May 23, 2015- 9AM

Quick updates on projects, activities, development and financials

Will move very quickly through material ◦ Please hold your questions until the end

◦ Email me through the website if you need additional information

Slides shared with online participants ◦ PP presentation already loaded to Homeowner Docs

section of the website

Enormous amount of time this winter in managing this change

Transition going well

First month closing and financials were very well done

Extremely cooperative and supportive

Some residents have taken advantage of maintenance/repair program ◦ Dispatch, bids, tracking reporting

Email: maintenance@Foresidemanagement.com

Mailer at month end to homeowners using incorrect remittance address

3 years of effort

Installed and powered up yesterday

Sign-up link available on Tuesday through RedZone

3 plans 5 ($39), 10 ($59), 25 ($89) meg download speeds

Wireless connection to special modem supplied by RedZone

Simple installation- modem will be shipped to your home

More information at www.Redzonewireless.com

DCHA leased strip of land to city for 99 years

City will install new barge landing and maintain it for 99 years

Work to begin June 28- barge landing will be closed for approximately 10-14 days

Other than some legal- no cost to DCHA

Final approvals obtained from city over the last year- approvals, permits and contract have taken over 5 years

Construction this fall

Same location and design as reviewed in last year’s meeting

99 year solution for DC solid waste ◦ Weekly trash and continuous access to two

dumptsers

Other than legal expense- no cost to DCHA

Paving around parade grounds and side streets to begin May 26th

About ½ of the parade grounds to be ripped up ◦ Reclaim used on other DC roads- grading and

rolled into place

Paving to start on approx. June 1st

Cost of $140k is included in capital budget projections

Pier was scraped, painted and a new deck installed last Spring

Some rust re-appeared in areas of the steel

Cianbro sent a number of engineers to investigate- without hesitation they have agreed to repair

5 man crew on-site for 2 weeks removing rust, priming and re-painting

Coating and pier engineers have also been inspecting the work

1-2 more days of work remain

No additional cost to DCHA

No maintenance in last 15 years

Paving contractor will re-pave one of the courts (right)

VT Tennis will then replace posts, repair and replace fence and will then re-surface both courts and re-paint

Work expected to be complete sometime in June

Cost of $19k in capital budget

“Post Leak” fix caused significant reduction in water usage at DC

Consultation with PWD and water engineers indicates that many “summer communities” experience similar problems with old cast iron pipes

Water tested and meets all drinking standards Cartridge filters have improved quality for some

homeowners Flushing continues- color improving throughout

community Still need to investigate other filters/processes to

minimize problem likely to return this fall

Security task force met through the winter

Recommendations: ◦ Increase security personnel to 2

◦ Frequent checks on pool and beaches

◦ Resident/renters wristbands while in pool- ONLY

◦ Congestion on pier- keep carts off wooden pier when ferry is offloading

◦ Investigate additional IP cameras

◦ Better communication and awareness from all

General Store is OPEN! ◦ Hours of 7AM-8PM

◦ Stop in to meet Michael Marchessault

Restaurant to open 5/28 for homeowner night

Rippleffect Camp on DC! ◦ 8/11-13th- sign up in advance- 5-8 years olds

◦ (12 slots) – registration form on DC calendar

Art Gallery Programs ◦ Art exhibits and instruction planned for the summer

◦ Check email and the DC calendar

◦ Thanks to Marjorie Moore and Beth Sanders

Landscape Work ◦ Ahead of schedule this year

◦ 3 additional special projects

Stairs from parade ground to the dock

New stairs leading to the pool

New picnic grove by the General Store

DC Museum Questionable ◦ Former volunteers unavailable this summer

◦ Two requests for volunteers- only 1 response

◦ Evaluating options- paid staff?

