State of the Association As Somersett enters its third decade, there is much to take stock of as we continue to ascend a positive trajectory of continuous improvement. Our Finances Are Healthy
Prudent spending, competitive bidding, and tight controls over our contracts have created better value in our purchases and spending which has helped to partially offset the effects of high inflation. This has also allowed us to pay down our debt since 2020 by almost $1.6 million. We recently refinanced our loan balances to take advantage of low rates before the rise in interest rates, which alone has the potential to save $500K in interest expense. When we keep our finances healthy, we keep control of increases in monthly assessments and avoid any unplanned special assessments.
Our Reserves Are Well Funded
According to the most recent Reserve Study, our General/ Common Reserves were funded at 72%. (Anything over 70% is considered healthy.) The reserves for the private streets are funded at over 100%. Healthy reserves are our protection from future expenses either planned or unexpected and by the time you read this, we will have added to the reserve balances further.
Bringing the Community Together
A big part of this relates to communication. We’re bringing homeowners the latest information, provided timely and with transparency. We’re engaging your opinion on important matters. This invites you as a homeowner into the inner circle and allows for real-time participation. Another aspect of “community” here in Somersett is a robust and active series of community events and activities. There are year-round events waiting for you to get involved and meet your fellow community members thanks to an active Events Committee and dedicated SOA staff.
Club Upgrades
At the beginning of the year, the Board authorized nearly $400K in Fiscal Year 2021 TCTC cost center funds to address the needed improvements at the Club at Town Center. Our committees are hard at work to get these improvements completed in 2022. Watch for some tangible improvements to the Clubhouse interior, exercise rooms, and pool areas this summer. 4
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Somersett Living
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May/June 22
Progress with Landscaping
Our new landscape contractor has started off with a huge cleanup effort to bring our landscape back to par and set a course for major improvements in 2022. It’s still early, but an increased level of commitment will be in place to address the irrigation and landscape issues. We are excited to see how this year shapes up. There are staff controls and monitoring of our contractor to keep things on track. A major goal will be to eliminate water waste, trim our water use, and improve the health of living landscape assets.
Declarant Period Winds Down
Next year it will be time to bring our governing documents up to date in preparation for the declarant period which draws to a close in 2024. Then it will be a time for Somersett to be completely self-determined and chart a course for the future that is appropriate for a mature and fully built-out community. Projections are that we will be completely built-out in 18-24 months after The Cliffs and Brae are completed. There will still be a few private lots left, but for the most part, Somersett will finally be complete, and with that some major opportunities to reap the rewards of a stable and mature community free from major construction.
Strategic Opportunities
As we improve our finances, we open the opportunity to improve and add to our amenities around Somersett. Developing this plan will be a collaborative effort and as we move to implement homeowners have the final say because capital improvements will be subject to a majority homeowner vote.
Somersett: It’s Great to be Home
We are fortunate to have competent and energetic management, a committed Board, and valuable assistance from the many men and women who serve on our committees. Everyone pulls together as we plan and implement a pipeline filled with projects in a collaboration with-and for the benefit of everyone who lives in Somersett and Sierra Canyon. Respectfully submitted on behalf of the Board.
Mark Capalongan SOA BOARD PRESIDENT
