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Home » Announcements » Village - Newsletters » Mardi Gras Village Director Newsletter- February 2018

Announcements

Mardi Gras Village Director Newsletter- February 2018


2/6/2018


Good morning Mardi Gras residents and owners.
This is the early spring update on events in Mardi Gras. 


BUDGET
It is budget time for the Coronado Cays Homeowners Association (CCHOA). The
General Manager has been meeting with the department heads. There was a
public meeting on January 25, 2018 that coincided with the January Board
meeting which was  posted on the CCHOA website. The upcoming public meetings
will be posted for those of you interested in the budgeting process. Sometime
at the beginning of March, each of the 10 Village Directors will meet with the
CCHOA staff to finalize each Village budget, which includes Mardi Gras. 

As a reminder, Mardi Gras has a planned Reserve
spending budget which covers the next 30 years. There are some items that have
a useful life longer than that such as: tile roofing, bulkhead railing, and the
tennis court fencing. The seawalls are scheduled for 30 years but the useful
life may be longer. This is a different issue from maintenance and repair of
the seawalls and the need to use tiebacks at the south end of the seawall. More on the seawalls later in this letter.


Currently, we have expended approximately $200,000 more than we contributed to our Reserves which is to be expected during high expenditure years. Mardi Gras Reserves do increase during the years
where there are low expenditures and decrease during the high expenditure
years. We currently have $1,932,971 in Reserves. This will go down over
the next 4 years as the streets will receive an overlay for $200,000, painting
for over $300,000, termite control over $100,000, landscaping and grounds
$139,000, and minor roofing for $27,000. Major roofing is out 7 years and will
utilize over $500,000. Of course the day to day operation side of  the budget
is ongoing and where a good portion of our annual dues are utilized. As previously
stated I continue to ask the CCHOA departments, when possible, to not defer any
maintenance on our 120 homes. It is hoped that Mardi Gras will continue to have
a superior external appearance in order to help maintain value. Also, by way of a reminder, there is always an attempt to hold expenses down but wages are going up in many areas of our economy and the CCHOA.


CCHOA INVESTMENTS

The CCHOA continues to maintain a policy of
safety and security in the investment policy. Currently the investments
include CDs. A ladder approach is followed extending out 4 years. The
present return is 1.33%, on $4,147,000 in Reserves. The CCHOA has done a
short term loan to Antigua and Montego with a current loan percentage of 4.5%
which is pegged to the US Prime Rate. If the two Villages decide to vote in
favor of a special assessment it would be anticipated that the Reserves will increase appreciably by the end of this fiscal year, otherwise they will increase more slowly as the two Villages pay off the loan with their annual dues. This loan does not affect Mardi Gras in any way other than the collective CCHOA Reserve money is used for the short term secured loan. The CCHOA currently maintains a higher than normal cash position in order to fund the maintenance projects in the two Villages, in addition to regular reserved items in the other Villages. The CCHOA has a Finance committee that meets every 3 months and owners in the CCHOA are always invited to attend as well as attend the regular monthly meetings with the Board of Directors. There is a calendar of these events posted on the website.


Seawalls

The maintenance and repair of the south end seawall has been an ongoing project for a very long time. All of the permits to
repair the south end of the seawall have been received but the CCHOA currently
cannot get a waiver from California for an outside contractor to complete the
repairs. One of the biggest problems is that the helical tieback anchors that
we intend to use have few contractors available that know how to install them
and none in California. Currently there are two large dock/seawall contractors
in California investigating the financial implications for them to become
acquainted with the installation process and hopefully be able to use their new
installation knowledge in the Cays as well as in other areas of California. Currently over 9,000 of these anchors have been installed in other States with zero failures. Some seawalls utilizing these anchors in Florida went through the hurricanes this past year and reportedly survived just fine.


AECC

The CCHOA has an architectural committee that meets regularly to evaluate and approve building projects in the CCHOA.
Residents planning any alterations to the exterior of their homes need to secure a permit. The permit applications are available in the CCHOA office or online.


TERMITES/BEES

Mardi Gras appears to have had several infestations this past year with bees and termites. This has been a rather new,
large expense for our Village. If you notice screens in the home vents that
have rusted out please let the office know. In addition, should you see, in the
future, bees swarming around your home please let the office know quickly so
the large hives do not have a chance to get started. As stated, removal of both
bees and termites has become a significant expense for Mardi Gras.

SOUTH BAY BOATING
 

The bay to the east of the homes in Mardi Gras has a speed limit of 5 mph. If you see any type of watercraft in the bay
exceeding 5 mph please call the Harbor Patrol, 619-686-6272. As previously
mentioned, the waves from the boats exceeding the speed limit in shallow
water can damage the eel grass and the wave action against the seawall
purportedly undercuts the sand at the base of the seawall and adds to erosion. The Port of San Diego has now indicated that they will not currently approve an ADDITIONAL application to bring sand in to fortify the base of the seawall.


CONCLUSION

Mardi Gras has a newly repaired and upgraded Clubhouse and pool area (cabinets and bathrooms hopefully will be finished this
year), improved grounds, improved monument area, private street sweeping, homes
being repainted, roofs and chimneys repaired, several termites now missing, and
permits secured for the seawall. This has been a productive year and the CCHOA
and Mardi Gras remain a beautiful place to have your home. To date Mardi Gras and the CCHOA are financially sound. 


I welcome your questions, concerns, and comments. I hope this email answers many of your current questions. If you have
neighbors that did not receive this email please ask them to send me a note
requesting that they be added to the Mardi Gras list. As previously mentioned
Mardi Gras saves a great deal of money by emailing instead of using the US
Mail.


Bob Rood, Mardi Gras Director, dirmardigras@cchoa.org