More Work Needed on the 2025 Budget

The Finance Committee meets on Tuesday, January 21st, at 5:00PM (according to the HOA's online calendar).

Much more work is needed on the 2025 Budget, even though it was approved at the November board meeting. Two new board members voted in favor of it, and they very likely had no idea on what they were voting.

The Finance Committee had told the board, in a private, closed meeting before the November 12th board meeting, that a $50 increase was needed in the Annual Assessment. That would have generated a much-needed $124,000, assuming 100% of the homeowners paid their dues (which is not a good assumption). I'm sure the Committee would have recommended more, but there aren't enough legitimate Voting Members to approve a larger increase. 

There is no Bad Debt Expense in the 2025 Budget; the Finance Committee removed $100,000 that was in the 2024 Budget.

There is only $3,000 planned for Reserves. That's $1.21 per home. What a joke! 

In 2020 $163,965 was in the budget for Reserves; if there were 2,400 homes at that time (there weren't), then the contribution to Reserves per-home was $68.32.

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