The leaders of CenClub have announced they will not be raising their coupon for the fiscal year that began October 1, 2022.
The decision was made public during CenClub’s September meeting during which the new fiscal year budget was approved. CenClub operates on a fiscal year that runs October 1 through September 30.
In explaining the organization’s reasoning behind its various budget decisions, CenClub Treasurer Jay Baimel said CenClub leaders believe their organization is largely responsible for growth in property values inside the Village.
“Underlying this process was our understanding that the amenities that CenClub builds, maintains and modernizes in this community contribute in a significant way to the amazing growth in property values for our owners in Century Village East.”
According to its budget breakdown, CenClub’s budget is a little less this fiscal year than it was last year, despite increases for almost every type of expenses. The total budget is over $11 million dollars. The new budget calls for spending increases in eight of the 11 spending categories, including administrative costs, security, legal and professional services, facilities and equipment, and scheduled projects. These increases are offset by savings or reductions in contributions in a few categories.
The highest percentage saving was to athletics, instructors, sports, and games. The new budget cuts spending year-to-year from $565,800 last year down to $72,000. CenClub says a large portion of the savings is the result of ending its relationship with an outside company that managed the fitness center and instead bringing the operation in house. Officials say they hired the people that had previously worked for the outside company, so residents will see the same people they have come to know.
Meanwhile, CenClub is also reducing its contributions to reserves from just over $1 million dollars last year down to approximately $350,000 this year. But they say they are still fulfilling their obligation to continue to pay towards the organization’s almost $2 million dollar hurricane deductible.
The complete budget breakdown is available on CenClub’s website.