Dues Increase: Where are your dues going?

With the recent announcement of our membership dues increase, we anticipate that many of you are want to know where your money is going. This article should help explain and clear up any questions and concerns. If, after reviewing this information, you have additional questions, we encourage you to attend the monthly board meetings where the board and managing agent can provide details and clarification. If you desire a copy of the financials, they may be accessed on our managing agents website, or by contacting them directly here.

Below is a break out of where your dues went during 2014 as well as a break out for how the dues have been budgeted for 2015 (prior to our May 2015 dues increase).

High-level Overview of Expense Categories

  • Administrative: uncollected dues for various reasons (Please note: We recently changed our debt collection agency and we are beginning to see an increase in the collection of monies owed to our community), office supplies, etc.
  • Landscaping/Grounds-keeping: lawn mowing, sprinkler repairs, snow removal, etc.
  • Professional Fees: managing agent fees, lawyer fees, accountant fees, etc.
  • Repairs & Maintenance: road repairs, stucco repairs, roof repairs, electrical repairs, other handyman items, grounds clean up, pool repair and maintenance, clubhouse maintenance, etc.
  • Utilities: water, garbage, and sewer for our entire community (including individual units) and common property utilities for the clubhouse, pool, grounds, etc.
  • Misc. & Unanticipated Expenses: insurance, bank fees, community activities, etc.
  • Reserve Contribution: funds used to pay for items as outlined in the Reserve Study, large expenses that have an end result that will last for several years, etc.

2014 Actuals

2014 Actual
Community Annual Total
Monthly Assessment Annual
Administrative $4.59 $55.07 $5,066.46
Landscaping/Grounds-keeping $26.45 $317.34 $29,195.50
Professional Fees $9.42 $113.00 $10,395.75
Repairs & Maintenance $34.68 $400.00 $816.21 $75,091.12
Utilities $52.84 $634.10 $58,337.60
Misc. & Unanticipated Expenses $8.45 $101.39 $9,327.76
Reserve Contribution $22.19 $266.23 $24,493.60
 Total Expenses $158.61 $400.00 $2,303.35 $211,907.79
HOA Revenues $15.68 $188.20 $17,314.09
Extra to Reserves $2.07 $24.85 $2,286.30

2014 Actuals

2015 Budget

2015 Budget (before Dues Increase)
Community Annual Total
Monthly Annual
Administrative $7.96 $95.48 $8,784.00
Landscaping/Groundskeeping $21.06 $252.72 $23,250.00
Professional Fees $10.14 $121.63 $11,190.00
Repairs & Maintenance $22.98 $275.76 $25,370.00
Utilities $54.18 $650.22 $59,820.00
Misc. & Unanticipated Expenses $14.56 $174.76 $16,078.00
Reserve Contribution $14.50 $174.00 $16,008.00
 Total Expenses $145.38 $1,744.57 $160,500.00
HOA Revenues $0.38 $4.57 $420.00

2015 Budget

 

 

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