Board Buzz

BOARD BUZZ September 2021, Angela Lesnett, President
Posted on Aug 31st, 2021

September always holds that “back to school” feeling for me - - a time of change and new beginnings. And so it goes for our Association.
 
Last week we announced that Dick Durst, resigned from the Board of Directors for health reasons. Dick joined the Board in September of 2020, and was elected President of New Town Residential Association (NTRA) in January 2021. He served as President during an extremely challenging time for NTRA and we will miss his energy, engagement, and 6:00 a.m. emails. We offer Dick our heartfelt thanks for his expertise and hard work on behalf of NTRA and our sincere best wishes for the future.
 
Last week brought another change: it has been decided that NTRA and its current managing agent, Town Management, will part ways effective late this fall. The Board has undertaken a search for a new managing agent to partner with the Association as we take the next steps as a homeowner-controlled HOA. Engaging a new managing agent will be a new beginning for the NTRA.
 
In another new beginning, the Board has been working diligently to revise NTRA’s governing documents. A draft of the revised documents will be published today and a virtual Town Hall meeting is scheduled for September 22, during which the Association’s attorney, Sue Tarley, will provide an overview of the documents and will be available to answer Members’ questions. [Please submit your questions in advance if possible: amendments@ntrawilliamsburg.org.] Due to the need to devote resources to the search for a new managing agent, however, the Board is delaying the Member vote on the documents until the new Board is in place.
 
Yes, the “new Board.” The terms of some Directors will end in December and Members will have the opportunity to elect 3 new Directors. Think about running for one of these positions. Being an NTRA Board member is challenging, but serving on the Board is an opportunity to shape our Association in important ways.
 
How about a change and new beginning for you?  If you haven’t volunteered on a Committee, I encourage you to do it now. NTRA’s committees do a lot work for our community - - re-writing the pool rules (Pool Committee), inspecting the Association’s physical assets (Asset Maintenance Committee), publishing the Town Crier and maintaining NTRA’s website (Communications Committee), and planning social events (Activities Committee) - - just to name a few. The time and location of each committee meeting is listed on the website calendar and all committee meetings are open to Members so you can see how the group operates. In addition to supporting your community you will meet new people with whom you already share a common interest - - the success of New Town.
 
The Board, with the assistance of the Finance Committee, has also been working on developing NTRA’s 2022 budget. In last month’s Board Buzz, Rick Fisher, NTRA’s Treasurer, described a number of projects the Association has undertaken in 2021. Of course, each of those projects affected the Association’s finances. From managing our own household budgets we all know that prices are going up, so you will not be surprised that in 2022 we expect to see substantial increases in costs in every area. Some of these are due to increases in labor and material costs. Some increases may occur as contracts that have been in place for several years with no increase are now being renewed at 2022 prices.
 
As NTRA’s costs increase, its assessments must also increase to cover those expenses, including a reasonable contribution to NTRA’s Replacement Reserves. The Replacement Reserves are funds put into specially designated accounts that are used for expenses related to specified assets such as NTRA’s streets, pool, retention ponds, fences and other assets that have a long useful life. Allocating funds to the Replacement Reserves requires balancing short-term needs with long-term needs.
Having adequate reserves on hand to meet expenses is a sign of a well-run HOA and is a factor in keeping property values stable. As we did last year, the Board plans to hold two Town Halls in November to explain the 2022 budget and assessments.
 
The last couple of weeks brought a change for me, when I was elected President of NTRA. I’m happy to serve the good folks of New Town, and will do my best. NTRA is lucky to have the services of board members Mary Cheston (Vice-president), Rick Fisher (Treasurer), and Mark Burgess, and of Phil Casey (Secretary).
 
There are many changes for NTRA in the next few months. The Board will keep you informed of developments. I look forward to seeing you around New Town.
 
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