Capital Expenditure Planning

With The Village now being 18 years old, a number of areas and items are needing greater levels of maintenance and in some cases replacement in order to maintain the high standards and some of these jobs will be large and costly.  Examples of these projects include repairing sections of the boundary wall, footpaths around The Village and repainting railings and bollards.

It is for this reason, as we mentioned in the Spring Newsletter that we have started a long-term planning exercise to identify this work and, as best we can, estimate the future maintenance and replacement costs. 

We know we will need to add to our reserves to be in a position to afford the work, so in order to build up the reserves we do anticipate higher increases to the service charge in future years than we have previously seen.  We are however also mindful of the impact Covid-19 is having on people’s earnings and so we will review ahead of the AGM in November whether, in light of the economic situation, the start of increases to the service charge should be deferred until 2022.