2023/2024 Budget – Effective August 1, 2023
The 2023-2024 Annual Budget will go into effect August 1st. While the Board of Directors is excited that the dues will not be increased, below is a brief overview of how we got there.
Each year the Association’s volunteer Board of Directors performs a very careful review of the past year’s expenses and income to best project the amount to collect from each member in the upcoming fiscal year. When reviewing the budget, the Board considers several factors such as: recurring contract costs, inflation, utility usage and rates, insurance, and appropriate reserve contributions each month to pay for repair, restoration and/or replacement of common area components as needed.
There are several factors that impacted the Association’s budget for this upcoming fiscal year. The cost of labor and materials is on the rise, and those increases are financially impacting the Association through contract increases from service providers and increased costs of maintenance and repair projects. Since the change in landscape maintenance vendor was made nearly two years ago, the Landscape Committee and Board of Directors has worked closely with the vendor to ensure the newly planted areas were thriving while keeping within a reasonable water budget. Although the Association cannot control the cost of water rates, we continue to work diligently in mitigating costs as much as possible while adequately watering the slopes and entrance area. In addition, each year the Association has a reserve study prepared to determine the current level of reserve funding for the existing components. The recommended reserve contributions were increased by 19.52% for this upcoming year in order to adequately fund the reserves and meet anticipated expenses.
Despite these factors, the Board of Directors was successful in creating a budget in which an increase was not required while responsibly meeting the Association’s financial needs in the upcoming fiscal year.
The Board of Directors would like to thank all the homeowners for your trust in the Board as we strive for a peaceful and beautiful place to live. We would like to acknowledge those of you who volunteer your time to promote the success of our community, including the Architectural Committee members: Nancy Fowler, Amy Bourne and Brad Blakley, and the Landscape Committee members: Robert Crowley, Allison Stephen, Amy Bourne, Michael Williams, and specifically JoAnn Buchanan for all their time and effort working with the landscape team to promote the beautification of our community.
