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Thank you to the residents (both online and in-person) that participated in the Financial Transparency Committee Meeting Wednesday evening. Here is a recap of the agenda and discussion items addressed by the committee.
The purpose of the meeting was the initial review of the proposed budget for FY 2023. General Manager John Bailey and Director of Finance and Administration Kris Dagostino walked through the proposed budget items in the report.
Here are the highlights from the proposed budget and discussion.
• There will be a 10% increase in assessments for 2023. This is the 3rd year of the three planned increases as a part of funding the SRC Pool project.
• It was noted that overall, there has been (on average) a 30% increase in the costs associated with
the SRC Pool Project. Inflation being the main driver for those increases.
• The 2023 Pool Management contract is under review with 4 bids submitted. All have come in higher
than projected with one being in reach with some negotiation. That is an action item in progress
at this time.
• Incremental steps for general access plan for residents are presented in the budget. Steps include allowing all residents recreational access to two hard tennis courts (courts 13 & 14) and to the new SRC dome pool during the fall and winter seasons.
• A revised pool guest policy is being considered - moving away from the 8 guest passes per day to a format where family members can enter the pools for free, and provide that a limited number of non-family members are allowed access before a $5 fee is imposed.
• Woodlake will not pursue the traditional “Summer Camp.” This is due to the labor costs, and challenges in acquiring staff to run the camp in today's tight part-time labor market.
• The WCA will re-launch a sponsorship program for 2023. Lifestyle Services and Communications
and Outreach are developing an advertising plan with sponsorships.
• Concessions will be offered at the marina boat house and at the new SRC pool in 2023. Food Trucks will also be provided at times during the summer pool season.
• There will be an increase in the boat and RV storage fee, in 2023. Looking at other storage
facilities in the area, Woodlake is far below what the median charge is for similar operations.
• There will be a surcharge on all credit card transactions in 2023.
• There will be a 4% payroll increase for all WCA full-time staff. Woodlake's part-time staff would increase to $12 per hour, as per Virginia minimum wage increase that goes into effect January 1, 2023.
GM Bailey and Director Dagostino walked though the challenges, costs, changes and options with the SRC Pool Project. Most all of what was presented has been discussed at other meetings. The content of the conversations has remained the same. Costs have gone up due to inflation. The board and teams associated with the project continue to look at ways to value-engineer solutions to save money and still offer the amazing experience planned for the community. Nothing is off the table, and all options are being explored to reduce costs.
The budget proposed will manage the spending needed for the pool project and other community functions and operations and the reserve fund will stay intact, including some funds for the annual trail rehabilitation.
Next steps are to prepare the presentation for the upcoming October 17 Joint Budget Meeting of the Board of Directors and the Financial Transparency Committee Meeting and the community Town Hall on November 2.
Voting on the budget will take place at the November 16 Board of Directors Meeting.
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