Capital Improvement Fund
Increase Proposal
The Capital Improvement Fund (CIF) was designed and administered in 1983 by Waterville Estates Association to help fund capital improvements within Waterville Estates. Funds can only be used for capital improvements to tangible assets such as repairs, replacements, upgrades and purchasing of new assets, as noted in our bylaws. It cannot be used as an operating expense such as staffing or general maintenance. The Fund is replenished from a new owner fee applied at time of purchase and by new home building permits.
The CIF has been used in conjunction with District Funds to assist in the completion of projects such as the recent Locker Room and Game Room renovations, Boiler and HVAC replacement, Outdoor Court reconstruction and Community Center exterior residing. Current projects include new Community Mailboxes, replacement of the old playground to a new ADA Accessible Playground and replacement of the Outdoor Service Shed. The use of the CIF for projects like these helps to lower the financial burden on the District budget, which will reduce reliance on property taxes. CIF is also used to enhance Community amenities like Campton Mountain.
Initially the CIF was introduced at $1,000 in 1983. Had the CIF increased with Cost-of-Living Adjustment (COLA), the current CIF cost would be over $4,000 and the amount of increased contributions in the last 10 years would be over $750,000. As an example, $4,000 bought 20 chaise lounge chairs in 2012, today it would buy only 10 chairs. In 2014 Waterville Estates owned 130 chaise lounge chairs, today we have 44 that are in need of replacement. To bring us back to 130 chairs would cost over $50,000. Examples like these demonstrate the importance of this increase proposal.
It is important to note that the Capital Improvement Fund (CIF) payment is made by persons BUYING into the Estates, NOT the current homeowners.
The Board is proposing the following tiered increase to home sales and new home construction applications over the following four years as follows:
- 2025 – a $500 increase effective January 1, 2025
- existing home sales from $2,000 to $2,500
- new construction building applications from $1000 to $1500
- 2026 – a $500 increase effective January 1, 2026
- existing home sales from $2,500 to $3,000
- new construction building applications from $1500 to $2000
- 2028 – a $500 increase effective January 1, 2028
- existing home sales from $3,000 to $3,500
- new construction building applications from $2000 to $2500
Voting for owners is to open on 08/15/2024, close end-of-day on 08/31/2024 and will follow the same electronic election process as the BOD annual elections