Budget Summary: After our review of items discussed at the annual meeting and working closely with Bright, I am pleased to say that the board recommendation were accurate and in fact has allowed us to invest a bit more than previously expected on what I am calling “The Landscaping Refresh” that Tess Johanson graciously volunteered to chair a committee for. Below is the summary and I am linking a more detailed review of the budget.
This budget is based on last year’s actuals and the reserve issues that we discussed at the meeting
Summary
Q1 – Q4 dues = $4520.00 – This will be billed at $1130.00 each Quarter
The additional assessment = $4400.00 – This will be billed once (this allows you to claim on assessment insurance if you have it all at once. If we sent two bills you would have to do it twice. (could force 2 deductibles and we did not want to do that) So, we will send one bill in January, but we would collect half in Q1 and the remainder in Q2.
Budget Increases
Some increase are just the actuals of this year carrying forward to the next year. Other increases and decreases are due to some catchup maintenance and historical budget Vs actuals review that suggests some areas were just budgeted incorrectly.
- Insurance went up slightly
- Proposing adding $1000.00 to storm damage account
- Increasing Building Maintenance by $400.00
- Reduce Pressure Washing $2000.00 since Bright includes this
- Gas and Electric up $500.00
- Landscaping Increase $10,000.00 for The Landscape Refresh
- Sanitation has mentioned an increase – We are budgeting another $1000.00 – It is likely it wont be that much, but want to make sure we are covered.
- I added an account that is all inclusive of Bright for $28,728.00. This includes all the items listed on the PowerPoint that is attached to this posting and I reduced other accounts that they will handle within that number
This budget along with the special assessment will increase our Reserves by $252,972.00 and will be added to last year’s ending balance of $166,500.00 for a total $419,472.00 by the year’s end. Of course the ending balance will be less the planned expenditures that we reviewed at the annual meeting. I am confident that next year the special assessment amount will NOT need to be this high.
Please review and place your comments in the Comments section below. Homeowners, I want to reiterate, I am all for transparency, but please don’t submit questions for breakdowns on each account. Those that are changing substantially are listed above and next year’s Reserve money spend is in the PowerPoint. I am happy to break out accounts during the year and is included in the financial reporting, but this post is a high level review, and should lead us to an eventual vote on the budget by next Sunday.
Your board, and myself as the elected President are ready to go get stuff done! (I wanted to use a different word there 🙂
Once we all review this, we will vote on this budget through our voting software to approve the budget.
I am truly excited that we are taking responsibility for our property and look forward to the improvements soon to come.
12-6-2020= I was just wondering WHY? we have to be assess again for the money all the owners have paid in thru H O A fees, $160,000 that are already in reserve? The board said from last year there is a override from last year of $22,ooo. They would like for that $160,000. which all of has paid in to not be touch, so assessment of the $22,000. be paid again by the 0wners Twice, that over ride of $22,000 should be paid out of the reserve that what it is there for?
Sounds like it may be a small Christmas gift year, as well as a tight tax for all, if there is any money left.
MERRY CHRISTMAS TO ALL AND A HAPPY NEW YEAR