The Association’s finances have been the leading topic of discussion for the board and the residents for several months. As you know, it was recently necessary for Stoneybrook to impose a special assessment of approximately $216 to subsidize the cash flow shortfall created by an increase in delinquent accounts. While we would have preferred not to have a special assessment at all, we are pleased to have reduced the amount of the assessment down from the $400+ amount that it was originally anticipated to be. This lower special assessment amount was the result of the improved collection policies combined with the reduction of operating expenses of approximately $110,000. These expense reductions included a review of all existing contracts and the renegotiation of many contracts by our management personnel with our vendors. Significant negotiated savings included the pool resurfacing, copier lease and our landscaping contract.

The amount of the assessment was established after taking into account the operating cash flow needs of the association for the remainder of 2009, the current dollar amount of delinquent accounts, and a conservative projection of delinquent accounts for the remainder of 2009. Assuming future delinquencies are consistent with our projections, there is no expectation of a further special assessment during 2009.

A recent article in the East Orlando Sun discussed our special assessment and highlighted the fact that other communities are facing similar challenges.  Click this link to read the article (East Orlando Sun Article).

The board also formed a "Hardship Committee" several months ago for the purpose of reviewing and approving payment plan requests from residents. Minimum repayment standards have been established, and the committee works with individual homeowners in a confidential manner to create an arrangement that works for both parties. While we had hoped that this program would have received more participation, we are happy to report that several accounts are on payment plans and are making payments as scheduled.

Safety continues to be a constant focus and continuing challenge for our community. We continue to actively manage the safety of our community through daily communications with the gate attendant company, and our sheriff patrols. While we do enjoy a reduced level of crime as compared to nearby un-gated communities, we are still prone to unwanted activity within our community.

Many residents of Hawksmoor have recently joined together to form a neighborhood watch program.  This is in response to the continued trespassing of juveniles entering by foot through backyards from Avalon. The Association was approached by some residents of Hawksmoor last year who requested that the Association install a wall or fence along the backside of Hawksmoor. Unfortunately, the Association owns no common property in that area because the individual homeowner lots abut directly up against Avalon property. As a result, individual Hawksmoor homeowners have joined forces to contract for a fence company to install a fence along the rear property lines of their property at a group discount.

The Gatehouse Committee has recently changed its name to the "Safety Committee". The committee chose to change its name to better reflect the expanded scope of its activities over the years. In addition to the gates, the committee also helps facilitate other activities such as the sheriff patrols, surveillance cameras, and the neighborhood watch.

Communication is critical both in business and our personal lives. While we attempt to communicate regularly with residents we admit that improvements can be made. As a result, we have focused additional time and resources to improving communication throughout the community. We continue to use our quarterly newsletter and periodic mailings to communicate with residents. In addition, we have added several new initiatives to make information more readily available for residents.

First, we have made modifications to our website to include a regular "President’s Report". This area of the website will include regular (bi-weekly) updates to provide more real-time information on various happenings within the community. In addition, we have added a "Rumors Section" to the President’s Report. We will use this area to post various rumors or topics that have been submitted by residents who have requested clarification on something they may have heard.

Second, we have recently implemented a community email and survey service. This project rolled out on April 6^th with its first email. We are hopeful that we can obtain complete and accurate email addresses from all residents through the first couple of email sessions. We encourage everyone to register their email address through the link on the front page of our website if you are not receiving our community email. It is our expectation to send out regular email updates of current events approximately every two weeks or more frequently as needed.

And finally, a new digital sign will be installed at the resident gate allowing management to get instantaneous information out to the community. We are happy to announce that the remaining cost of the sign and installation was funded by HBL Communications.

The Knightsbridge Apartments adjacent to the clubhouse is a dues paying member of our association pursuant to a separate Declaration of Covenants. This Declaration of Covenants was created back in 1999 as the result of opposition by some of the original residents of Stoneybrook against U.S. Home for their sale of that land for the purpose of constructing a multi-family apartment complex. Payments of assessments (currently about $300,000 per year), have occurred without incident since 1999. However, the current owner of the apartments (which they acquired during the summer of 2007) has recently filed an official dispute with the Association regarding the amount of dues paid. Through communications between the two parties the apartments have made the last several quarterly assessment payments under protest. However, they have now submitted a formal dispute as to the amount paid and wish to renegotiate the annual assessment.

As you can imagine, this issue has significant financial implications on each and every homeowner in the community. A negative outcome to this matter could have an impact of approximately $221 per home per year. Your board of directors has been actively engaged in this matter for several months and has retained specialized legal counsel to protect the rights and interests of the Stoneybrook residents. We will keep you apprised of any changes in the matter and will continue to work diligently on behalf of Stoneybrook on this issue.