The approved 8.3% Increase equates to $2 Dollars a month for each Lot Owner. The Quarterly Assessment for 2023, will be $78 Dollars.
Why was the Increase Necessary?
Our 2022 operating expenses ending on September 30, 2022, have generally been within budget with the exception of Landscaping. However, the loss of three common area trees, two to monsoon storms, and one that was causing root damage to a homeowner’s property, have exceeded our landscaping budget by $1,346. An additional October expense was to remove drought-killed vegetation in our common area adjacent to the golf course. These expenditures will exceed the 2022 year end landscaping budget by approximately $3,300.
2023 Assessment Increase
Addressing these extra-ordinary landscaping expenses to as capital expenses reduced the cash balance of the capital reserve account. It was recommended that the 2023 assessment be increased to provide sufficient funds for capital funding, as well as inflationary impacts to operating expenses. The recommendation to the Board was for an 8.3% increase. This increase is equal to the Estimated CPI for 2022; the maximum allowed by Section 6.03c of our CC&Rs, without requiring a special vote of the Association membership. The Board approved this increase at the November 3rd meeting.
Where does the money go?