Overlee Annual General Membership Meeting on February 5, 2025

President’s Letter 
On behalf of the Overlee Board, I want to wish our members a Happy New Year!  Hopefully everyone had a chance to read through our December 23rd newsletter (click here) with all the updates that have taken place since extended season ended in October. Plans are being made for a summer full of fun and social events at Overlee in 2025 with our NVSL competitive teams, synchronized swimming, lap swimming, swim lessons, volleyball, snack shack, grilling, crab feast, summer bands, and more.

Our Annual General Membership Meeting is coming up on Wednesday, February 5th beginning at 7:30 pm in the Overlee Clubhouse.  Please consider attending so there is a quorum for the budget vote.  I promise to keep it quick and informative!

Thank you to everyone who contributed to the success of the 2024 season, especially our pool manager, Greg York, who worked tirelessly to keep the pool up and running and the grounds clean and safe.

I want to thank my fellow Board members, Manager Greg York, Business Manager Maureen McManus, and all the staff for their dedication and hard work to make Overlee a great facility!

– Mike Busen, President, Board of Directors

February General Member Meeting Agenda
7:30 pm   Meeting Begins

• Welcome and Introductions
• Approval of July 2024 General Membership Meeting Minutes
• Budget Review and Vote for Approval
• Operational and Activities Updates
• Open Question and Answer Period

Plans for 2025
Much has taken place over the past few months including leveling Snack Shack Park and lap pool repairs. The shade structure in Snack Shack Park has been moved down by the volleyball court and a new shade structure is being built for Snack Shack Park that will be installed in the Spring. A new chair lift will be installed in the lap pool prior to the season. Canopy shade will be installed in the baby pool as well.

Treasurer’s Report and Budget Highlights
(Scroll to the end of the newsletter to view the detailed Annual Budget)

Treasurer’s Report
The preliminary financial results for the fiscal year ending February 28, 2025 are summarized in the accompanying table.

Overall, it is anticipated that the final net from operations for the current fiscal year (FY25) will fall short of the budget. Revenue from pool operations is right on target with the budget. However, expenses are higher than what was anticipated mostly due to a combination of higher clubhouse and administrative expenses.

The team and developmental swim programs netted approximately $36,000 due to the continued success of the summer swim lesson and winter swim programs as well as the strong participation in the team programs.

We expect net operating revenue for the year ending February 28, 2025, to be approximately $25,000.  While this result falls short of the budgeted amount of $75,000, Overlee continues to be in a strong financial position.  In the fall of 2022, we applied for payroll tax refunds through the ERTC government program which reimbursed corporations that continued to fully pay employees during COVID.  We received refunds totaling $125,000 in July and August of 2023.  As intended, those funds were used to offset the increased operational expenses experienced in FY24 (summer 2023) as well as those that were projected for FY25 (summer 2024) thus negating the need to increase member fees commensurate with increases in expenses.

The funds from initiation fees of new members provide the primary source for annual capital expenditures.  This past year, we had 60 new members which resulted in $180,000 in fees which were used to fund the capital expenditures. The additional capital that was required for the needed improvements was funded through Overlee’s investment account.  For details, see the capital expenditure section in the budget highlights below.

The proposed budget for the year ending February 28, 2026 (FY26) is presented below.  It was approved by the Board of Directors, and members will vote on this budget at the annual membership meeting on February 5th.

Budget Highlights

Pool Operations:   The proposed revenue budget for pool operations of $947,000 for FY26 reflects the proposed member and non-member fees as outlined below. The expense budget of $850,000 reflects anticipated increases that were experienced in FY25. This scenario will result in projected net income from operations of $97,000. See details in the table at the end of this newsletter.

Member Fees:  Last year (FY25), fees were not increased over the previous year as discussed in the Treasurer’s report.  The proposed budget for FY26 reflects an increase in most member and non-member fees as follows:

 

Teams & Developmental Swim Programs:  These programs are budgeted to net $28,500 for FY26 on a combined basis.  The team programs are budgeted to net below break-even and the developmental swim programs, summer lessons and winter swim, are budgeted to net approximately $35,000.

Rental Property: The budget includes a net of $25,000 from the rental property.

New Members:  The new member initiation fees are the primary source of funds used to pay for our capital expenditures.  The budget includes a fee increase of $500 to $3,500.  After the number of new members is determined, the capital expenditure plan for FY 2026 will be put in place.

Debt Service:  The remaining balance on Overlee’s bank loan is $1.8 million as of 1/10/25 with annual payments of $147,500.  The loan has a maturity date of 12/10/2027 and an interest rate of 3.54%

Capital Expenditures:  To date in FY25, capital expenditures were $288,000.  2024 brought many changes to Overlee through our capital spending efforts.  During the summer, we enjoyed replacement of furniture, repairs to the Clubhouse and other improvements.  We geared up for our major efforts which occurred post-season.  Come 2025 opening, we will all enjoy new ground grading, grass and ambient lighting in Snack-Shack park.  New shade structures will be installed in both Snack-Shack park and volleyball park to provide much needed respite from those sunny days.  The largest undertaking has been the repair and replacement of much of the lap pool deck.  This included modernization of the lifeguard stands and a new accessible lift to provide better and safer access to the pool for those with mobility challenges.
We have many plans for 2025 and look forward to hearing from members at our Membership Meeting for additional suggestions.

Membership News and Reminders
Renewal via Online Invoicing: Membership renewal notices will be sent via email.  Dues may be paid either by credit card or check. Membership renewal notices and other membership information will be sent out shortly after the annual meeting in February.
Please note: PAYMENTS FOR RENEWAL OF ACTIVE MEMBERSHIPS ARE DUE MARCH 1st.
If your email has changed, please contact [email protected] so that it can be changed in your Overlee account. We need current emails for all members to be able to communicate with you.

Newsletter:  This newsletter is being sent to the primary member emails/billing contacts in the member profiles from the updated member list for 2025.  This list will also be used to send out the membership renewal notices in early February.  If you would like to add or change the email address from the one used for this mailing, please contact [email protected] so that your email address can be added to the list.  A new email list for the summer notices will be developed as memberships are renewed.

Employee Updates and Information 
Overlee is currently accepting applications for its Summer Operations Staff.  Please forward this email to friends, neighbors, and others who may be interested.

We are hiring Assistant Managers, Lifeguards, and Attendants* to manage our facilities, provide for the safe enjoyment of our 4 pools, and assist members and guests.

Send questions to Assistant Manager Melissa Carbonara at [email protected].

2025 Summer Hiring Updates, Reminders, and Key Dates:

Click HERE for hiring information, forms, and applications for the 2025 season.

• February 16: Deadline for Applications
• Early March:  Hiring decisions received by email
• March 17: Deadline for Completion of All Employee Paperwork

NOTE: All 15-year-olds (including lifeguards and coaches, etc.) must have a work permit as well as the swim instructor certification listed under employee forms.
*Overlee requires many more lifeguards than attendants each season.

Employees who submit applications after the deadline:

• Applications will be considered AFTER applicants who submitted an application on time

FY2025 Budget & Actual, and Proposed Budget for FY2026