GRF Finance Task Force Seeks Alternative Revenue, Cost-Sharing Sources
A new GRF finance task force, the Alternative Revenue & Cost Sharing Task Force (ARCS), is creating buzz in the Village. The mission of this task force is to research alternative revenue sources and cost-sharing models for the GRF Finance Committee to evaluate at its February 2020 meeting. If the committee deems some of the ideas promising, it will recommend to the GRF board to implement the ideas in future operating budgets and capital plans.
It is the alternative revenue-source ideas that are generating the most rumors.
Rest assured: GRF isn’t broke, underfunded or selling off land, said Diane Phelps, Treasurer of the GRF board of directors and Chair of ARCS.
“We are simply exploring new sources of revenue—other than residents’ pocketbooks—to keep the GRF portion of the monthly assessment as low as possible while still providing the funding necessary to operate the Village and maintain, update and improve GRF facilities and equipment,” Director Phelps said.
One idea currently being researched is whether new housing, office, medical or commercial space somewhere in the Village could generate a long-term revenue stream for GRF.
This does not mean we will be opening our gates to the general public, said Director Phelps, who added that whatever building may occur must be on GRF property with public access.
“This is a new concept, and we hope residents will remain open minded to the possibility and withhold judgement until the idea is more developed,” she said.
Another example of an alternative revenue source is the Village Community Fund (VCF), a 501(c)(3) charitable organization formed by residents to provide support for programs, services and facilities that enrich the lives of older adults. It is not affiliated with any Village governing board or committee, but one of its goals is to support projects within the Village. Through the VCF, tax-deductible contributions will be raised to supplement funding for such things as the renovation of the Performing Arts Center and Clubhouse 1. This will result in less funding required of GRF reserves, which means lower GRF assessments.
Residents want openness and transparency from the GRF board. Those who seek more information or would like to share cost-sharing or revenue-source ideas are welcome to contact Director Phelps at firstname.lastname@example.org.
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