2008 HOA Budget and Dues Information

November 1, 2007

At the October 24th Board meeting, the HOA Board of Directors approved the 2008 budget and dues. In keeping with the Board’s stated goals from the September Board meeting, the 2008 budget holds dues at the 2007 level and starts a three-year plan of making up the shortfall in the HOA’s reserves.

The reserves shortfall was identified as part of a reserves study commissioned by the Board earlier this year. The shortfall in reserves is the result of increased projected maintenance and replacement costs for HOA assets and common area structures.

The total projected shortfall at the end of 2007 is $13,111. That amount will be made up over the next three budget years.

Dues for 2008 will be $64 per month, $768 per year, for each HOA property. Dues are billed twice yearly in January and July.

As required by the HOA bylaws, complete budget information will be mailed to all HOA members as part of the November HOA newsletter mailing. The budget information is also available online in PDF format.

Also required by the HOA bylaws is the annual statement of the HOA's policies and practices in collecting delinquent dues. This information is included with the budget.