View FY2025-26 Budget Town Hall video

View FY2025-26 Budget Town Hall PowerPoint

The Club Board year of 2024 and 2025 and the next

This is the last monthly Board meeting before the Annual Members meeting of June 11, and, therefore, the last meeting with this group of Directors. I want to thank each Board member for their dedication to the future of the Villages community and for supporting me in my duties as President. 

In this year we have supported our General Manager and staff as they have accomplished major improvements in operating procedures, amenity upgrades and repair, and financials controls. Most notable, but far from all, they include:

• Refurbishing the Golf Course

• Much improving quality and service at the Clubhouse

• Vast improvement in Work Order processing and completion rates 

• Installing appropriate software: COBALT, Maintain X and Smart Properties

The Board responsibilities include policy, oversight of operations and assuring adequate finances to meet the needs of the Club and community. In this past year we have updated Club policies and investigated bylaws updates addressing the reality that we need an additional source of revenue to keep future Club Dues as low as practical. 

With the Association and Homeowners’ Boards we have participated in a yearlong planning program to create the Strategic Plan 2025-2028 that will guide future Boards in setting priorities and budgets. To assure continuity from one Board to the next, we have drafted Goals and Objectives for the FY26 Board based on that Strategic Plan. We have also established a Leadership Development Committee to attract and train potential candidates for membership on committees and boards. The most pressing long-range financial issue is adequate funding for both operation and capital expenses. To address this, the General Manager and Club Board have created a joint committee to be led by Judy Owen to study innovative initiatives, and/or revising the bylaws. The Committee membership will include individuals from the three Boards and selected Club members. 

This is Liz Kung’s last monthly meeting.  The Board wants to recognize her contribution to good governance. Seldom at loss for words, Liz has provided an important voice for the community in our deliberations. She has had a positive helpful impact on Board policy and been particularly vigilant on cost and project priorities. The community and her fellow Board members owe her thanks for three years of effort dedicated to the Club Board and Villages Community.  

Thank you for your suggestions and support.

—Richard Zahner Villages Golf & Country Club Board President

Much confusion abounds about the FY26 Budget, Club Dues and The Villages investment policy. It is necessary to address the myths and misconceptions that we’ve heard or read about and face the facts of our financial situation. The following are some examples.

Myth: Revising the Club investment policy will result in very risky stock manipulation and huge losses.    

Fact: A prudent investment policy includes conservative investments like CDs and Treasuries and a minority of Conservative Broad Based Index Exchange Traded Funds (EFT’s). The best approach to maintain the purchasing power of our Club investments is to invest a minority of assets in low-risk stock. The revised policy allows, but does not require, investing in not more that 30% of our assets in equities. The actual investment mix will be recommended by our advisors, approved by our CFO, performance reported every quarter and monitored by the Club Board. The real risk is being so conservative that we lose purchasing power through inflation. 

Myth: The FY26 increase in Club Dues is unneeded, unrealistic and will be repeated for several years.    

Fact: The FY26 budget is detailed, carefully built and analyzed. We are addressing current and future needs to assure the quality and services we provide meet the VGCC vision and mission. The dues increase corrects years of misallocations of expenses and under-funding capital needs. We cannot guarantee future year’s needs, however,  we are not ‘kicking the can down the road’. Future dues increase should address only inflation or approved community projects and therefore avoiding special assessments. 

Myth: Revising Club policies and bylaws will eliminate all governance check and balances. The ‘Guard Rails’ of the current bylaws will be eliminated  giving the Board dictatorial powers.

Fact: Club bylaws were last updated in 2006. The 2026 update, which we will be working on this year, will address current law and financial conditions and be based on industry best practices that include limits on Board duties and Membership votes on major expenses and decisions. Club policies will be updated in accordance with the new bylaws.  No one plans to eliminate good governance.

Myth: Revising the Club Bylaws will result in repeated  higher dues and future major assessments.

