(UPDATED October 10, 2025)

Fairway Cove homeowners will once again avoid a significant increase in assessments for 2026, while ensuring the community remains well positioned to meet ongoing needs, fund important capital improvement projects, and address unexpected challenges.

This positive outcome reflects the Board of Directors’ continued diligence and commitment to responsible financial planning, as demonstrated through the approval of the 2026 Fairway Cove Budget at the October 8, 2025 Regular Board Meeting. 

The 2026 budget totals $210,129.84, with quarterly assessment rates increasing by only 3.4%—from $367.85 in 2025 to $380.67 in 2026, a difference of approximately $12 per quarter.

This careful adjustment comes at a time when service costs and association obligations continue to rise. Fairway Cove’s annual assessment to the MetroWest Master Association (MWMA) will increase by $1,000 in 2026, significantly smaller than the more than $7,000 increase absorbed in 2025. MWMA’s newly adopted 2026 budget totals $3,322,894.53, with each member community contributing its proportional share. MWMA assessments represent Fairway Cove’s single largest expenditure, totaling $76,578.72, or 36.44% of the 2026 budget.

The Budget Process
In preparing the budget, the Board of Directors, with guidance from Vista Community Management, worked diligently to balance unavoidable cost increases with the community’s ongoing needs. The 2026 budget accounts for higher expenses related to Master Association fees, landscape and grounds maintenance (the first increase in years), Orlando Police Department services, and insurance coverage. At the same time, the Board remains committed to maintaining reserves and ensuring long-term financial stability.

The Board appreciates the many homeowners who reached out or attended the October meeting to share their perspectives. While opinions varied, all participants shared a common goal: protecting and investing in our community responsibly.

The October 8 meeting also provided an opportunity for homeowners to better understand the budget process and gain fact-based insight into Fairway Cove’s financial standing and obligations.

Per our management contract, Vista Community Association Management bears Fairway Cove’s legal fiduciary responsibilities, with oversight from each member of the Board. Vista develops a proposed budget each year based on:

• Community needs

• Board feedback

• Reserve study guidance

• Projected service costs

• HOA financial best practices

During the August 2025 Board Meeting, members discussed goals and priorities for the upcoming year.

Vista drafted the proposed budget based on these factors and shared it with the Board, and was shared with homeowners via newsletter and website, several weeks before the October meeting.

The October Board Meeting was the first and only opportunity for the Board to review and finalize the proposed budget, make any necessary adjustments, and clarify misinformation circulating about the budget process, particularly regarding Prior Years Retained Earnings and reserve funding levels.

Understanding Retained Earnings and Available Funds

The annual budget is a financial roadmap. Some accounts may exceed estimates, while others come in under budget. In some years, this balances out; in others, it may result in a surplus or a deficit.

Prior Years Retained Earnings, listed under liabilities, reflects the association’s accumulated financial position since inception. Fairway Cove’s current retained earnings total $122,958.42. This figure does not represent a cash account or available funds. It’s an accounting meter.

Prior Years Retained Earnings shows the net balance of surpluses and deficits over the many years since Fairway Cove was established in the late 1980s, serving as an indicator of long-term financial health.

If the association ends a year $5,000 under budget, retained earnings increase by $5,000; if it runs $5,000 over, the total decreases by the same amount.

As a Florida not-for-profit association, Fairway Cove’s assessments must equal its expenses. Therefore, the retained earnings line is simply an accounting measure, not an asset.

As of the October 8, 2025 board meeting, the actual cash surplus on hand totaled $23,502.26, calculated as follows:

• Operating Account Balance: $144,874.21

• Less Prepaid Assessments: $20,650.91

• Subtotal: $124,223.30

• Less Six-Month Emergency Operating Reserve: $100,721.04

• Remaining Surplus:$23,502.26

Prepaid Assessments are assessments homeowners pay in full, typically at the beginning of the year. Six Month Emergency Operating Reserves is a standard practice and recommendation. This protects HOAs, especially during potential unforeseen pandemic, economic, or related hardship situations, which have impacted Fairway Cove previously.

These funds are being reinvested in projects that benefit the community as a whole.

Hurricane Cleanup / Insurance Deductible Reserve

During the October 8 meeting, the Board discussed the “Hurricane Cleanup / Insurance Deductible” reserve fund. Historically, Fairway Cove’s reserves focused only on physical assets such as walls, landscaping, and ponds.

A 2020 Reserve Study recommended creating this fund and set a target balance of $97,858 by 2030. Since then, the Boards over several years have contributed annually toward this goal. This is the fifth year with a related reserve and the third year in a row with nearly unchanged contributions, with no prior objections raised, and as outlined and recommended in the 2020 reserve study.

