Final Update 11/23/21
Proposed Assessment Increase Voting Results
Results of the property owner vote on the assessment increase proposal were announced during a Special Members Meeting on November 15. An independent third-party election and auditing company EGP, PLLC, announced that quorum was achieved, with approximately 56% of property owners voting FOR the increase and 44% voting AGAINST. A summary of vote totals is as follows:
|Assessment Increase||Property Owner Type||Vote Totals|
For further details on the vote, click here: Vote Details
The HSV Board of Directors would like to thank all property owners who participated in the voting process. It is now time to move forward and secure the future of Hot Springs Village. Board Chair JoAnne Corry stated, “The ‘yes’ vote means we are delivering on the community values that make Hot Springs Village our home. We will have the funds available to ensure our gates, police and fire departments, and emergency response systems are here when we need them, and our infrastructure will be maintained the way it should be. We’ll be able to continue the level of service you have a right to expect from this community.”
Board Takes Strong Action to Ensure Any New Assessment Revenue Will Be Spent As Promised
The policy passed on October 6, 2021 established a commitment by current and future Boards of Directors to focus the resources of Hot Springs Village on those items needed to maintain and sustain our existing infrastructure, keep our equipment maintained, keep our existing amenities viable, and ensure that our salary levels are adequate to attract and retain a skilled workforce.
On August 25, after eight months of analysis by Property Owners serving on the Future Revenue Task Force, the HSV Board of Directors voted unanimously to recommend an increase in assessments for improved and unimproved property owners. The recommended increase requires approval of the majority of HSV property owners. The decision is now in the hands of HSV Property Owners.
The proposed new assessment amounts are:
Why Does It Matter?
The Task Force analyzed historical revenue and expense data along with projected maintenance and capital investment requirements for the next 7 years. Their findings indicated that Hot Springs Village is expected to under fund its required expenditures by an average of approximately $6.7M per year for the years 2022-2027. Without an assessment increase, HSV will be unable to fund the infrastructure and lifestyle property owners expect.
When and How Do I Vote?
Proxies and voting instructions will be mailed to Members in good standing on or before October 8, 2021 and must be received at the designated PO box prior to the end of business day on November 12, 2021.
Please use the stamped and addressed return envelope enclosed with your proxy to mail your vote. Proxies may not be physically brought in-person to the POA and will be considered invalid if received at a POA address.
Voting in person will be available on November 15th between 9AM and 4PM in the Ponce de Leon Center – Ouachita room. You may obtain a proxy on site by presenting your POA member card.
What "YES" means
- Investment Protection: Well-maintained infrastructure, amenities, and services protect and increase the value of your home and property.
- Security: Adequate funding ensures our gates, police and fire departments, and emergency systems are in place and sufficiently staffed to meet the needs and expectations of members.
- Reliable Infrastructure: Well paved roads, functioning water and sewer systems and POA facilities - things we depend on and often take for granted - need more maintenance dollars with each passing year.
- Quality Services: It takes a qualified staff to deliver the services we have come to expect as POA members and residents. Job vacancies are a real and growing threat to our ability to deliver top quality services.
- Outstanding Amenities: Our abundant and outstanding amenities like pickleball, golf, trails, lakes, The Woodlands, and the Coronado Center are vital parts of our HSV lifestyle. Keeping these well maintained and operationally sound is critical.
What "NO" means
- Crisis Management: The backlog of deferred infrastructure work will continue to increase and become more problematic. Reacting to infrastructure failures is much more costly than a proper preventative maintenance plan.
- Declining Services and Amenities: The board must continue to find ways to reduce expenses to stay within the current budget. These reductions could mean lower funding for public safety and for maintenance of our amenities.
- Fee Increases: Without an assessment increase the Board will be forced to consider broad and significant increases in our fee structure. This is inconsistent with the established model of low fees for members but may be necessary
- Declining Perception and Value: High quality amenities and infrastructure are required to maintain Hot Springs Villages position as a top tier private community and a premium vacation destination. A failing infrastructure and poorly maintained amenities will drive declining property values.
Where Can I Learn More?
- To view the detailed work and public meetings of the Task Force, CLICK HERE
- To view the HSV Board of Directors public meetings, CLICK HERE
- To view the HSV POA Financials, CLICK HERE
- To view HSV POA budgets, CLICK HERE