HOA Financials are very strong. So they want more money from you

From the July 31, 2023 Financial Report, prepared by CAMS, and attached to the Minutes of the September 5, 2023 Board of Directors meetings:

"Overall The Summit's Financials are very strong and currently are operating under budget." Page 3/3.

And so the Board is considering a 10% increase in your dues.

Hello? Are we dealing with rocket scientists here?

The August 31, 2023 Financials have not yet been released. They will be available at the October 3rd board meeting and on the website then. Of course, that board meeting may be in private on Zoom. Whether homeowners will be able to view it is, in the words of the board's minutes, still up in the air.

But don't run away yet. Let's take a second look at "currently operating under budget".

How is the HOA doing on the purchase of water? As of 7/31/2023 (7 months into the fiscal year), 92.9% of the water budget has been spent.

$    85.00 Jan.
$3757.05 Feb. *
$1902.26 Mar.
$  149.16 Apr.
$  227.47 May
$  994.85 June
$1181.50 July
$8297.29 Total for 7 months.

* Did anyone question the huge increase in the water bill in February? The Finance Committee report on 3/7/2023 doesn't mention it. Justin and Vernell approve the invoices. Should they have informed the board? 

The 2023 water budget was $9,000. $8297.29 spent through 7/31/23 is 92.9%. and there are still five months to go.

How much did the HOA pay for water in August? And in September?

And how much will the HOA pay in October for September's water, when Myrtle Pool was refilled with only eight days remaining in the pool season, after broken glass was found in the pool.

Should the board have left Myrtle Pool closed and waited until next year to fill it?

So, water was under-budget at the end of July? Not really. On-budget (average) would have been $5,250 ($9000 x 7/12), but water usage is seasonable. Will it be over-budget at the end of August?

It'll be out-of-sight when the bill for the September pool refill is paid.

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