The PB Finance Committee met with PBF management on June 25th & 26th to review the proposed FY ’25 budget and here are the key takeaways:
The FY ’25 proposed budget contains large increases in spending, offset by increases in member fees and other potential revenues.
The Finance Committee’s Review of the Proposed FY ’25 Budget
Overall… the proposed spending increase is $3.1M, or 14% and includes:
- Employee raises proposed at 6%
- Employee Bonus Fund proposed at $800,000
- Rebranding and Coastal Resilience $100K and $70K professional fees
- Lifestyle Amenity (social activities for members) at $156,000
- County Community Park proposed ’25 loss of $112,560
- Restaurants* – proposed $2.9 million loss (Note: This is $600,000 more than the budgeted loss of $2.3 million in FY24 and largely due to increased labor costs.)
- *At the meeting, the Finance Committee unsuccessfully pushed back on the high labor costs at the restaurants, largely due to the use of H2B employees vs. local hires and large administrative costs off-season.)
- ** See Finance Committee recommendation below
Operating Fund Budget Summary – Click Here
With the budget as presented, the overall increase per annual assessment is 9.6% (9.4% increase in Operations and 10.6% increase in Replacement Reserves), which exceeds the SWFL inflation rate of 6%.
Proposed Annual Assessment Comparison
Based on that increase, the proposed annual assessment would be $3,111.
However, the Bulk Media fee for ’25 will only be $354 per unit (rather than $708) due to Hotwire’s agreement to waive the fee for the first six months of the contract (first year only.)
With that Hotwire benefit… if the budget is approved as presented, the FY’25
Annual Assessment would be $2,757 per unit.
** FINANCE COMMITTEE RECOMMENDATION
PB’s Finance Committee voted 5-2 not to recommend the proposed FY ’25 operating budget to the PB board due to the substantial increase in spending from FY ’24 to FY ’25.
The Finance Committee requested the proposed budget be reduced by $500,000 without impacting member services before it is presented to the board for approval. Presently, it is not yet known whether PB management will reduce the FY ’25 budget as requested by the committee.
Your PBPOA suggests that you consider attending the PBF Board meeting if you’re interested in weighing in on any of the above or other items in the proposed budget.
On behalf of all PB members, the PBPOA would like to extend our sincere gratitude to the Finance Committee for their dedication and hard work. We deeply appreciate the many hours spent in preparation for the 2-day workshop.
Next Foundation Board meeting: Monday July 22, 2024 12:30 p.m.
Community Center or via Zoom
We will send agenda highlights and link to meeting prior to meeting.
Complete FY 2025 Proposed Budget – Click
SUMMARY OF PROPOSED ’25 FEES
*All Member Fees Require PBF Board Approval.
Member Fees:
- Personal training up to $120 from $95
- Exercise classes up to $18 from $16
- Fitness guest pass up to $15 from $12
- Tennis Instruction up to $120 from $110
- Art Instruction up to $145 from $135
And more…
Design Review Fees:
- Single-Family Homeowners:
- $5000 from $3500 for new construction
- $3500 from $2500 for major projects
- Multi-Family Homeowners: Moratorium Eliminated
- $2500 Landscape Project
- $5000 Major Renovation
