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Surfside III Financial and Capital Restoration Preliminary Discussion

This preliminary discussion presents a vision to recapitalize the association and restore all common elements in Surfside III. It aims to stabilize the operational budget and fund capital replacement projects with capital reserve funds going forward. The plan addresses inadequate capital reserves, the use of point solutions instead of comprehensive solutions, and the need for proactive planning. It proposes an investment program, completing repairs in 2-3 years, paying over 15 years, and building up capital reserves over the next 15 years. The goal is to achieve positive cash flow, address deferred maintenance, and ensure adequate funding for comprehensive solutions. The recommendation includes a capital infusion to start over, restore major common elements, revise the capital reserve study, establish contribution amounts, and reserve for replacement on a scheduled basis. Contractor quotes for various repairs amount to $5,600,000.

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Surfside III Financial and Capital Restoration Preliminary Discussion

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  1. Surfside III Financial and Capital Restoration Preliminary Discussion

  2. Vision • Recapitalize the association and restore all common elements. • Stabilize the operational budget. • Fund capital replacement projects with capital reserve funds going forward.

  3. How Did We Get Here? • Capital reserves inadequate for a long time. • Point solutions used instead of comprehensive solutions. • Reacting, not planning.

  4. Difference2,412,000 Needed Budgeted

  5. Now What? • Surfside III Investment Program • Re-capitalize. • Complete repairs in 2-3 years. • Pay for it over 15 years. • Build up capital reserves over the next 15 years. • Stabilize operational budget.

  6. From This Deficits

  7. Deficits Positive cash flow From This To This

  8. Deficit Crisis management Positive cash flow From This To This

  9. Deficit Crisis management Positive cash flow Planned progress From This To This

  10. Deficit Crisis management Point solutions Positive cash flow Planned progress From This To This

  11. Deficit Crisis management Point solutions Positive cash flow Planned progress Comprehensive solutions From This To This

  12. Deficit Crisis management Point solutions Deferred maintenance Positive cash flow Planned progress Comprehensive solutions From This To This

  13. Deficit Crisis management Point solutions Deferred maintenance Positive cash flow Planned progress Comprehensive solutions Adequate funding From This To This

  14. Deficit Crisis management Point solutions Deferred maintenance Concern, apprehension Positive cash flow Planned progress Comprehensive solutions Adequate funding From This To This

  15. Deficit Crisis management Point solutions Deferred maintenance Concern, apprehension Positive cash flow Planned progress Comprehensive solutions Adequate funding Community From This To This

  16. Recommendation • Capital infusion allows us to start over. • Restore major common elements to like new condition. • Revise the capital reserve study. • Establish capital reserve contribution amount. • Begin reserving for the eventual replacement of common elements on a scheduled basis.

  17. Contractor Quotes • Paving – 250,000 • Re Pipe – 1,900,000 • Elevators – 650,000 • Epoxy Water Pipes – 1,300,000 • Mold Remediation – 1,500,000 • Sub Total 5,600,000

  18. Remember • Information is preliminary • No decisions made regarding contracts, consultants, engineering services. • Final solution needs to be comprehensive, affordable, supported by the membership.

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