Hello Team LMOA!

On Monday, we pause to honor the brave men and women who have served our country with sacrifice and unwavering dedication. Thank you for your service, strength, and commitment to protecting the freedoms we hold dear. In observance of the holiday, LMOA Administrative Offices will be closed on November 11, 2024.

Please continue reading for LMOA's official news update about 2025 Budget Planning, the bonfire event, and the Lake Monticello Fire Department:

Budget Hearing: The Budget hearing last evening went very well, and we expect the Board of Directors' approval at the November 21 regular Board Meeting. Last year, the Board needed an extra month for discussions and had challenges fitting the 2024 budget within tight constraints. The crisis had two main issues: LMOA faced diminishing reserve funds while an insufficient budget restricted Operations. This situation, coupled with the 10-year Outlook for our Reserve Accounts, compelled the Board to request a $150K dues increase for reserves.  Additionally, Operations reduced losses in Food & Beverage for 2024 and implemented an aggressive approach to managing investments.

As seen at last night’s hearing, the hard work of everyone paid off, leading to several positive results:

• A $150 dues increase in 2025 will sufficiently fund reserves. There will be a surplus in 2025, which is needed to pave our roads in 2027. 

• Excitingly, golf operations are projected to have a small surplus for the very first time! 

• LMOA reduced F&B losses by leasing our restaurants to RocDun Hospitality, saving over $200K. 

• Thanks to improved cash management, we’ve achieved $211K in income and $460K in unrealized gains through September 30, 2024. 

• Additionally, LMOA has successfully collected about $200K from past-due accounts. 

All these gains mean that Operations will no longer need to send $300K to reserves, giving our association the flexibility to return to an acceptable level of functioning. LMOA staff looks forward to addressing deferred maintenance next year and improving our service to desired levels. We want to thank LMOA Members for making this possible. The dues increase is instrumental in preserving the quality of life enjoyed at Lake Monticello!

Some key assumptions that the budget proposal is based on are:

• Expectation of a 3% increase in most amenity fees

• The proposal includes a $100K subsidy for food and beverage services

• Pool revenue is projected to decrease by $56K due to the introduction of a free 25-visit Pool Pass for households in good standing

• Golf contract rates are expected to increase by 3%, while public rates will rise by 7% with dynamic pricing

• LMOA employees will receive a 3% Cost of Living increase

• Health Insurance costs are expected to rise by 10%, while Liability Insurance is projected to increase by about 8%

• The budget for Allied Security is expected to increase by 7%, but Operations is budgeted to break even.

To view the 2025 budget proposal in more detail, please log into LMOA.org, select 2025 Budget under the Finance tab, and open ‘Budget Presentation; and other materials, or watch the Budget Hearing HERE.

Public Safety Day and Community Bonfire: LMOA Staff and Volunteers have planned a warm and wonderful event for everyone on Saturday (11/09) from 1 - 8 PM. Public Safety kicks off the event at 1 PM with a huge display on Edgewater Drive. Don't miss the chance to explore Emergency Service vehicles and LMOA's maintenance equipment. The Lake Monticello Fire Department will be showing off a brand-new ladder truck! Come together to enjoy some games, hayrides, warm drinks, food, free s’mores, live music, and quality time with your neighbors. If you see a staff member or volunteer, please thank them for their enormous efforts in organizing this event. Volunteers from the Wildlife Committee will provide all the materials children need to make bird feeders, and the Lake Monticello Beautification Corps (LMBC) will sell tickets for the Holiday Home Tour and raffle. The Volunteer Water Safety Team will have plenty of goodies and activities to teach children about water safety, while the YRF Committee will set up yard games and help kids make s’mores. Just a heads-up: there will be increased traffic around the Ashlawn Clubhouse. We kindly ask that you do not block the driveways of our nearby neighbors and respect their properties. Thank you to those living near the clubhouse for your patience as we celebrate this fantastic event together! For all the details, you can read more HERE.
 
Help Keep Your Neighbors Warm: The Lake Monticello Fire Department has partnered with Fluvanna County Social Services and other county fire companies to collect warm clothing, blankets, gloves, and other items for neighbors in need this winter. If you would like to donate, please place your items in the marked bin located by the kitchen door at the rear of the firehouse on 10 Slice Rd. The collection will end on December 12. Chief Richie would also like to remind you that now is the time to refresh the batteries of your make and carbon monoxide alarms. Thank you!

Have a great weekend!

Tom Schauder
LMOA General Manager