May 2009  

We do not make jokes, we simply watch the LA Times, the Orange County Register and CID/HOA board of directors and report the factsDAnge

LETTERS

Coto's Own Economic Meltdown

This is a serious matter and represents fiscal mismanagement of the highest order

Hello all:  As a former CZ Board Member, I am sounding serious ALARM BELLS concerning CZ Master Reserves.   After three dues increases in five years, under Varo/Mezger/ Yocham, the CZ Master Association is seriously under reserved as a result of fiscal mismanagement.   As reported in the audit report we just received in the mail, as of December 31, 2008, there is $23,901,545 is estimated repairs that will be needed in the future.   The Reserve Study recommends that we have $13,219,479 in Reserve to cover these expense which in and of itself is already low at just 55% when that number should be at 70% or higher.   Instead as of December 31, 2008, CZ has just $6,891,953 in Reserve which is just 28.8% of the amount needed to cover these repairs. 

Folks, this has occurred because Varo/Mezger/ Yocham, even after three dues increases, has refused to deal with the subsidies going to outsiders.   And, in addition all specific user fees must be raised significantly to properly assess those members costing the association monies the appropriate cost of doing business.   Finally, the CZ Board must appoint an on-going Supplier Selection and Contract Management Committee to properly implement procurement procedures to cut expenses without cutting services. 

THIS IS A SERIOUS MATTER AND REPRESENTS FISCAL MISMANAGEMENT OF THE HIGHEST ORDER.   If the CZ Board does not take these common sense actions, we will see a series of Special Assessments which are inevitable.  We have to deal with the free loaders in our midst; the Equestrian Center and their customers related to the trails; the Estate and Village People that use our gates and streets; but pay no CZ dues, the Sports Leagues, with majority outsider participation and pay practically nothing to use our Sports Park and the Country Club specific to non-members entering Coto.   And, all specific fees and charges for members must go up related to architectural approval, fines and other use fees.  Failure to take these actions is the equivalent of the irresponsible decisions being made at the state and federal levels that are bankrupting our state and our country.   It is time for the CZ Board to act responsibly to get our house in order and if they fail to do so, they should all be removed from office sooner than later.   It is time for the pitch forks and the tar and feathers.   JM

P.S.   The CZ Board continues to play games with reporting revenues.   The peanuts paid by the Sports Leagues is buried in “ Other Income” because the Board does not want us to see how little we actually collect from the leagues to support the $300,000 or more a year we pay to maintain the Sports Park.   The balloon has burst as indicated by failure to properly fund Reserves.  

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