SPRAI -- Looking Towards the Future

Over the last several years, SPRAI has begun to plan for the future and as part of that process the Finance Advisory Committee was asked to develop long-range financial forecasts.

The SPRAI Finance Committee has been working on long-range financial forecasts which will help the Board determine what the residential assessment rate needs to be in future years to allow SPRAI to operate at the same level of quality and service when the development company ultimately exits the community and does not provide a subsidy backstop for the Association.

The Committee took into account expenses, future growth, new facilities to be added and inflation factors. The Committee also factored into the plan what sources of revenue are available and any potential cost-sharing between entities (SPRAI, SPPOA and SPCSF).

In May the Committee made the following recommendations to the SPRAI Board of Directors:

1. That the Board strongly consider raising residential assessments in small increments each year to keep up with increased costs of operation and inflation. These small increases would avoid a large increase in a single year.

2. That the Foundation contribute to SPRAI every year to help fund  Reserves as well as community enhancements. This contribution would be in addition to amounts already funded for Community events and for individual requests that may impact the overall community (schools groups, sports organizations, etc.).

These recommendations will be factored into the process when the Board finalizes an overall Transition Plan for the SPRAI. We will continue to provide periodic updates in the newsletter.

SPRAI 2007 Audit is Available for Residents

The 2007 SPRAI Financial audit is complete and available for residents’ review. Sienna residents may stop by the Association office at 3777 Sienna Parkway to review the audit (please bring your Sienna ID). The Association office is open Monday - Friday, 8 a.m. - 5 p.m.