The following budget documents were found on the Property Manager’s web site in the shared documents directory and will presumably be discussed at the BOD meeting on 10/31/18:

Title of Document: 2017 & 2018 YTD Actuals (Thru Oct 19) – 2018 & 2019 Forecasts
Corrected Document: 2018LE 2019 DRAFT Budget – V9 10.26.18

Aside from the recommended increase in Capital Reserves, the most significant changes contained in the Draft Budget are:

• Property Management:                            from $18,923 to  $22,932
• Rolling 10 K:                                                  from $447 to 5,000 for Beautification/Cap improvement expenses

The document also contains a reference to a 10% increase in dues for Capital Reserves.

Note: On Tuesday, 10/30/18 at 4:38 PM, the following clarification concerning the budget was received from a member of the board:

“Attached is the 2018 budget for comparison.

Please note: The budget for snow removal was $60,000 in 2018 and will be the same in 2019, we have a two year contract that is the same cost both years. We also have a two year contract for landscaping, so no price increase there either.

Property Management was $17,423 in 2018, plus another $1500 in administrative = $18,923 (the number you should use for comparison). It does increase to $22,932. but without the extra $1500. All totaled we are paying New Star about $3.50 per unit per month more that we paid Evergreen and they are worth every penny of that increase. Evergreen has already saved us more than $1000 in other areas.

The rolling 10k line item did not exist in 2018, instead we had $10,000 of unallocated budget which ended up going into the reserves. This year we labeled those funds. However, we intend to be very judicious with that money, and any excess will again go into the reserve fund.

All together the operating budget from 2018 to 2019 is the same number $242,256. The only real change is in the funds needed for the reserves.”

Note: This page had to be corrected several times because the initial document found on the property manager’s web site was inaccurate and follow-up documents were misinterpreted.
Incorrect Document: Hickory 2018LE & 2019 DRAFT Budget – V4 10.11.18