Here is part 2 of Andrew Gaydosh’s interview with Lakengren Board President Jimmy Gambrell! In the first part we got to know Jimmy a little better. Now we will learn about the current focus areas the Board is working on. And coming next in part 3 will be the hot topics Andrew gets asked about most often.
Check out Part 2 now!
Jimmy Gambrell outlines three current focus areas for the board: increasing revenue, updating policies and procedures, and redefining the management structure going forward.
First, the board is focused on increasing revenue for the community. The recent Reserve Study showed that the community is under-funded for the improvements and maintenance needed over the next 30 years. With that knowledge in hand, the board decided to work the Financial Planning Committee to increase revenue to help close that funding gap. The first attempt was the Spectrum proposal that was voted on earlier this year, however, it failed by only a few votes. Now, they are looking for other options and will likely have an assessment increase on the ballot this fall. Jimmy encouraged everyone to vote, “Typically we only see about two-thirds of the ballots returned and we want to hear what the whole community thinks on the issues.”
Second, is updating the policies and procedures. There are a lot of policies that have not been updated since the community was founded and now are out-of-date. Jimmy discussed the different levels of rules to help drive understanding of what can be changed and how. The basis of everything, and therefore the hardest to change, are our deed restrictions. These are as close to set in stone as they get. It would take someone going door-to-door to collect a lot of signatures from the homeowners in order to get a deed restriction changed. From the deed restrictions, the code of regulations was developed. The code can be changed with a majority vote of the community. The board cannot just change these rules – it must go to a vote. Finally, there are the policies and procedures. The board has the authority to change and update the policies without the need for a community vote. Right now the board is going through trying to update some of the more outdated policies our community still has in place.
Third, the board has been focused on redefining the management structure here. In the spring our Community Manager left Lakengren. Since then the board has taken the opportunity to review the employees and determine what would be the best type of manager going forward. In September, the board announced that they have hired a new community manager, Joe Overton.
Read full transcript here.