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The Finance Committee worked for several weeks over the summer to formulate the 2022 budget for the Association and Water and Sewer (W/S). The W/S budget accommodates the new rate increase and includes funding for repairs and maintenance.
The Committee estimated 2022 expenses based on actual expenses for 2019, 2020 and 2021 to date. The Association budget includes the recommended funding from the December 2020 CMA Reserve Study as well as additional funding to reserves in anticipation of future expenses. The Board discussed, analyzed, and approved the Committee’s recommendation. In short:
• Annual assessment for houses decreases from $1,570 to $1,250
• Annual assessment for lots increases from $900 to $1,250
• Annual assessment for Pool Rental Fee is eliminated
The Board accomplished a review of the Association governing documents, and with legal confirmation, determined that assessments must be set equally for all property owners. The Board decided it is not in the best interest of the Association to recalculate prior year assessments. Moving forward, the Board will be recommending a single assessment for all 146 owners.
The Board recommends approval of the Budget