NOVEMBER 2024
GVREC.ORG
2024 Finance Report It may have been the year of the dragon for the Chinese calendar, but for GVR, 2024 has been the year of the stagnant real estate market. With a little more than 25% of the 2024 operating budget dependent on revenue from home sales, dismal sales presented significant challenges. Staff cut the budget and tightened departmental belts, but we still anticipate a $90,000 end-of-year deficit. Fortunately, GVR is well-positioned for fickle markets and remains in sound financial shape. None of this affected reserve funds, so our practice of maintaining our assets continued unimpeded.
Abrego South. When a crew was in town to resurface a few tennis courts, for $1,000 we had them apply Pop Tennis lines to five existing courts that have been busy with players four mornings a week all summer long. HVAC replacement and repair at six centers was a big expense, but the Line Dancers at Canoa Hills have sure appreciated having temperature control again. Members may also notice new AV equipment in some rooms, in-process landscaping at Del Sol Clubhouse, new furniture here and there, and a few pieces of updated fitness equipment.
This past summer’s Maintenance, Repair, and Replacement work included the usual roofing, paving, and floor maintenance tasks. We also resurfaced the pool deck at Canoa Ranch and removed the carpet and stage at Desert Hills, creating a lighter, cleaner feel to the whole meeting room level. Several spaces got a fresh coat of paint including the West Center locker rooms. Pool deck furniture was replaced at Casa Paloma I. The pickleball courts at Canoa Ranch were resurfaced along with shuffleboard at
On Wednesday, October 23, the Board of Directors unanimously voted to adopt a budget for 2025. The budget reflects a conservative approach. With recent and anticipated adjustments to interest rates, the real estate market may pick up again, but caution is still the watchword. The full budget message can be reviewed at GVRec.org, under the Governance tab. An abridged version is included in this month’s issue as a special budget insert.
Desert Hills Auditorium
Canoa Ranch pool deck