Fines + Late Fees = 8.5% of annual budget

he 2020 Budget for the HOA forecasts a huge amount of money for income from fines and fees. You can see the budget for yourself by going the the HOA website. www.summithomeowners.com

On the left side, click on Documents (under Residents)

Sign in and then click on Documents again.

Click on Annual Budgets, and then click on 2020.

On the first page, under Other Income, see

Fines - Violations $45,000

Past Due - Late Fees $65,000

The HOA anticipates collecting $110,000 in 2020 for these two accounts.

The annual budget for the HOA is $1,299,850. Fines and Late Fees comprise 8.5% of the year's income.

How do you feel about that?


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