In my opinion, we should not embark upon a $100k living shoreline if there are less expensive options for maintaining the integrity of the dock landing (i.e. extending the landing 8 foot and let nature take its course).My opinion is based upon the fact that the $100k expenditure would have to come from the reserve fund.This would reduce the reserve fund to approximately $163k.
$163 sounds like a lot but consider the fact that the reserve account is maintained so that special assessments are not required for non-routine maintenance and repair/replacement of non-insurable assets.We have 2 such assets now—dock and a $100k investment in landscaping.
With respect to non-routine maintenance, expenditures pending include a roof repair at amenity center, a root problem at the tennis courts, and possibly pool resurfacing required for our permit. As for uninsured assets, as we learned with Mathew and Irma, a storm can require significant funds for cleanup (we spent $11k last year because of a few wind storms and over $30k after Hurricane Mathew).Damage to the community dock could easily cost $100k (Southerland Bluff did not have enough reserve to cover this and did a special assessment after Mathew destroyed their dock).A hurricane could wipe out a good portion of the landscaping investment (nearly $100k).
Bottom line, it is not like we don't have any other maintenance issues outstanding and a Hurricane could easily eat up a large portion of our $263k reserve. Oh, and let's not forget, the living shoreline is not guaranteed or insurable. This being the case, if we invest in the living shoreline, we would be increasing our uninsurable assets by $100k.Stated more specifically, if we invest in this project, we would not only need to replace the $100k spent on the living shoreline which may or may not work but we would need to add another $100k to the reserve account if we are to have enough reserve to cover uninsurable assets and hurricane damage.
ps. The Zulu Proposal, the 2024 Budget and the Jan. Balance Sheet and Income Statement have been posted to https://www.tolomato.org/
The town hall meeting is scheduled for 3/21 at 6 pm and is promised to be held by zoom as ell as in person.