2025 Budget Now on Website

The HOA has quietly and without fanfare published the 2025 Approved Budget on the website.

To find it, go to www.summithomeowners.com
Hover over RESIDENTS
Click on DOCUMENTS
Click on Annual Budgets
Click on 2025

Observe the following:
  • Assessments (Line 4000) did not increase, although expenses have gone up in several important categories;
  • What is Line 4219 Attorney Legal Fees $10,000 in the Revenue portion?
  • Why does the Budget low-ball the amount of interest to be earned at $3,000. The HOA will likely earn $50,000+. Will that money be treated as "extra" money or "unexpected" income?
  • Observe Line 4250 (Late Fee Income $65,000) plus Line 4600 (Fines - Violations $50,000) equal $115,000, which is 9% of the Assessment income total.
  • Line 6020 Contract Landscaping went up 10% to $556,358.*
  • Bad Debt Expense (Line 5020) was reduced to Zero, in order to avoid a deficit budget, after the Board denied a 10% dues increase (in a private meeting).
  • On-Site Staff (Line 6005) increased $35,000 from 2024 (23.3%).
  • Replacement Reserves (Line 8000) of $3,000 is far lower than the reasonable contribution required. In 2020 $163,965 went into Reserves. In 2024 Zero was budgeted for Reserves. This item was set low, in order to avoid a deficit budget.

* The increase is not disclosed in the Budget. Compare 2025 to 2024 to see this increase.

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