By Susan Thompson | Lake Panorama Times
Mark Jorgensen
There were 539 ballots cast in the election for three people to serve on the LPA board of directors. Top vote-getters were Dennis Flanery, Mark Jorgensen and Steven Sidman. Flanery and Jorgensen were elected to their second three-year term. Sidman was newly elected to the board for a three-year term.
Flanery, LPA board treasurer, provided the 2024 financial and audit report for the LPA and its subsidiary, LPN, LLC. The CPA firm of Meriwether Wilson conducted the annual audit. Flanery said the auditor’s report showed the information provided for the audit was in order, and the methods used by staff to create the needed documents were consistent with generally accepted accounting principles.
LPN’s 2024 operations showed a loss of $256,512. With other income and expenses, the overall loss was $376,553. LPN was able to complete the purchase of needed grounds equipment during 2024, which had been on order for two years, at a cost of $672,061. A loan was secured from Guthrie County State Bank for the equipment purchase.
Steven Sidman
The budgeted operating income for 2025 shows a loss of $172,816. Flanery said the amount of depreciation on the new maintenance shop and water plant project is the reason the budget shows an operating loss.
“It is important to clarify this is not a cash loss but rather a loss on an accrual basis due to the amount of non-cash expenses LPA records in their annual financials,” Flanery said. “The amount of non-cash items, such as depreciation, has increased over previous years with the recent capital improvement projects completed. This is something LPA understood would occur from an accounting perspective, but we can assure the membership cash flow remains viable and on-track with respect to these important capital projects.”
Flanery said the LPA board of directors decided a 5% dues increase would be applied for 2025.
Dennis Flanery
Flanery said the LPA does not create its annual operating budget with the expectation of selling land. He also stated all LPA and LPN funds are 100% covered by FDIC.
David Finneseth, LPA board president, chaired the meeting. He thanked the four volunteers who counted ballots for the 2025 annual meeting, plus the volunteers on four standing LPA committees, including water safety, building codes, land sales and appeals.
Finneseth also thanked the LPN, LLC board of managers, LPN staff, and Royce Shaffer, LPN director of operations.
“Royce works closely with his staff and the board, as well as Ted Hawley, who is LPN’s new tenant,” he said. “Ted and his team are operating under the name Captain’s Pick. We’re pleased both the LPN operation and Captain’s Pick are off to a great start for the 2025 summer season.”
Finneseth recognized the Lake Panorama Rural Improvement Zone (RIZ) board, saying, “The RIZ board does outstanding work on behalf of the Lake Panorama community, and we’re grateful for their continued efforts and leadership on water quality and erosion control.”
Finneseth said the LPA is fortunate to have a strong relationship with the new marina tenants, Phil and Cindy Watson.
“We are grateful to the Watsons and our former tenant, Lyn Coulter, for providing a smooth ownership transition last year,” he said.
One highlight of the 2024 year was a successful amendment of the LPA bylaws with an 85% approval rating.
“The board and I are very grateful for your trust and confidence in the bylaws amendment and appreciate the hard work LPA staff and our attorney put into this ballot measure,” Finneseth said.
In closing, he said one of the most rewarding aspects of serving on the LPA board is the people.
“As I complete my fifth year on the LPA board, I am proud to say my experience on the board has given me great confidence in our future as an association. Our membership, board and staff represent a wealth of talented and passionate people who are committed to the betterment of Lake Panorama.”
John Rutledge, LPA general manager, reported on LPA operations and RIZ. He started by saying the annual process of seal coating lake roads continues to suffer from inflation.
“In 2024, we budgeted $235,000 for seal-coating, which allowed us to seal-coat 5.89 miles of road at a per mile cost of $40,000. In an attempt to chase inflation, LPA budgeted $275,000 for 2025, an increase of 17%. Unfortunately, seal-coat pricing increased by 16%,” he said.
“Another interesting perspective on seal-coating is the comparison between 2021 and 2025,” Rutledge continued. “In 2021, LPA seal-coated 8.79 miles for a total cost of $200,000, which amounts to $23,000 per mile. In 2025, the average expected cost is $46,000 per mile, which results in a doubling of costs over a four-year period.”
LPA currently has four lake crossings for its drinking water system, three of which can be described as essential and one described as supplemental. Rutledge said two of the three essential crossings were replaced within the last four years, and the third crossing will be replaced within the next year or two.
