Budget work sessions rescheduled

The Hot Springs Village board of directors began discussion of the proposed 2014-16 financial budget at their Wednesday, Sept. 4 work session.

David Twiggs, COO and general manager, presented an overview of the budget in a public session, noting the proposed 2014 budget accomplishes the guidelines provided by the board.

The proposed 2014 budget projects revenue of $28.2 million, a growth of 3.3% comprised primarily of the recently approved annual assessment increase of 1.9% and increased revenue in Golf, recreation and public works. Operational expenses are proposed at $24.9 million, only .5% higher than 2013. Additional capital expenses of $ 4.5 million fund ongoing capital requirements, construction capital and new major capital expenditures. Cash projections for end of year cash balances remain solid with projections for ending cash balances of $4.5 million for operating cash and $3.1 million for reserve cash.

The board will conduct public review sessions on the following days:

First Session – Recreation, Public Works and Administration: Monday, Sept. 16, Coronado Community Center, 1 to 4 p.m.

Second Session – Golf, Public Safety and Wrap Up: Thursday, Sept. 26, Ouachita Activities Building, Ponce de Leon Center, 1 to 4 p.m.

POA members are encouraged to attend any or all of the budget sessions, which are open to the public.

The Board of Directors is scheduled to vote on the proposed budget during the Oct. 16 regular meeting, set for 9 a.m. in the Ouachita Activities Building, Ponce de Leon Center.

Details on the proposed budget are available on the POA website at www.hsvpoa.org | Governance | Financials | Budget & Financial Reports | 2014 Budget.

For more information, call 922-2210.