In a past message, I advised that the Board was not in a position to adopt a budget or set the homeowners’ annual dues for 2020 at the September 18, 2019, Board Meeting. Discussions regarding the stormwater infrastructure in Sea Trail has continued between the Board and the Declarant, as well as with our attorneys for the Master Association. The Declarant has since expressed that it was not their intent to immediately have STMA assume maintenance repair/financial responsibility for the entire storm water system. It continues to be the position of the Sea Trail Master Association that it has no responsibility for the costs of maintenance and repair of storm water infrastructure in Sea Trail. Although complete resolution of that issue has not been reached, based upon those discussions and the advice of council, the Board considered it was in the position to adopt a budget for 2020 and set the annual homeowners dues.
The Declarant has stated that it is committed to working through storm water concerns together for the best interests of Sea Trail and all homeowners. The Board and the Declarant continue to meet regularly and the Board will continue to do so in an effort to reach a solution in the best interests of the homeowners.
The STMA Board must prepare now for the point in time when the stormwater permits issued by NCDMLER, may be transferred to STMA. On October 7, 2019, the Board adopted the 2020 budget and annual homeowner dues for 2020. The following changes have been made to the 2020 budget proposed at the September 18, 2019 meeting:
* The Operating Budget has been increased from $724,000 to $752,000;
* Additional money has been allocated to legal fees, and
* Funds within the Reserve Budget have been reallocated to make money available for potential stormwater remediation and engineering studies.
The annual homeowners dues will remain at the amount proposed at the September 18, 2019 meeting of $650.00. You have received a complete budget message with your notice of the November annual meeting and there will be a detailed budget presentation at that meeting.
Please remember to electronically respond with your proxy for the annual meeting notice as STMA by-laws require a certain minimum participation of STMA members in order to conduct the meeting. We look forward to meeting with those members who are able to attend on November 9, 2019.
Jack Phillabaum, President, STMA