“We have a couple sections of water main that are the frequent cause of water main breaks,” Rutledge said. “Unfortunately, these have a way of occurring during some of the coldest weather, which makes for a brutal repair. The conditions are awful and the ground is the equivalent of concrete. In the summer, we dig up a water leak. In January and February, it’s more accurate to say we chisel and break our way down to the water leak.”
Rutledge offered thanks to the water crew for their dedication during water main repairs and said LPA is looking to replace some sections of water main that are more frequently impacted by breaks.
Rutledge talked about plans to lower the lake level this fall to replace the dam cylinders.
“The cylinders were last replaced 20 years ago, which represents an excellent lifespan. This project has been prioritized as a fall 2025 project, due to the discovery of some wear in the cylinders,” he said. “The lake will be lowered beginning Oct. 1, which means boat, lift and dock removal will begin immediately after Labor Day.”
Rutledge thanked the LPA Security team, which patrols the land and the water of Lake Panorama.
“It’s a tough job, and we appreciate their time and efforts,” he said.
Members will see a new water patrol boat on the lake this year.
“Security is operating a boat that combines an aluminum hull with PVC tube around the edge,” Rutledge said. “This boat is being used by LPA to account for concerns about scratching member boats on security stops. Some of the newest Mastercraft boats are selling for a quarter-million dollars, and we have to be cognizant of that as we execute our security functions.”
Rutledge reported LPA purchased and installed three permanent, solar-powered radar speed signs.
“LPA operated one mobile radar sign for a couple of years and received good feedback on it,” he said. “The three permanent signs are near the marina, on Panorama Drive south of the old LPA shop location, and near the Panorama West golf course.”
The status of LPA’s existing marina building near the boat ramp has been a topic of interest.
“LPA hired Shive Hattery Engineers to perform an assessment of the building,” Rutledge said. “The south two bays are suitable for repurposing, while the remainder of the building should be razed, due to extensive termite and ground water infiltration damage. We are considering keeping the two south bays, then adding two restrooms and a small office for LPA Security. The future of this project is dependent on costs, which we don’t have yet. As with several other large projects we’ve discussed, financing is our only current method of moving forward on this project.”
Turning to RIZ, Rutledge said projections show $3.7 million in revenues in both the 2024-2025 and 2025-2026 fiscal years.
RIZ funded a $190,000 project to rip rap the stream bank above the Burchfield Bridge, which will help address sediment inflow to Burchfield Cove. Rutledge said two wetland projects that also will improve the quality of water entering Burchfield Cove are in the planning stages, with work beginning on the West Fork project this fall.
Rutledge said RIZ had more than 3,100 acres enrolled in its voluntary cover crop program this past season, and he expects this program to continue to grow in future years.
A new dredge has been ordered, with delivery expected mid-to-late season of 2026. The dredge cost is $5.5 million. The current dredge was placed into service in May 2014.
Rutledge said LPA continues to be very involved legislatively.
“I spend several days at the Capitol each year,” he said. “We focus our efforts on RIZ and TIF law and work hard to advocate for the enormous economic and environmental benefits RIZ provides. In addition, we have worked aggressively to defend our ability to govern via our HOA platform. This has been under assault for several years due to disputes that exist between property owners and HOAs at other Iowa lakes.”
Rutledge said he occasionally is asked why LPA doesn’t provide more “play-by-play” updates to the membership on legislative topics.
“The honest answer is that doing so would undermine our ability to effectively execute our strategy,” he said. “Members are welcome to email me with questions or concerns about legislative issues, and I’ll be as candid as I can with our strategies. We have a good lobby team in the Capitol every day, and we track relevant topics in the legislative tracking system. It is rare that a member brings me a bill that is not already on our radar, but I’m always happy to confirm and discuss any concerns.”
Rutledge reminded LPA members who haven’t already created an account on the LPA website to do so.
“This will ensure you receive LPA’s weekly email, which is our official means of communicating rule changes and other important information to members,” he said. The website is www.lakepanorama.org.
Rutledge responded to audience questions before the meeting adjourned at 11 a.m.
Shortly after adjournment, the LPA board of directors convened a special meeting to elect officers for the coming year. A slate of officers was nominated, and elected unanimously to take office upon adjournment of the special meeting. LPA board officers are David Finneseth, president; Sue Thompson, vice president; Mark Jorgensen, secretary; and Dennis Flanery, treasurer.