Fact: The 2026 bylaws have not yet been drafted. No one can say they know what the dues will be.  Best practices include an annual Board approval of a detailed Capital Project Plan and a full Membership vote on major projects. Special assessments can be avoided by good planning and timely implementation. 

Myth: The Club Board will have a ‘Blank Check’ to spend all they want on projects with no input from Villagers. 

Fact: The 2026 bylaws will be based on best practices and will include a Membership vote on all major projects with criteria yet to be defined. The current bylaws require a Membership vote just to update it, so everyone will have their say.

Please be informed and attend the Town Hall meeting at 5PM Wednesday the 28^th at Cribari Auditorium. 

This coming year will be an important turning point in the history of The Villages. We can invest in a vibrant future or rest on our laurels. The Facts lead to a brighter future. 

Please direct comments or questions to: rrzcbod@gmail.com

On Thursday, May 8, the three candidates running for the two open seats on the Club Board of Directors joined attendees at Candidates’ Night held in the Cribari Auditorium. Hosted by the Communications Advisory Committee (CAC), one of the eight standing Club committees, the hour-long event provided Villagers with greater understanding of how each candidate would best serve our community. The questions given to the candidates were those submitted by Villagers over the past several weeks. Master of Ceremonies, Jerry Neece, presented each question to candidates, Howard ‘Howie’ Blumstein, Mira Dytko, and Andrew ‘Andy’ Altman.

Ballots will be distributed beginning May 9. We strongly encourage you to watch the Candidates’ Night video below before you place your vote! 

The Club Board is considering amending CPo 305—the Investment Policy. I have received a few comments on the proposed changes. Allow me to explain the rationale behind the proposed changes and to provide a few additional pieces of information.

Capital funds here at The Villages come from Club Member Dues. There will be two line items on your dues statement, replacement capital and improvement capital. Capital Replacement is used to maintain our existing infrastructure (paint, carpeting, A/C units, electrical panels). Capital Improvement is used to add infrastructure (bocce courts, patio cover at Bistro, new sound and lighting at the auditorium). Many of our assets are more than 50 years old. The current replacement capital fund income is insufficient to cover the ongoing depreciation of our assets. In addition to underfunding, our buying power decreases rapidly over time due to inflation.

The Board has several goals with respect to these funds. We must maintain our assets while controlling Club Dues. To this end, we are looking at ways to invest our cash to hedge against inflation and ensure we have enough in the fund to keep our community vibrant. If we choose an investment strategy with a lower rate of return, we will be required to increase Club Dues to cover expenses.

Several of you have discussed the inherent risk associated with equities without discussion of the equally real risk that inflation poses. Interest rates, generally, do not keep up with the rate of inflation. Equities, on the other hand, generally do. In 1952 Harry Markowitz formulated the “efficient frontier” portfolio (https://en.wikipedia.org/wiki/Efficient_frontier). He was awarded the Nobel Prize in Economics in 1990 for his efforts. A portfolio is referred to as “efficient” if it has the best possible expected level of return for its level of risk. Please see the chart below:

A portfolio of 100% bonds and one that is 70% bonds, and 30% equities have the same risk percentage (see the “X” Axis on the image below) yet the portfolio with the equity component produces an average rate of return nearly 1.25% higher.

In conjunction with our investment advisors, who are fiduciaries, we are proposing to add an equity component that will keep us on the efficient frontier. That means that while we expect to achieve better returns, our exposure to risk remains the same. The upside of the equity component offsets the dilution that inflation creates. Similarly, the bond elements offset the potential downturn of our equity elements.

While most of us are thinking about managing our assets for the next 10 to 15 years, the Board has a responsibility to take a longer-term view. We need to insure the viability, and, therefore, property values of our community for 30+ years.

We appreciate your interest in our proposed policy changes. I hope that the above information addresses your concerns.

