At the annual meeting this month, the Board of Directors approved the 2017 annual budget that included a 10% increase in assessments. Coupon books will be mailed out soon. New amounts will be $113.74/quarter for single-family homes and 500.94/quarter for town homes. This increase was inevitable for several reasons, the most obvious being that our dues had been kept so low (and in fact reduced several times) over the years that the Association has found itself over budget numerous times.
Let's look at 2015. The master portion of the budget that year, excluding the town homes, was over by $50,000. That was of no fault of the Board at that time. The community requires a certain level of maintenance and operational expenses to run smoothly. Costs for goods and services as well as utilities have continued to rise, but our dues have not. Last year, that Board recognized the need to increase our dues by 10% and did so accordingly. The interesting part is that the 10% increase only added an additional $30,000 to the operating capital for 2016. That means that the Association was still $20,000 in the hole and even if there was absolutely no change in costs for 2016, and the current Board made zero changes, there still would have been (and it appears there will be) another $20,000 deficit.
The Board feels that in order to provide the services that our residents deserve, an increase for 2017 is a necessary and responsible course of action. We do not feel that this increase will cause a hardship for residents as it represents only a $10 per quarter increase for single-family homes and a $45 per quarter increase for town homes. All financial statements are available to residents upon written request.