Arrived today (April 1) but no April Fool's Day gag, sorry to say.
Basically, they are holding off on the annual (this would be a wrap up of 2009!) meeting until they have better news or a more complete scenario regarding the club, finances, and bank negotiations. By the time they present this year's budget, the first quarter has passed.
Remember, the HOA is run by the developer until a certain high percent of sellout is reached (if ever.) Know that you have little meaningful input.
Issues raised include...
Maintenance. Apparently abated through the winter, it is due to start up in days. (Why let the weeds take over common areas at a time when sales are struggling? Wouldn't that make SO compare less favorably to its competition?) Are the developers so cash-strapped that they could allow the landscaping to deteriorate to such an extent? Reserves are less than $6000.
Monthly fees and foreclosures: some aren't paying, certain foreclosure properties exacerbate budget shortfalls. Now there will be legal fees chasing lost or held money.
Why haven't money saving measures already been put into place wisely? Do we need guards on BOTH gates over night (as an example?)
The letter seems to paint a picture of responsible actions being taken. Time will tell, although new financing could present interesting terms. I get the impression that a new investor could bring a fresh infusion of operating funds which could kickstart the sales cycle again. But how would that change the vision of what SO is and will be?