The Board of Directors at the November 7th meeting approved a 5.8% increase in the annual association membership assessment for 2024. The 2024 assessment is $330 dollars per household, that’s a quarterly payment of $82.50. This is an increase from the 2023 assessment by $4.50/quarter.
Why is the Increase Necessary?
The increase is necessary to address inflationary increases in goods and services, as well as to provide increased funding to the Capital Reserve Fund.
Where does the money go?
Our three greatest expenses are the Management Fee (32%), Reserve Funding (24%), and the Landscaping costs (22%), respectively. Three-quarters of our annual dues are allocated to managing the business of the HOA and landscaping services for the common areas; the last quarter goes to the Reserve Fund. Road maintenance is scheduled for 2027, and the schedule of required funds for this capital expense has not been keeping pace with inflation.