—Andy Altman, Club Board Treasurer

Howard ‘Howie’ Blumstein

9045 Village View Loop

I’m also concerned by a recent statement in a Villager article: “The Club Board must remove constraints on Club policies and bylaws in order for us to responsibly invest in The Villages.”

Removing these constraints could give the Board a blank check to spend our money without proper oversight – leading to even higher dues in the future.

We need to:

• Control spending and avoid unnecessary costs

• Maintain our community and enhance lifestyle responsibly

• Make decisions with Member input

• Protect our home values and affordability

I bring an MBA in Finance and a strong financial background. If  elected I will be a voice for the Villagers —focused on smart budgeting,

transparency, and protecting what makes our community great.

“HOWIE”—for Fiscal Responsibility and Member -First Leadership

Question 1: What are the most important issues for the Club Board to consider and how are you prepared to handle them?

Howie Blumstein answer to Question #1

Out-of-control dues increases.

The Board recently approved a staggering 27% hike in FY26 Club Dues—an increase of  $115.08  per month bringing dues to $540.03. That’s a 43% jump from the FY24 dues of $377.40 in just two years. This kind of unchecked growth is unsustainable and threatens the very fabric of our community.

I will fight to reverse this trend. I will scrutinize every budget, cut waste, challenge unnecessary spending, and demand accountability. Our goal must be to preserve and enhance the lifestyle we love—but with financial discipline, not bloated budgets.

I’m deeply concerned that this FY26 budget will push longtime residents—our friends and neighbors—out of the community they helped build, simply because they could no longer afford it.

I hold and MBA in Finance and bring a proven record of financial leadership. If elected, I will be a relentless advocate for Villagers—committed to smart budgeting, real transparency, and putting Members first.

Vote HOWIE—for Fiscal Responsibility and Member-First Leadership.

Question 2: Why are you running for the Club Board?  What life experiences, abilities, skills, and knowledge do you have that would qualify you to be a Board Director? How have you prepared for being a Director?

Howie Blumstein answer to Question #2

I’m running for the Club Board because I believe our Community is heading in the wrong direction—with skyrocketing dues and decisions being made without enough Member input.

I was a Club Board Director, regularly attend Club Board of Directors monthly meetings and keep abreast of important decisions that the Directors make. My interests are in maintaining our assets, providing needed services for residents, and enhancing our lifestyle.

I have an MBA in Finance and a strong financial background. If  elected I will be a voice for Villagers —focused on smart budgeting, transparency, and protecting what makes our community great.

Vote HOWIE—for Fiscal Responsibility and Member-First Leadership.

Question 3: How do you, as a Club Board candidate, envision improving The Villages?

Howie Blumstein answer to Question #3

My Vision for Improving The Villages

As a candidate for The Villages Golf & Country Cub Board, my vision is rooted in fiscal responsibility, preserving our vibrant lifestyle, and putting Members first.

1. Prioritizing the Maintenance of Club Assets

First and foremost, I will ensure that our Club’s assets are properly maintained today and for years to come. A well-cared-for community preserves our high standards and supports strong home values.

2. Enhancing Our Lifestyle While Keeping Dues Affordable

I believe we can enhance our lifestyle without putting undue pressure on monthly dues. It’s critical that we continue to attract future residents by maintaining a balance between enriching amenities and keeping Club costs manageable.

3. Supporting Smart and Sustainable Improvements

Improvements that align with our budget and enhance daily lifestyle should be thoughtfully supported. Some examples of key initiatives I’d champion include:

• Improving accessability at Gazebo Park

• Upgrading Cribari Auditorium to better serve our community

• Evaluating enhancement requests from clubs to ensure they align with residents interests

4. Leveraging Partnerships for Capital Projects

The successes of community supported projects like the golf course bunker renovation, Pickleball courts and the third bocce court show what’s possible when we combine efforts. These were funded through:

• The Evergreen Villages Foundation

• The Capital Improvement Fund

•  Successful fundraising campaigns

This model is a win-win for everyone and should be used for future enhancements, helping us improve our community without raising dues unnecessarily.

