In an effort to communicate early and often, I wanted to share that the board has voted to raise the dues to $520 per month (effective starting July, 2025). While everyone wishes dues would stay lower, this increase is roughly in line with last year’s rate of inflation – which is a good “sanity check” for whether we are maintaining our budget well.
Of particular note, our reserve study has been updated and preliminary reports show that we are very well funded compared to past years: currently 88%. This means it’s currently very unlikely that we’ll need a special assessment for future projects like fencing or painting. Given this, we are taking a softer approach to funding our reserves than in previous years (only increasing our reserve contributions by a small amount, to maintain this status).
However, a few of our operating expenses have increased as we’ve looked to bring on better service providers (most notably, our property management costs), and we are hearing that we should anticipate a sizable increase in insurance costs. We’re also kicking off some bigger projects that aim to bring down other operating costs, but we’ll be able to most accurately reflect that in the budget next year (more to come on that shortly).
For those curious, here’s a quick video explaining of how reserve funds and operating funds differ: https://www.youtube.com/watch?v=fRmXVUF1jfE (Our dues partially go to the operating fund, and partially go to the reserve fund.)
Stay tuned for a much more detailed breakdown in our annual disclosure packet, which will come out in the next month or so (which will be physically mailed to every homeowner).