I have to say. It is almost comical if it were not my money. I am basically in a state of shock when I see these recent expenses. I cannot believe with all the financial issues bearing down on the community our leadership’s spend rate continues to escalate. There appears to be no end in sight. I pull up everyday to get my mail and wonder why the parking lots are rotting off the road but we are cutting trees on the forest floor. Who made the decision to cut trees in the forest over correcting deferred maintenance. I really cannot believe it. In addition it looks awful. Why not just clear cut the trees. That way we could find a reason to purchase a few timber strippers and some really big machinery. Maybe a couple more fire trucks. Or maybe since we have roads we should purchase few asphalt pavers and build a stockyard to store them.
I am waiting for the announcement of a Big Canoe Bond offering to further increase our boards spending capacity. Is there a silent majority that is not willing to step up and push back on a board gone wild with other peoples money. I think when they present you with a bill of 20k per property owner to eliminate all the debt you may wake up.
The course taken by the leadership of this community is so damaging in the long term its hard to comprehend. In addition, I cannot understand why anyone that is not making money from these choices would ever subject a community to this long term liability without seeking a majority vote. What if we have big issue like the Dam needing to be rebuilt. We have no money in reserve and we have drastically increased our debt exposure.
The smart money in this community would like to bail, but of course no one is willing to buy into this mismanaged community. I have tried to be nice about it and work the politically correct avenues but to no avail. I guess I will be like the silent majority and wait without contempt until our bond rating is lowered and our property value degrades and step up, pull out my wallet and write a check for this boards mismanagment. How can we get more folks to push back?
I hope I am wrong and there is great wisdom and vision that I am missing. Maybe some magic bullet exists that can correct this issue. However, the last bullet was a lighting strike and we just accepted that blessing by building the most expensive club house per square ft in the southeast.
Just because you spent 20 to 30 year running some division of a very large fortune 500 does not give you the right or the ability to make choices to spend others money without consideration of their interests. Those firms tend to correct their mistakes with the capital they can raise. This is just Big Canoe folks. We cannot bail ourself out by issuing more debt in the market. It seems our leaders take great pride in their abilities based upon working within these large insulated institutions where massive management errors can be simply swept under the rug with bad quarterly report and earnings write off. I do not think that bullet will be there for Big Canoe.
6 users commented in " Leaf Vacuum, 78K Forest Tree Cutting, 285K Golf Carts, and Unlimited Building "
Follow-up comment rss or Leave a Trackback$20K per property to pay off the debt?????
The financial performance update shows a debt of $8,865,994 projected for YE2008. With about 3,400 properties how do you get $20K per?
That figure you refer is projected Debt for existing properties 2008. If you have reviewed the latest “White Paper” campaign there is a major Building Program that being considered. I made an educated guess based upon the current growth rate in capital expenditures that we would finally hit a wall when we spent the equivalent amount. In addition, check out the last estimate if the state requires us to rebuild the dam and we are not city. All funded by us.
Why do you assume that all of the projects in the White Paper would incur debt? The recommendation yesterday for a capital initiation fee is to obtain neccessary funds so as not to incur additional debt and to pay down existing debt.
Deas,
Very articulate post…I was out of town and missed the Town Hall. Would like a recap other than the smoke signals version of the “truth”.
Tree cutting is mind boggling to me…we live in the woods.
The Board has little credibility, Just Asking. Assume debt until proven otherwise.
This proposal is a pass the buck routine instead of paying as you go. It is gutless and shameful. The Board has demonstrated that they will say or do anything to get what they want. The membership is in “their” way so they will tell them what they want. I am sure someone spouted off what they would increase the monthly assessments if this didn’t pass. I may be in the minority but I won’t fall for it.
Even if one can accept the “need” for the money and then the idea of deferring it until you sell your property to pay your exit tax. I cannot get over the unfairness of the 1%. The funds are to be spent for equal access to the improvements so each property owner should pay the same amount - a flat amount.
It is shameful
The Big Canoe POA Board has spent an extra $6,000,000 for over-runs on a $4,000,000 restaurant and won’t stop over spending until the property owners stand up and say enough is enough. If they don’t, the board will over spend for other future no-bid facilities. Why haven’t the property owners stood up? Go figure.
To speak out at Big Canoe requires that you spend some of your social capital. Most Big Canoers would rather sit back and let others fight their battles.