Vote for Howie—For Fiscal Responsibility and Member-First Leadership. Together, we can continue to make The Villages a place we’re proud to call home!

Question 4:  Given that there will be increases in some costs in the coming years, how do you recommend managing our assessments?

I recommend forming a Finance Advisory Committee (FAC) immediately—composed of five residents and a Club Board liaison—to take a hard look at thei FY26 budget. Their mission: identify smart, strategic ways to reduce expenses by 10% without comprising core services, the integrity of our assets, or the quality of life we all enjoy.

The goal: act now to implement cost-saving measures that build a surplus in FY26—so we’re prepared for future increases to avoid skyrocketing dues increases and possibly obviate raising dues in FY27. Key focus areas will include staffing levels, water useage  and utility contracts to ensure we’re maximizing value.

With my MBA in Finance and decades of real-world experience, I bring a sharp eye and a steady hand to budgeting—always transparent, always responsible, always resident-first.

Vote HOWIE—for Fiscal Responsibility and Member-First Leadership.

---

Mira Dytko

8402 Chenin Blanc Lane

Here at The Villages, I have participated in many activities including pickleball, tennis, yoga, U-Jam dancing, biking, and hiking.

If elected, I would like to promote and expand existing club activities, increase visibility, and motivate participation through innovation. Encourage fresh ideas and foster partnerships with clubs and its members.

Due to my unique background, life, and work experiences, I believe I will be a valuable asset to the board. 

I appreciate your support in this new endeavor.

Question 1: What are the most important issues for the Club Board to consider and how are you prepared to handle them?

Mira Dytko answer to Question #1

The Club Board reviewed the 2026 fiscal year budget. It has been recommended an increase in HOA fees for current operations and to meet our strategic goals.

How am I prepared to handle them? 

Recommendations:

• Better financial investments, according to our capital bank statement, we only earn 4.27% per year

• Cut expenses, our labor expenses are high

• Yearly performance review of each employee (166 total headcount)  

• Increase other revenues by active member engagement and participation

Question 2: Why are you running for the Club Board?  What life experiences, abilities, skills, and knowledge do you have that would qualify you to be a Board Director? How have you prepared for being a Director?

Mira Dytko answer to Question #2

To support our Board Mission and Vision

What life experiences, abilities, skills and knowledge do you have that would qualify you to be a Board Director?  

• My life experiences: lived and worked in four countries

• Great research skills: worked as a scientist for over 15 years

• Knowledge and work experiences for non-profit, public, start up businesses

How have you prepared for being a Director?

• Actively engaging in the Club activities

• Participating in the Hermosa District Advisory 

  Committee (DAC) activities and meetings

• Participating at Board of Directors meetings

• Reading the Club Board meeting minutes and the 

  Villages Member Portal 

Question 3: How do you, as a Club Board candidate, envision improving The Villages?

Mira Dytko answer to Question #3

Create unforgettable experiences with a strong sense of community:

• Promoting and expanding existing club activities, increasing visibility

• Improving communication through positive interactions, shared experiences, and creating opportunities for participation

• Encouraging sustainability: reduce, reuse, recycle

• Encouraging active participation through innovation

Question 4:  Given that there will be increases in some costs in the coming years, how do you recommend managing our assessments?

• Continue providing necessary services and make enhancements/improvements with members’ input.

• Fix or replace aging infrastructure according to the Master plan with set priorities, schedules, and deliverables while controlling costs.

• Negotiate better contracts, such as, Comcast contract, landscaping, and legal services.

• Increase Non-Dues revenues (Food and Beverage, Pro Shop, Recreational services).

• Reduce legal and professional fees.

• Diversify the capital fund based on the short and long term goals of the Club.

• Implement energy saving resources and reduce waste.

• Regularly perform financial analysis.

