Greetings from the Board – August 2024

VCA Financial Management Process

Your Finance Review Committee, the FirstService Residential (FSR) Accounting Professionals, and the FSR Management Staff all work diligently and ethically to assure responsible financial management on behalf of all the members of the Vistoso Community Association.

The accounting team at FSR carries out the day-to-day financial activities and FSR also provides management services for the VCA.  The Finance Review Committee fulfills a critical oversight and approval role providing a monthly review, analysis, and approval of the FSR prepared financial statements and supporting materials. Additionally, as Treasurer, I am responsible to review and approve all Invoices for vendor payment. A snapshot of the financial condition is available for review in the minutes of the Finance Review Committee meetings. The VCA Treasurer’s Report and detailed VCA financial reports are emailed to members as part of the General Session Board Meeting agenda and meeting materials.  Here are the fundamental financial metrics submitted to the Board of Directors each month:

• Operating Fund Balance
• Current and Foreseen Cash Needs
• The Reserve Fund Balance
• Liquidity Strength
• Accounts Receivable
• Accounts Payable
• Total Income
• Total Expenses
• Significant Financial Issues

Budget

The Finance Review Committee is responsible for overseeing the preparation of VCA’s Annual Budget (Click HERE to view the budgets). In concert with FSR professionals, the Committee prepares a projection of financial needs for the upcoming year.  The Committee first approves the Budget at the Committee level before presenting it to the Board of Directors (BOD) for approval and adoption at a Fall General BOD meeting open to the membership.  After the BOD approval, the Budget becomes the road map for upcoming financial matters for the year ahead.

Reserve Study

Finally, every year VCA retains the services of a Reserve Study professional who reports information regarding useful lives and replacement cost of all the VCA’s common assets. Common assets reviewed include park equipment, parking lots, playgrounds, and other amenities. Once the report is received, FSR professionals and the Finance Review Committee evaluate asset replacement needs and include a monthly contribution to the Reserve Fund in the budget. This contribution to Reserves totals $66,667 per month for the current year. The current Balance of the Reserve Fund is over $3.5 million, the bulk of which is under the investment management of Morgan Stanley and FSR professionals. Click HERE to view the Reserve Study)

Did You Know – August 2024

Interesting facts about Arizona:

Arizona has the most populous state capital

Arizona’s state capital is the city of Phoenix. Since it is the state’s most famous city, most people already know that fact. However, most people don’t know that Phoenix is the US state capital with the largest population. As of the last census, there were nearly 2 million people who called Phoenix home, and that number has likely risen in the time since.

The Organ Pipe Cactus National Monument is in Arizona

Arizona is full of some of the country’s most unique landscapes, one of which is the world-renowned Organ Pipe Cactus National Monument.

This landmark is a UNESCO International Biosphere Reserve due to the diverse plant and animal life found here. Due to this designation, the area is used for scientific research on habitat preservation.

The state has a population of seven million people

Arizona may have the capital with the largest population, but that doesn’t translate to every part of the state. With a territory-wide population of just over seven million, it’s only the 14th most populated state in the country. However, the state has seen a growth rate of roughly 1% each year. Fifty years ago, in fact, the population was only two million.

Lake Havasu City offers fishing in the desert

Arizona is primarily made up of desert terrain, and much of the state has an arid climate. So, it might surprise you to learn that you can find Lake Havasu City on the edge of the Mohave desert. The name isn’t tongue-in-cheek. The city takes its name from an actual lake that offers some of the most abundant fishing in the state.

Snapshot – August 2024

If you missed the July 25, 2024, Board of Directors meeting, here are the highlights of the Manager’s Report. The next Board of Directors meeting is scheduled for August 29, 2024.

Board Member Appointment
Craig Golden was appointed to the board on June 27, 2024, to fill the “Other Than Single Family” voting category until the March 2025 annual meeting.

Rancho Vistoso Blvd. Streetlights
Due to the expense of removing the copper from the streetlight system, the board directed AZ Project Solutions to develop the RFP for the removal and disposal of the streetlights owned by VCA. Once this is completed bids will be solicited for this project.
Mountain Power Electrician Contractors has been requested to provide hard wire and solar proposals for Las Colinas, Sunset Ridge and Vistoso Highlands monuments that were tied into the streetlighting system. The board will be meeting the Town of Oro Valley to discuss conveying the two streetlights along RVB near Honeybee Park.

Entryway Monuments
The project is expected to commence in July and be completed by the end of August, weather permitting. This includes the east and west monuments located at RVB and Tangerine Rd. The focal point of this project is to reduce water consumption. Low voltage lighting, plantings, granite and boulders will be installed.

Capital Projects
Granite Replenish Project – This project is about 90% completed. At the completion of this project 6,028 tons of granite will be installed on VCA common areas. This will assist in mitigating dust and erosion issues. The following locations were included in this project.
➢ Common areas bordering Innovation Park Drive between Rancho Vistoso Blvd & Tangerine
➢ Common areas bordering the perimeters of Bella Vista, St Andrews Ph1 & Ph2
➢ Eastern corner of Innovation and Rancho Vistoso Blvd
➢ Common areas tracts at Horizons & Vistoso Heights
➢ Common area tracts bordering streets (W Moore Rd, Rancho Vistoso Blvd, Arrowsmith, and Woodburne Ave) throughout neighborhood 7
➢ Wildlife Ridge Park
➢ Hohokam Park
➢ Sunset Ridge Park
➢ Woodshade Trail – Sunset Ridge Park to Rancho Vistoso Blvd
➢ Big Wash Park

Concrete Repairs – The board selected Concrete Done with Love to address the repairs to the common areas. The project will commence on July 22 and the following schedule has been emailed to VCA members and posted on the website.

Tennis Court Resurface Project – A pre-construction meeting with the contractor is scheduled for the week of July 15. Third Degree Recreation has ordered nets for both courts and windscreens for the east and west side of the court.

Playground Equipment – Wood chips for the playgrounds at Hohokam, Somerset and Sunset Ridge Park will be refreshed. Three playground panels will also be replaced at Hohokam Park.

Drainage Projects
➢ Big View Ct. Channel – Two proposals have been received. WLB will provide additional details to bidders to assist in getting proposals to meet the scope and requirements of the project.
➢ 27 Mile – The contractor is reviewing the final designs that were approved by the Town of Oro Valley and will update the estimate for the drainage and trail repairs.
➢ Bridal Veil – Waiting for an update on the design plans revisions from Bogardus Engineering. Builder Transitions
➢ The Town of Oro Valley still holds the Pulte bond for the west side of Moore Loop Road. Pulte has begun to work on the drainage area along Moore Loop Rd and inside Valley Vista neighborhood. The association has requested an update from the Town of Oro Valley.