PMHOA Funding Source Information (Communication 2)

Hello Homeowners,

I wanted to update everyone on the status of the HOA funding project and give a few more stats that will help you make a decision. The board is also looking to have something at the pool this Friday i will post more information once we have good times for everyone and ensure weather permits. Below are a few implications of the three items that you all will help the board decide on.

Option 1. NO Action needed - The implications of the board taking no action and sticking to the 5-year plan will work but requires a lot of sacrifices.
1. For example, anything that the HOA adds to the reserve account will be used for pool resurfacing since we are getting close to the point of no return.
2. Late fees will not be waived as often since that's a hard cost at times to the HOA.
3. The landscape is expensive and to correct the issues that we have cant be addressed until the pool is fully funded.
4. No events for the HOA  for the remainder of the 5-year plan
5. property Values could suffer from the lack of common area upgrades and corrections.

Option 2 $300 one time assessment - This option will speed up a lot of issues that we need to correct and form lack of money from historical potential miss management we are in recovery mode. We are doing great and ahead of track on the budget but its just not enough for big-ticket items that can't wait. The implications are as follows...
1. The will go up one time in 2019 to $830 that will be split into two payments to help with the cost and reduce late fees from hardships.

Option 3 increase the dues by 20% - One of my personal goals is not to raise the dues but if the opportunity presented itself reduce fees. The implications are as follows...
1. Once the dues are increased it's challenging to lower the fees back or reduce fees.
2. the corrections that the HOA needs will take a more sluggish approach for example with the one-time assessment we could resurface the pool this year but with a 20% increase it would need to be the end of next year and could cost more if the pool starts to damage any more.

All of the above are just a few implication downsides the board for Princeton meadows has a few goals but the most important one is to ensure that home values increase not decrease. Since day one that has been my underlining goal but we have a massive beat called the "pool" that needed a lot of work and still needs the final major money eater corrected to ensure the life of the pool and prevent property value loss by losing the largest pool in Princeton so far the biggest :).

Just to posable set your mind at ease my vote is not to increase dues as a homeowner I would like lower dues but as a board member budget wise we must stay cash flow positive.


I know this is a lot to take in, please review the information and contact myself or anyone on the board to discuss the following proposed solutions.
- Joneschris903@gmail.com - Chris - 903-578-0719
- pastormarkc@gmail.com - Mark
- psardo525@gmail.com - Pam

First Service Rep
- Jenifer.Reider@fsresidential.com - Jenifer - 214-451-5433

Voting URL
https://pollev.com/chrisjones648

Feedback form
https://form.jotform.com/82468233530152

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