Budget update

A majority of the residents who voted at the meeting and via proxy approved the 2006 budget as proposed. Residents also voted against having an accountant perform a "compilation."

The compilation would cost $1,800-$2,000 that was not budgeted. The state began requiring homeowners associations to do compilations, like condo associations must do. The law came into being because many small HOAs were not doing financial reports. However, because the Islesworth board and property manager have been maintaining monthly financial records, residents chose to decline doing the compilation. A compilation is not a full-blown audit, but rather would entail a third-party taking our numbers and simply double-checking that they add up right. 

The quarterly dues for 2006 will rise to $310, due on Jan. 1, April 1, July 1 and Oct. 1. The board and management company worked to keep the Islesworth part of the budget the same as last year. The $10 increase in quarterly fees covers increases in the cost of bulk cable, the Martin Downs Property Owners Association dues, and insurance. 

The 10-year bulk cable contract runs through 2008 and includes a 6% increase each year. 

MDPOA has spent more than $400,00 on pipe repairs throughout the Martin Downs communities. (The master fees account for about $7.50 of the $10 increase.)

During the annual meeting at the end of January, the board will present the actual expenditures and income for the 2005 budget year. 

Any resident who would like to see a copy of the HOA's financial report at any time may contact Jakab Management at (772) 225-5058.

Dues update

Property manager Joe Jakab said no one will be penalized for October payments interrupted during Hurricane Wilma. However, many residents are more than 90 days overdue on their quarterly fees. This accounts for more than $2,000 missing from Islesworth operating funds. Residents are urged to pay their fees, and include the late penalty indicated on the payment coupon.

Landscape and fence update

Board vice president Jen Jeransky said the Landscape Committee had not met since the last meeting and that Hurricane Wilma has set back plans laid out in the October 2005 meeting.

The fence company has already started to re-set the fences after Hurricane Wilma. Insurance should pay for most, if not all, of the damage. Board president Dennis Rohan walked the property with the insurance adjuster and said a check should be issued soon. The damage from Wilma came prior to notification from Nationwide that the insurance company is dropping fence and wall policies for HOAs. Islesworth will have to look for a new insurer to cover damage to the fences and walls in the future.

A resident questioned the placement of a fence beside Lot 31. The board explained that a buffer is required in that location. We put in a fence instead of a vegetative buffer because a fence is cheaper and easier to maintain. Also, we will be able to insure the fence, but landscaping cannot be insured. 

The buffer had been in dispute between the owners of the Kingsley property and Pulte, the builder of Islesworth. However, Pulte was not acting, and the county threatened the Islesworth HOA with $1,000-a-day fines if we did put up a buffer. The buffer (fence) was erected on the advice of Islesworth's attorney.