Budget Workshop October 9, 2023
The Masters Board of Directors and Frankly Coastal met on October 9th,2023 to review the proposed budget for 2024. Frankly Coastal proposed several revisions to the format of the budget that would help simplify and clarify the line items. Detailed discussion/review was conducted on the Reserves, Earned Income and the Operating Expenses. Frank Parish of Frankly Coastal noted that he was still waiting on several quotes from our suppliers and would be following up to obtain them. Frank suggested that the Board consider including the impact of inflation on our projected long term reserve estimates and offered to develop several models reflecting a range of inflation from 2 to 4%. Frank also suggested that the Board give some consideration to investing current reserve balances in CD’s that could offer greater interest rates. The Board agreed to think about both concepts. A follow-up Budget Review Meeting will be held on Wednesday, October 18th at 10am. Details on the logistics for the upcoming meeting will be provided prior to the meeting.