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Reston Association Treasurer Breaks Down Year-To-Date Figures; Lake House Numbers Low

by Dave Emke July 28, 2017 at 4:00 pm 26 Comments

Giving his first full report to the Reston Association Board of Directors (video), treasurer and At-Large director Sridhar Ganesan broke down the figures for the first half of 2017.

Among the figures shared by Ganesan was $16.7 million in year-to-date revenue, 86 percent of which ($14.4 million) is from assessments. That number is up from $16.0 million at the same time last year, a change Ganesan attributed to an increased assessment rate from 2016.

One budget item that isn’t bringing in as much money as expected, Ganesan reported, is the Lake House. The facility has brought in about $80,000 as of the end of June, only slightly more than half of what was projected ($150,000).

“As I understand, it’s really because of scheduling conflicts, in terms of programs versus corporate and other rentals,” Ganesan said. “They’re still working through the scheduling issues, but you are going to see this difference flowing throughout the year.”

The Lake House, purchased by RA in 2015 for $2.65 million, is rented out for activities including weddings, corporate functions, retreats, workshops and conferences.

Lake House expenses as of the end of June have been about $126,000, Ganesan said.

“Part of the reason is going to be that a lot of those costs are on a fixed basis, so you really can’t pull them back even if you’re having some revenue challenges,” he said.

RA CEO Cate Fulkerson said programming changes are being considered for next year.

“The current programming hasn’t changed yet [but] we are reflecting some different programming as we go into 2018,” she said. “So there will be some decision points for the Board there, but we’ve adjusted based on our experience in the first six months.”

Later in Thursday’s meeting, a pair of capital projects advanced.

The Board approved the release $1.35 million in remaining project funds for the Central Services Facility renovation, which had been put on hold last year until the controversial Lake House purchase was independently reviewed. In addition, the Board voted to form a Hook Road Recreation Area working group, which will explore ways to enhance the facility within budget constraints set by the Board.

  • 40yearsinreston

    Just turn the Lake White Elephant into a parking garage
    BP will help

  • Greendayer

    It was an error in purchasing because the RA failed to do proper due diligence.
    Why are the people who cost the RA so much still around?

    • Guest

      There are still board members who voted for this turkey who have yet to tender their resignations. There are staff members whose efforts to promote this turkey and whose faulty analysis failed the membership, who should be dismissed.

      • OldHuntersWood

        Board members Julie Bitzer and Michael Sanio were cheerleaders for the scam. Think Wedell went along, too.

        • John Farrell

          Bitzer and Waddell joined after Board voted for the referendum but they both campaigned in favor of the purchase.

    • ShaddupAlready

      All you all who voted Yes failed to do your proper due diligence. It’s easy to blame the board but the real culprits are the majority voting membership.

      • Greendayer

        It’s not up to the individual to do any in-depth due diligence. That’s why there is a board and employees who are tasked with such a responsibility. All the facts were not presented to the membership

        • ShaddupAlready

          There was a ton of evidence to know this was a bad deal. And I’m sorry but it is up to the voter to take the responsibility to learn a few facts. If a few more people would have done that, we wouldn’t be in the tragic mess and embarrassment around the world we find ourselves in today. Then of course there’s also the Lake House mess, same root cause.

          • Greendayer

            Happy that you changed your tune from responsible for due diligence to “learn a few facts”. No one disputes that. And the subject of the article is about the Lake House.

          • Shaddaup or else

            RA lied plain and simple. Dont defend their actions.

            As for evidence they “lost it”.

            I studied this whole thing over and over and its clearly a case of white collar crime.

            The reason why nobody complains is because its a small town and everyone is connected.

            Facts.

        • Adrian Havill

          There are at least six who should commit seppuku. Publicly.

      • cRAzy

        Sorry, SA, but the Board sold this fiasco like a clean one-owner used car when it was (& is) a beat up jalopy with no purpose. The Board not only didn’t do its due diligence, it contrived to sell this piece of crap to Restonians. This includes misrepresenting the appraisal, identifying uses for which there was (& is) no demand, etc.

        Reston 20/20 was on this like stink on sh*t (see https://reston2020.blogspot.com/search/label/Tetra%20Properties ), but no one listened.

      • Nope

        The fact that the majority of the voters fell for the RA’s incompetence (and yes, their lies) does not alter or excuse the fact that the RA lied and was incompetent.

      • Greg

        We were given false information. Late. Next?

  • cRAzy

    Lake House’s costs will never cover its expenses, even after the loan is paid decades from now.

  • Juli Vermillion

    You would get WAAY more business if you had a lower price…you have priced it for weddings, which precludes other less rowdy functions.

  • Grrr

    One budget item that isn’t bringing in as much money as expected, Ganesan reported, is the Lake House.
    The facility has brought in about $80,000 as of the end of June, only
    slightly more than half of what was projected ($150,000).

    Gee, who could have predicted that? How about, EVERYONE WHO COMMENTED ABOUT IT ON RESTONNOW. But the Kool-Aid drinkers prevailed and now we ALL have to pay the price.

    • Why do you bother?

      The only person who “expected” anything different was Fulkerson. Grrrrrrrrr, indeed.

  • Grrr

    RA CEO Cate Fulkerson said programming changes are being considered for next year.

    Here is my suggested “programming change”: incompetent, irresponsible fool Cate Fulkerson should be fired.

    • Grrr

      “We will probably have to hire even more people to do my job for me because I am incapable of doing so myself. Sometimes you have to spend a lot of money in order to save money,” babbled Cate in between hits on the vodka bottle.

  • Greg

    Told ya! Cate Fulkerson lies!

  • Chuck Morningwood

    The Lake House would still make a great Hooters.

    • Ha

      Alas, our sheer genius RA would find some way to make a Hooters unprofitable. Everything they touch turns to sht.

    • John Farrell

      It should be leased out to a restaurant!

    • Wings!!

      Reston needs a Hooters.

      #HootersForReston

    • RestonAssurance

      You’ve made ‘Wings!!’ day!

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