Our master association’s management company, Community Development, Inc. has drafted two proposed budgets for the current Board of Directors to consider.
Gina Lampe, our Community Manager with Community Development, Inc. sent me a copy of each of the proposed budgets. The two budgets project next year’s expenses, revenues, reserves, etc. for our master association, the Victor Gardens Community Association. Each also addresses unpaid vendor invoices from previous years.
The Board of Directors will consider these proposed budgets, and likely make some modifications before a final 2008-2009 budget is set. Please keep in mind that these are not final budgets, but proposals for the Board of Directors to consider.
Each of the proposals call for an increase in annual dues to the master association. The proposed increases are substantial, and vary depending on the level of homeowner involvement in a few key areas. Please see Mrs. Lampe’s comments on the proposed budgets below:
“Attached are version 1 & version 2 of the proposed budget for the upcoming fiscal year. Version 1 has an increase of 15% for annual assessments and is based on the association members providing for some of the responsibilities such as minor maintenance of common elements, activity center reservations, management of vendors, etc.
Version 2 is based on a 25% increase, which is the maximum increase with out a vote of the members. Each budget has an excess of revenue over expenses to start paying off the aged payables”. - Gina Lampe