More information and contact info available in prior newsletters online

Tennis Lessons and clinics DC Summer Camp for kids Swimming Lessons Rippleffect weekly kayak lessons and tours ◦ Wednesday evenings in the summer ◦ 2.5 hour outing leaving from DC Beach ◦ Sign-up in advance at General Store

Historical Guided Tour “Trail” ◦ Signs with QR codes throughout community

Diamond Cove Homeowners Association

For the period 7/1 thru 4/30 ACTUAL ACTUAL BUDGET VARIANCE

FY 2013-2014 YTD YTD YTD

Income

Total Dues Collected 709,670 707,350 707,350 -

Homeowner Late Fees 3,649 2,298 833 1,465

Reserve Interest Income 263 220 167 53

Barge Landing & Gate Fees 1,100 100 1,250 (1,150)

News Paper Delivery Reimb 262 237 292 (54)

Children's Summer Camp 2,435 4,440 2,500 1,940

Residence Labor 26,887 20,443 20,833 (391)

Rental Impact Fees 5,051 8,522 5,000 3,522

Real Estate Posting Fees - 3,715 2,500 1,215

Misc. Other Income 5,662 5,393 2,500 2,893

Commercial & Ground Lease Fees 13,115 13,115 13,115 -

Total Income 768,094 765,833 756,340 9,493

Expenses

Maintenance 157,467 167,579 166,435 (1,144)

Utilities 43,199 36,101 38,083 1,982

Security 94,294 109,157 104,953 (4,204)

Insurance Expenses 52,450 56,016 57,416 1,400

Administration (excl. legal) 153,239 163,323 164,081 758

Legal 59,574 23,836 41,667 17,831

Children's Summer Day Camp 6,307 6,964 5,979 (985)

Total Operating Expenses 566,530 562,976 578,615 15,638

Net Operating Income 201,564 202,857 177,726 25,131

Class I & III Expenses & Other 12,027 17,855 15,000 (2,855)

Write Off Past Dues 7,740 31 2,083 2,052

Total Other Expenses 19,767 17,887 17,083 (803)

Total Transfers/Capex Costs (LOC) 147,806 151,361 139,900 (11,461)

Income Net of Transfers to Reserves 33,991 33,609 20,742 12,867

Latest/

Current

Budget Actual Cost Variance

COMPLETED PROJECTS

Fresh water upgrade (phase 1 & 2) (305,000) 160,226 (144,774)

Pier repairs (225,000) 283,564 58,564

Pool upgrade (100,000) 116,937 16,937

Pool furniture (15,000) 20,832 5,832

Upgrade website (20,000) 14,990 (5,010)

Improve Admin Bldg drainage (13,000) (13,000)

Finish Admin Bldg basement (20,000) 8,227 (1,773)

Contribution to upgrade existing playground (10,000) 3,288 (6,712)

Rebuild pond retainage wall (13,500) 22,630 17,630

Store patio - 5,830 5,830

CAPITAL PROJECTS COMPLETED TO DATE (721,500) 636,524 (66,476)

Latest/

Current

Budget Actual Cost Variance

PHASE ONE Priority Projects

Repave roads & redo 1 tennis court (140,000)

Replace concrete pad behind building 13 (5,500)

Upgrade Admin furniture & carpet (30,000)

Resurface 2 tennis court & repair fence (17,000)

Upgrade of Internet service (20,000) 34,724

Initial Brush/Tree Removal (15,000)

SUBTOTAL OF PRIORITY LIST (227,500)

PHASE TWO/ TO BE DETERMINED

Add add'l cameras - pool area only (10,000)

Add toilet in laundry building (10,000)

Construct generator housing (ck. Ready made) (15,000)

Art gallery tables and chairs (2,500)

SUBTOTAL OF SECONDARY LIST (37,500)

TOTAL PROJECTED COSTS FOR FUTURE PROJECTS (265,000) 34,724

CAPITAL IMPROVEMENTS

Diamond Cove Homeowners Association

Financial Update

Accounts Receivable Report

Accrual (F/S) Cash Received Variance

Total Dues Collected: $707,350 $722,888 $15,538

Reasons for positive variance:

o Deferred payments from Inn ($1,078/month)

o Prepayments from HOs

Liens outstanding:

o Gary Smith $4,119

o Barbara Stanley $6,509

o Oliver Keithly $1,606

Capital Reserve Accounts:

Bangor Savings Bank balance $230,890

Capital Reserve account balance 67,855

EUE account balance 111,245

Waste Water account balance 91,984

Museum/Historical account balance 13,378

Very busy winter season- lot’s of progress on many issues

Special thank you… ◦ DCHA Board members

◦ New friends at Foreside Management

◦ Roger, Mike, Tom and Ryan

◦ Committee volunteers

◦ City of Portland Public Works Director (Mike Bobinsky)

◦ Tony Calcagni- Verrill Dana attorney