A 2024 Reserve Study, prepared by a different firm, did not analyze this specific fund because it is not tied to a specific physical asset. The 2024 Reserve Study focused on physical asset reserves (wall, landscaping, pond, etc.). Nonetheless, these contingency reserves remain essential for preparing the association for unexpected events like storm cleanup or uninsured damage.

Fairway Cove’s insurance covers general liability and Directors & Officers (D&O), with a $1,000 deductible per occurrence. However, storm-related damage is not covered, meaning Fairway Cove is responsible for any such costs directly.

Learning from the Past, Planning for the Future

Fairway Cove is a 30+ year-old community of 138 homes. The neighborhood’s needs and priorities have evolved over time. The Board’s responsibility is to manage for today while preparing for tomorrow.

In October 2018, homeowners received notice of a $45 per quarter assessment increase due to budget shortfalls following prior reductions in assessment rates. This event illustrates the importance of consistent, forward-looking planning.

Each Board faces its own challenges. The current Board’s approach is not to criticize the past but to learn from precedent, ensuring stable financial footing and avoiding surprise assessments in the future.

Through prudent management and cost savings, Fairway Cove currently maintains a modest but meaningful surplus of $23,502.26. These funds are being reinvested in community improvements, and without needlessly dipping into reserves.

Upcoming Community Projects

During the October 8 meeting, the Board approved several projects to enhance Fairway Cove’s aesthetics and safety, including:

• Fairway Cove Landscape Improvement Plan, featuring new plantings at the entrance island, pond bench areas, and the corner of Andrea Rose and Fairway Cove Drive.

• Repairs to front monument walls, addressing cracks and signs of wear, stucco work, and painting.

• Tree trimming along the South Hiawassee sidewalk, improving pedestrian safety.

These projects not only beautify the community but also strengthen neighborhood security by maintaining a well-kept appearance, an important deterrent to unwanted activity.

The Board also plans to pursue additional projects in 2026, including further landscape enhancements and modernization of the community’s security camera system.

Proposed CCR Amendments

The Board also advanced several proposed amendments to Fairway Cove’s governing documents to bring them in line with state law and community preferences. Following legal review and Board approval, these proposals will be submitted to the MetroWest Master Association Board for review before being presented to homeowners for a community vote (requiring approval from 73 of 138 homeowners).

The proposed amendments address:

• Signs: Allow limited display of political, graduation, and special event signs within size and decorum limits. Rules currently allow only “For Sale” and “For Rent” signs.

• Landscaping: Expand permissible plantings and hardscape options beyond Floratam St. Augustine grass and Laurel Oak trees. Current rules allow only Laurel Oak trees and contains restrictions on homeowners to actually invest in alternative landscape options that could thrive under current conditions.

• Flags: Update to reflect 2024 state law allowing broader display of flags, including garden and sports flags.

• Special Meetings: Require at least two board members to call a special meeting, closing a procedural loophole while preserving member rights.
  
  These are very summarized narratives of the proposed amendments, but will be presented in full to homeowners if they first receive permission from MetroWest Master Association. The goal is to ensure homeowners preferences and liberties are not infringed if it does not conflict with the overarching standards of the community.
  
  

Board Reorganization

Looking ahead to 2026, the Board anticipates a productive year focused on long-term investments, security enhancements, and community engagement. The Board has a responsibility to ensure its leadership structure fosters productive collaboration, effective decision-making, and supports the orderly and efficient governance for the Association for the benefit of the entire community. From time to time, it is appropriate to review the organization of officer roles and responsibilities to ensure the board is positioned to operate in a constructive, productive, respectful, and transparent manner.

To strengthen leadership and collaboration, the Board approved the following reorganization:

• President: Greg Angel

• Vice President: Nicole Wilson

• Secretary: Antony Everett

• Treasurer: Christopher Benedict

• Director-at-Large: Joyce Holloway

Christopher Benedict returns as Treasurer, bringing more than 20 years of professional experience in community association management and deep expert knowledge of HOA budgeting.

This structure positions the Board to operate efficiently, transparently, and in the best interests of Fairway Cove homeowners.

The Fairway Cove Board of Directors extends its sincere appreciation to all homeowners who take an active interest in our community. Your questions, feedback, and participation, whether through meetings, emails, or everyday conversations, help guide our decisions and ensure we continue to move forward in a way that reflects the values and priorities of our neighborhood.

We remain committed to maintaining open communication, transparency in our actions, and fiscal responsibility in our planning. Every homeowner plays a vital role in shaping the future of Fairway Cove, and your continued engagement is both welcomed and appreciated.

If you ever have questions, comments, or concerns, please do not hesitate to reach out to the Board or Vista Community Management. Together, through collaboration and communication, we can continue to strengthen the sense of community that makes Fairway Cove such a special place to call home.