The 2019 Reserve Study has been completed and is available for review under the District tab on Solterra-Connect. As discussed at the December FRMD Board meeting, this study included a comprehensive review of our community’s facilities and amenities, assessed the useful life of each, and provides an estimated cost to either repair or replace each item. As part of each homeowners quarterly 2020 fees, $80 of the $350 is dedicated to building the reserve that will allow us to maintain our community as it ages.
2020 Fee Explanation
The FRMD Board recognizes that fee increases are never popular despite year over year increases in the cost of living. Perhaps some additional explanation of the Board’s rationale and process in establishing the 2020 fees in Solterra would be beneficial. The Operating Fee, which supports maintaining the community's common areas, facilities, utilities, and legal expenses, was only increased a slight amount over 2019. However, in recognition of the fact that as Solterra continues to age (as demonstrated by the need to replace the pool heater, repave/restripe the Retreat parking lot, and replace the Retreat flooring in 2019), ongoing repair and replacement of the community facilities will be necessary. It is important to also note that while Brookfield controlled the FRMD Board, the reserve to fund such repairs was significantly underfunded. For these reasons, the Board felt it imperative to further augment our reserve fund with an $80 per quarter assessment from each homeowner. This allows the Board to more expeditiously react to issues and alleviates the need to impose unanticipated and costly special assessments on homeowners when maintenance of community facilities is required.
For clarification purposes, your quarterly Fossil Ridge Metro District bill of $350 combines the $270 operating fee and the $80 reserve fee.
The recently completed Reserve Study is posted on the Solterra-Connect website under the District tab. It details the projected useful life of each of the community’s facilities/amenities and projects the cost to repair and/or replace each of them.
In regards to obtaining community feedback on the budget and associated fees prior to the final vote on December 2nd, the District Board held three community fee and budget workshops. Time for public comment was allocated at each of these meetings.
In the future, residents are encouraged to participate in the budget workshops and offer input before a final decision is made. Homeowners who wish to become more actively involved in budget decisions should consider running for one of the FRMD Board positions in the May 2020 election.
NOTICE OF SPECIAL MEETINGS
FOSSIL RIDGE METROPOLITAN DISTRICTS NOS. 1-3
Monday, December 2, 2019 6:30 pm
For the official notice please Click Here
Click Here TO VIEW THE BOARD PACKET
Fossil Ridge, November 19, 2019
Please click here for the 2020 Budget Presentation
Please click here for the Solterra Fees Workshop Presentation
For past Announcements, please Click here
(link to the District / communications page)