Rate Study is nearing completion. Additionally, the Water Tank Rehab project was awarded to Eagle Sand Blasting, and that company will soon begin work on both the Peral Way and Mesero tanks. And Phase 1 of the Wastewater Treatment Improvement project has been advertised for construction bids.
Mayhood said a three-year plan for assessment of the 140 POA buildings is also under development.
No compliance fines were issued during the month of June.
She said repairs of the Lake Estrella spillway project will be finished this week, and Lake Isabella erosion issues will be worked on in the next few weeks.
With boat registration sticker surveys being conducted, residents who are not properly displaying decals will receive a courtesy letter to encourage compliance.
Mayhood also reported that volunteers from the HSV fishing clubs have been working hard to help install fish habitats on Balboa, Coronado, Pineda, Cortez and Maria.
Following a question from board member Marcy Mermel regarding the updated gate software project, Nalley said a timeline will be announced at the August board meeting.
Both items voted on in current business passed unanimously, including revisions to the Reserve Funds section of POA policy, and creation of a charter for an ad hoc Community History Committee.
The single item of new business centered around the formation of a Governance Committee for the board. Vice Chairman Tom Weiss said the committee’s purpose is to “ensure the board fulfills its legal, ethical, functional and fiduciary responsibilities through recommendation and application of governance policies, recruitment strategies and processes, orientation and training programs, board and board member effectiveness reviews, and periodic governing documents reviews.”
He encouraged property owners to ask questions of the board, and to learn more about board governance before the August vote.