Urge a NO vote!!

Thanks for posting the link to the financials E, now it all fits.

 

With the links provided by others related to the financial information available on the RCSC site, I took a tour of the financials provided including the monthly financials, 5 Year Long Range Plan and the 2015 Budget Presentation of Jan Ek. Depressing!

Ms. Ek issues a monthly disclaimer regarding the conservative budgeting and forecasting of PIF accumulations. From her reports and the recently passed 5 Year Long Range Plan I learned: 1. The plan anticipates expenditures of PIF of circa $18,250,000 from 2016-2020. To fund those expenditures would require collecting 5,214 fees of $3,500. The sale of 1,043 homes on average would provide the funding.

From Jan Ek's 2015 budget report we learned that the PIF acquired its funds from home sales: 2011=1,***, 2012=1,943, 2013=1,907, 2014 2,010 and 2015=1,312 (?). Using her figures provides an average of 1,721 home sales/year at $3,000 per sale. ($25,815,000) At $3,000/sale over the next 5 years would require 6,083 sales over the period to accumulate the needed $18,250,000 or an average of 1,216 sales per year for 5 years. That's more than conservative. It is forecasting an unprecedented 5 year Sun City real estate depression. Without information regarding the need to acquire the $18,250,000 in addition to accumulating extensive surplus funds for the projects planned for 2021, 2022, 2023 etc. makes one raise and eyebrow--maybe two!

 

I can't figure out how to edit my own post, so please fill in 1,*** for the 1*** in the original.

 

Is this an instance when you should have used a smiley face after the post??

 

So at the April RCSC BOD meeting Jan will get up and once again state that the estimated sales are a conservative figure. The possible sale of homes in the new development won't be brought into the picture. There is no chance for discussion to ask that future projects be adjusted as to allow the PIF to accumulate funds at the current rate. This is truly a one-sided "living" long range plan.

 

Exceptional breakdown of the financials Big Red. Two things that should be red flags for you:

1). We don't know what has been paid for from the PIF to date. For example: The Feb PIF shows a little over 5 million dollars, but is there hold back on Marinette? Are they paying partially on Riverview as they go, or will it come due upon completion? What has been paid to date on the Bell Tennis complex? It's got a 1.8 million dollar price tag and is it all due or in part paid for? Obviously those figures could make quite a dent in the total on hand.

2). While they/we conservatively budget based on far less home sales than actual, look closely at the years 2014, 2015, and 2016. In each of those years, the budgeted dollars are on average well in excess of 7 million dollars. It's in 2017 and 2018 where all the catch-up is.