On January 8th at 7 pm, the Annual Meeting will be held. Among other things, this is when the final budget may be ratified by the Association.

Draft Budgets for 2019
See actual documents
(Two budgets are included: one to reflect a $50 increase in assessment for reserve funding and one to reflect a 10% increase.)
BOD Letter to Owners RE 2019 Budget

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

• Property Management: increase from $18,923 to $22,932
• Rolling 10 K (discretionary Board spending): increase from $447 to 5,000 “for Beautification expenses & misc cap expenses”
• Contingency: increase from 0 to $5,000

On December 4th at 7 pm, a Special Meeting will be held to discuss and vote on a proposed $50 increase in monthly HOA fees.
See BOD Letter to Owners Supporting CR Funding

(Since any increase over 10% must be approved by at least two thirds of unit owners, a ballot packet will be mailed to you during the week of November 19th. This can be used in the event you do not wish to attend the meeting.)

• At the December 4 special meeting the Board will be asking Unit Owners to vote in favor of an increase in the monthly assessment from $225 to $275. The additional $50 per month increase will be used to increase the monthly reserve funding from $19 to $69 per unit/month.
• In the event that less than two thirds of the unit owners approve the $50 per month increase, the Board will impose a 10% increase ($22.50) which will increase the monthly assessment from $225 to 247.50. This will increase reserve funding from $19 to $41.50 per unit/month.
  
  Background Information
• Since all 98 units of this community became occupied, $22,344 has been budgeted to the Reserve account every year ($19 per unit per month).
• Furthermore, in the last three years $54,000 of excess funds from the operating account have been deposited into the reserve account (The equivalent of $15.30 per unit per month).
• Neither of the reserve funding alternatives being proposed ($69 resulting from a $50 increase or $41.50 resulting from a 10% increase) take into account increases in reserve funding that might occur as the result of savings realized from the operating account as it has in the past.
• It is worth noting that at the 10/31 Board meeting brief discussion was held among Board members concerning the possibility that the $50 increase might not be approved. Brian Wells was of the opinion that if the increase is not approved the Board would have to re-examine all budget expenditures with an eye toward identifying additional funds that could be added to the Reserve.