2009 Budgets have been finalized for the Victor Gardens Community Association (the master association) and the VG Single Family Village. The new budgets approved by the Board of Directors reflect a 25% increase of dues paid to the master association by VG’s sub-associations.
Visit the Financials page to view and download the final Budgets.
Below is a copy of the Board of Directors letter mailed to homeowners this week. It explains the Board’s reasoning behind the increases:
Victor Gardens Single Family Village
7100 Madison Avenue West
Golden Valley, MN 55427
February 22, 2008
Enclosed with this letter, please find the new budget for the Victor Gardens Community Association and Victor Gardens Single Family Village Association. The fiscal year for the Victor Gardens Community Association ends on March 31, 2008; therefore the new fiscal year begins on April 1, 2008.
The Board, along with the assistance of your management company, has given the 2008-2009 Association budget careful consideration. One of the main functions of the Board of Directors is to maintain property values; therefore an increase of the annual dues is necessary. Furthermore, the Board has researched association dues for communities with similar number of homes and similar amenities and determined that our dues are in line with other communities.
The main reason for the increase is to relieve the current outstanding association expenses. On the enclosed budget, you will notice an excess of revenue over expenses. These funds will be used to pay the outstanding expenses from the current and previous years. The total amount of outstanding expenses as of February 15, 2008 is $61,160.00. The future budgets will have an excess of revenue for this reason.
The overwhelming majority of this shortfall is in part because of the decrease in sales due to current market conditions and all of the common amenities, such as the pool, parks, activity center, etc. being completed. The expenses were incurred because the amenities require ongoing maintenance and repairs.
Effective April 1, 2008 the annual master association dues shall be $582.00. Dues will be billed on a quarterly basis for the single-family homes and monthly for the townhomes, consistent with the decision of each sub-association Board of Directors.
The annual dues for the Village Homes shall be $745.00. This increase of the annual assessment is due solely to the increase in the Master Association’s assessments. The quarterly dues shall be $186.25.
In a separate mailing you will receive a set of coupons. If you are using EFT (automatic withdrawal) for your Homeowners Association dues payments, you will not need to make any changes with your bank. The bank will automatically withdraw $154.50 each quarter from your account.
If you have any questions please contact the Association’s Community Manager, Gina Lampe at 763-225-6438 or via email at firstname.lastname@example.org
The Board of Directors
Victor Gardens Single Family Village Homeowners Association