Glade GM Weber provides budget items clarification
BY BILL PIECUCH
For The Vista
Following the Fairfield Glade Community Club Board Annual Meeting held November 29, Fairfield Glade General Manager Bob Weber wanted to clarify some numbers that were published.
Speaking with The Vista on Thursday, Weber made it clear that based on comments from members attending the meeting last week, the Community Club will probably use about $500,000 of its cash reserves and borrow about $400,000 to fund this deficit.
“If we do this at the end of 2013,” Weber said, “we expect to have about $2 million cash on hand and debt of less than $8 million. This is different than what we show on our schedule (borrowing $915k to fund deficit) cash of about $2.5 million and debt of about $8.1 million.”
Additionally, there is no change in sewer fees which remain at $33 per month and sanitation fees which are still $7.00 per month. Monthly assessment increase will not be more than $4.00 depending on type (see graphic on page 1A).
Other points Weber addressed were that excess revenues before interest and depreciation is about $3.9 million and debt service is about $1.3 million with about $850K going towards principal.
He said capital expenditures of about $3.5 million include $490K for Amenity. Net cash flow before borrowing is a deficit of about $900K.
“The primary Master Plan projects,” he said, “will focus on deferred maintenance.”
For more information, call the Fairfield Glade Community Club at 484-3780 or you can find the information on the web at www.fairfieldglade.cc.