Budget Workshop October 18, 2023
Proposed 2024 Budget: The Masters Board of Directors and Frankly Coastal met on October 18h,2023 to continue the review of the proposed budget for 2024. Frank Parish of Frankly Coastal provided an update on the quotes he has received from several suppliers and has incorporated them into the proposed budget. Frank provided and reviewed budget models that incorporated inflation rates of 2%, 3% and 4% for the reserve accounts. Discussion was also held about adding a contingency fund to the budget. The Board agreed that the budget should include a 3% inflation rate for the reserve accounts and a contingency fund. The proposed budget incorporating these changes will be presented to the members in advance of the November 16th, 2023 Board and Budget Adoption Meeting. Frankly Coastal will communicate the proposed budget to the members in advance of the meeting and in accordance with Florida statute.
Electronic Voting: Along with the communication to the members of the proposed budget, Frankly Coastal will also be requesting each household to consent to electronic voting. This consent must be in writing and instructions on how to do so will be included. Electronic voting is more efficient and cost effective for our community.
Banking Institution: The Masters currently uses two different banking institutions for our Operating & Reserve Accounts. It was recommended that we consider consolidating these accounts with Truist Bank. Truist offers more payment options, has more automated functions, requires less manual intervention and is more cost effective. The Board agreed to add this to the agenda for the November 16th meeting.
Estero HS Golf Team Fund Drive: Marcy Holtz attended the meeting and asked how the Masters could better support this worthy effort. A recommendation was made to ask for donations at the Masters Welcome Back event being held on Sunday October 29th. Marcy will have the Masters Sponsorship sign and a place where donations can be made at the event that day.