---

Andrew ‘Andy’ Altman

7119 Via Portada 

Professionally, I provided the tools and resources needed to advance life science research. I began as a sales rep and progressed to VP/General Manager roles with Varian, Thermo-Fisher and IDEXX. All of those roles had global responsibility.  The hallmarks of my success have been enhancing the customer experience while driving operational efficiency.

My focus as a Director is to enhance the Villager experience. We need to find ways to make our community better while controlling costs. Doing so will make our lives richer and increase the value of our properties.

Question 1: What are the most important issues for the Club Board to consider and how are you prepared to handle them?

Andrew Altman answer to Question #1

• Aging Infrastructure

• Villager Experience

Addressing our aging infrastructure and improving the Villiger experience are the two biggest challenges I see. Our Club facilities were designed to support a Senior’s lifestyle in the 1960s. Our generation is more active, and, as such, desires facilities to support that lifestyle.  Doing so will increase our enjoyment, improve our home values and ensure the wellbeing of our community. Some elements like paint and carpet are more obvious than the unseen water, electrical and sewer systems that run under our homes and streets. Many of these have gone without improvement since their construction. The board must exercise operational efficiency to prioritize projects and constrain costs.  

Improving the Villager Experience was the primary reason I ran for the board. We have made remarkable progress.  Our Food and Beverage services have markedly improved since Chef John joined our team and shared his vision for the dining experience. Better integration between our recreation and food and beverage teams is another opportunity. Many of our clubs use outside food vendors to control costs.  Imagine golf, tennis, pickleball and bocce events supported by our Villages F&B team at competitive price points. These improved experiences don’t have to cost more. They just need to become a priority for our management team.  

Question 2: Why are you running for the Club Board?  What life experiences, abilities, skills, and knowledge do you have that would qualify you to be a Board Director? How have you prepared for being a Director?

Andrew Altman answer to Question #2

I’m running for re-election to improve our community. I want our home prices to go up, our experiences as residents to improve and our community to flourish. This requires making tough decisions, especially around economic issues. My wife and I were fortunate to live in an active Country Club community for 8 years before moving to The Villages. That experience provides me with insight into what is possible. I will share that vision with my col-leagues and our General Manager to fulfill our stated vision: “to be the active Country Club Community of Choice for people age 55+ in Northern California.” 

In my professional life, I was a General Manager of several large multinational companies. In those roles, I was responsible for both developing and implementing strategy. I know that success depends on communicating the strategy across the organization and laser focus on key deliverables.  This means continually asking, “Is what we are doing aligned with our strategy?” and holding everyone accountable for staying on task. Now that we have a sold management team in place, the board must provide direction and prioritization. As a Director I will encourage crisp execution to contain cost and produce timely deliverables.

Question 3: How do you, as a Club Board candidate, envision improving The Villages?

Andrew Altman answer to Question #3

As a candidate for the Club Board, I see two key areas of focus for improving The Villages:

1) Enhancing the Villager experience and

2) Developing a long-term plan to upgrade and maintain our infrastructure.

Enhancing the Villager Experience

Our Club should feel like a place where every resident is valued — because we are the owners. That means delivering consistently excellent service, whether it’s from our wait staff, pro shop personnel, or maintenance crews. I believe we need to instill a strong customer-first mindset throughout our management team and staff. While our GM and her team have made strides in this area, continued effort and targeted training are essential to ensure every interaction reflects the level of service our residents deserve.

Upgrading Aging Infrastructure

Much of our infrastructure was designed for a 55+ lifestyle in the 1960s and is no longer suited to the needs of today’s residents. Beyond the visible amenities, we must address critical but often overlooked systems — including sewer, electrical, and water — before they fail. Proactive maintenance and upgrades are far more cost-effective than emergency repairs. That’s why I support a comprehensive, phased multi-year infrastructure improvement plan. This approach allows us to manage costs responsibly while avoiding the disruptions and financial impacts of system failures.

