Dear Owners,
Attached please find the 2021 draft budget for Owners approval at the October 10, 2020 Owners Meeting. Please print out a copy as we will not have any copies available at the meeting. (Downloadable copy can be found in “Documents” section of this website)
The notable changes from the 2020 budget include:
1. Slight increase in condo/house fees budgeted. Condos will be $325/mo (vs $300) and Houses $406 (vs $375). This reflects the first increase since the beginning of 2019. For reference, each $25 Condo ($31 House) increase in monthly dues equates to $8,850 of annual revenue to your Condo Association.
2. Porous Payment Sweeping - we need to perform a deeper cleaning which will cost more, estimated $1,200 two times per year versus current $850 per cleaning.
3. Sewer Lift Maintenance - Estimated amount for annual maintenance.
4. Pest Control - we have had great success with our tick management program, will look to expand to include the kayak path in 2021
5. QuickBooks Online - will automate payroll beginning in 2021.
6. Water - added landscaping water to maintain all our new beautiful landscaping and grass.
I also included a list of One-Time Expenses not in the 2021 budget. These expenses will need to be specially assessed when done.
Also please see the Capital Reserve funding schedule. In discussions with mortgage lenders resulting from recent sales, we have learned that lenders like to see at least 10% of annual budgeted operating expenses contributed to the Capital Reserve, we have been targeting 5%. The benefit of having strong Capital Reserves shows we are a well-funded Condo Association which has planned for future large capital expenses. To catch us up, we will deposit any excess cash at year end into the Capital Reserve and continue to seek to fund 10% each year.
I hope to have September Financials posted to our website this coming weekend.
Please email James any budget questions in advance of the meeting, if possible. Otherwise we can discuss at the meeting.
