Phone: 941-756-7177, Fax
941-755-2937
March 26,
2010
Dear Trailer Estates Property
Owners:
Enclosed
please find the materials as required by the Trailer Estates Charter, Florida
Chapter 2002-361. First is the
Second is
the 2010-2011 Budget that was approved on March 15, 2010 by the Board of
Trustees. The annual assessment for next
year will be $1300 or $108 per month.
This will be an increase of $385 from the current yearly assessment and
will appear on the property tax bill from
In
reviewing the 2008-2009 Financial Statements, we have had significant decreases
in income in two areas: marina slip
rentals, and investment interest. In
addition, we have had increases in expenses:
employee benefits, and utility/sanitation/cable TV rates. Overall, however, the most significant increase
in expenses is due to the lawsuit that was filed against the District and
individual trustees in November 2008. This
litigation has brought about extensive legal expense, and additional employee and
administrative costs.
With these
events, we ended the 2008-2009 year with a much smaller fund balance than
anticipated, thereby requiring the Board of Trustees to seek additional dollars
for our continued operation. The
District, unsuccessful in obtaining a bank loan, was able to raise
approximately $750,000 from our residents through our promissory note
program. Although all property owners
will incur the expense of these notes, this program allows us to schedule the
payback over a three-year period. In
addition, the average interest on these notes is 4% and saves the District a
significant amount of interest that would have otherwise been paid to a
bank.
As one
reviews the 2010-2011 Budget we begin the year with over $500,000 in our Fund
Balance, reflecting the money that was borrowed from our residents. With this in hand, we have projected our
income and expenses, determining that an assessment of $1300 is necessary for the
upcoming fiscal year. The largest
category is Litigation, and with the trial scheduled for October 2010 we look
to have the matter resolved.
Our budget
also reflects automatic increases of approximately 5% on our contracted
expenses, however, much research and discussion of all income and expense
categories occurred as we considered ways to decrease costs and increase income. We looked at cost-saving measures not only
for this budget, but for our current operating procedures and practices.
Trailer
Estates continues to be a wonderful place to live—offering great recreational
activities, events, and amenities. This
is in no small part due to the willingness and efforts of our employees,
Trustees, and volunteers. A sincere Thank You is
extended to all.
As always,
Martha Brauer
Martha Brauer, Chairman
Board of Trustees