By focusing on service excellence and long-term planning, we can enhance our day-to-day lives, preserve the value of our homes, and ensure The Villages remains a vibrant, desirable place to live for years to come.

Question 4:  Given that there will be increases in some costs in the coming years, how do you recommend managing our assessments?

Managing Future Assessments: 

A Strategic Approach

As we look ahead, it’s clear that certain costs will continue to rise. To maintain the quality of services and facilities that Villagers expect, we must take a balanced approach—managing both our expenses and income thoughtfully. Central to this effort is the development of a unified strategic vision for the Club.

A resident survey is currently being developed to better understand the community’s priorities. Once we have that input, every project presented to the Board should be evaluated based on how well it aligns with our strategic plan. This will help ensure that we allocate resources to initiatives that reflect the community’s highest priorities. Not every “good idea” will—or should—move forward if it detracts from more strategic initiatives.

We recognize that improvements and enhancements typically come at a cost, often reflected in higher assessments (HOA fees). To manage this, we are actively exploring ways to diversify revenue and shift part of the financial burden away from existing homeowners:

• Revenue from Outside Events: We’ve hired an experienced manager to help grow this revenue stream through better use of our facilities.

• Initiation Fee & Non-Resident Memberships: These ideas, which would require amendments to our governing documents, could provide significant new income sources. If adopted, they would shift some of the cost of future improvements to new owners and external members.

These are strategic, long-term solutions that reflect our commitment to fiscal responsibility and to enhancing the value of our community. I support this direction and look forward to continued input from our Villagers as we move forward together.

The Board Meeting Schedule provides the monthly Club, Association and Homeowners’ Board meetings–where, when, day and any pertinent information. Click the link above and go to the Board meeting details. If you see anything that is incorrect, please notify our Webmaster at webmaster@the-villages.com. 

The Annual Membership Meeting for all The Villages corporations is Wednesday, June 11 at 4 p.m. in the Clubhouse.

Association

• The Special Open Meeting to count ballots is Tuesday, June 10 at 9:30 a.m. in Vineyard Center.

• The Annual Membership Meeting for all The Villages corporations is Wednesday, June 11 at 4 p.m. in the Clubhouse.

• The Villages Association Board of Directors Organizational Meeting is Friday, June 13, from 9:30 to 10:30 a.m. in Montgomery Center.

• The Villages Association Board of Directors Monthly Board hybrid meeting is Tuesday, June 24 at 9:30 a.m. in Foothill Center and on Zoom.

Meeting ID: 917 8108 3392; Passcode: 223468; Dial: 1-669-900-6833; Join meeting here

• The Villages Association Board of Directors Study Session Re: Policy, Procedure and Rule Changes is Tuesday, July 15, from 9 a.m. to 12 p.m. in Foothill Center.

Club

• The Annual Membership Meeting for all The Villages corporations is Wednesday, June 11 at 4 p.m. in the Clubhouse.

• The Villages Golf & Country Club Board of Directors Organizational Meeting is Friday, June 13 from 11 a.m. to 12 p.m. in Montgomery Center.

• The Villages Golf & Country Club Board of Directors Study Session Re: CPo 305 is Tuesday, June 17 at 2 p.m. in Foothill Center.

• The Villages Golf & Country Club Board of Directors Regular Meeting is Tuesday, June 24 at 1:30 p.m. in Foothill Center and on Zoom.

Meeting ID: 961 5036 4740; Passcode: 260616; Dial: 1-669-900-6833; Join meeting here

Homeowners’

• The Annual Membership Meeting for all The Villages corporations is Wednesday, June 11 at 4 p.m. in the Clubhouse.

• The Villages Homeowners’ Corporation Board of Directors FY 24/25 Quarterly and Organizational Meeting is Thursday, June 12 at 9 a.m. at Montgomery Center.

For the full meeting schedule, please refer to the Events Calendar on the Member Portal.