CORROTOMAN BY THE BAY

Special Assessment

Update Regarding the Special Assessment

As published in the June 2014 Corrotoman Currents


Many of you in the association have asked for an explanation of the special assessment and how it will impact you and the community. Here it goes: At a Board meeting held on November 9, 2013, the Board approved imposing a special assessment, totaling $95,000, for the purpose of funding renovation of the swimming pool ($35,000) and the tennis courts ($60,000).


This amount divided by the 591 lots in CBTB means that each lot owner is responsible for paying $160 per lot ($95,000 divided by 591). This special assessment was issued in accordance with Virginia Code Section 55-514 which gives the board of directors the power to levy such an assessment if the money is to be used for the “maintenance and upkeep” of areas of the association responsibility – such as the pool and the tennis courts. On November 30, 2013 the Board sent a letter to all lot owners informing them of the special assessment. While Virginia Code 55-514 states that an association may  request a meeting to rescind or reduce a special assessment – this meeting must be completed within 60 days of the time notice of the assessment was sent out. Thus in our case a meeting needed to be held no later than January 29, 2014.


This code section also refers to an association’s by-laws to determine the proper procedure for requesting the special meeting. CBTB by-laws (Article VI, sections 5 and 6) require that at least 25 members in good standing (those who are current on their bills to CBTB) must request the meeting in writing, and the bylaws also state that notice of any special meeting must be mailed to all association members 30 days before the meeting is to be held. Because the association’s request was not made to the Board until January 11, 2014 there was not enough time (not 30 days) before the January 29th deadline, to hold a meeting. The bottom line is that the attorney hired by the Board of Directors, William W. Sleeth III has advised the Board that the special assessment was properly imposed.

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35 Facts About Our Special Assessment from the 2013 CBTB President, Catherine Bennett

  1. It was done Properly in accordance with Virginia State Statutes §55-508, 55-514 and 55-514.1 and CBTB Governing Documents.
  2. It is to pay for the repairs to the swimming pool and tennis courts only.
  3. These are the two largest and most critical projects our community faces at this time.
  4. It is not based on the Capital Reserve Study done by the professional Capital Assessment firm of Miller Dodson Associates.
  5. It is not to pay for the golf course.
  6. It is not based on any other repairs.
  7. It is based on each lot, not each owner, the same as the annual dues are based.
  8. The total amount to be spent on the two projects (swimming pool and tennis courts) is approximately $130,000.
  9. The total amount to be raised through the special assessment is $95,000.
  10. $95,000 divided by 591 lots is $160.74.
  11. The balance is to be paid from the existing capital reserve fund.
  12. Special assessment payments go into the reserve fund until spent on the pool or tennis courts repairs.
  13. There will not be a surplus from this assessment to pay for anything else… Just the Pool and Tennis.
  14. Annual dues payments go into the operating budget. The operating budget pays things that don’t last like electricity, water, bookkeeping services, mowing, postage, insurance, pool chemicals, plumbing, repairs, and other consumables.
  15. State Law requires community associations to have a capital reserve fund. It is the law.
  16. We are required to put enough money in the fund to keep up our common facilities.
  17. Why is it a law? Because Community Associations that have neglected raising their dues were going bankrupt in trying to keep up their facilities without raising their annual dues.
  18. The annual dues for CBTB’s operating budget are still $80 per lot, exactly the same since 1997.
  19. Are you paying the same for electricity, mowing, gasoline, insurance, telephone as you were in 1997? Everything costs more for you and CBTB but our annual dues have not gone up. Not one penny.
  20. Is it better to properly repair something so you stop losing money than to keep throwing money into patches that don’t work?
  21. The pool repairs will immediately save thousands of dollars each year in operating expenses.
  22. Click here to see the list of repairs to the swimming pool, which are to be done by Sevarg Pools, Inc., a local company.
  23. Click here to see what the pool repairs will address.
  24. The swimming pool is expected to be ready for the regular swim season starting Memorial Day.
  25. The Swimming Pool should not have to be drained for 10 years and the repairs are expected to last for about 20 years with minimal annual maintenance
  26. The swimming pool repairs are costing nearly $50,000.
  27. A new pool of the same size as we have now would have cost about $120,000.
  28. The tennis courts renovation bids are under review and will be decided by the board soon. Click here to see what repairs are needed to the tennis court.
  29. The tennis courts are part of our community and responsibility for maintenance.
  30. The tennis court repairs are expected to last for about 20 years with minimal annual maintenance
  31. The tennis courts and swimming pool contribute to the value of your property and the pleasure of being an owner in our community association.
  32. It is essential that each lot pay the special assessment so that both projects can be completed.
  33. Your Board of Directors serve as volunteers and pay the same fees as every other property owner.
  34. Together we will save money, spend our money wisely, and protect our property values.
  35. For facts about the special assessment, please e-mail President@Corrotomanbythebay.org or call 804-435-0321.


Last update March 12, 2014 - 7:45 pm