As can be seen in the financial report that companied the letter that was handed out to everyone, we struggled last year to save any cash. However, kudos to previous HOA boards, we ended the year with more than $23,000.00 in our HOA's bank account. Although we haven't seen this year's budget yet, we hope to spend as little as possible throughout the year to add to that cash position at the end of the year. Obviously, as the neighborhood ages, this will be harder to do. The HOA is resposible for costs associated with the pool, clubhouse, and outerfencing. Additionally, we'll find some unexpected costs that arrise due to other areas of the neighborhood that need attending to that we've already started seeing (e.g., sidewalk repairs that the county doesn't address, dangerous dead trees, etc.). We feel the need to prepare for these things in advance by saving as much of our dues toward these future events.
If we can't start putting some money asside every year for these big future costs, then residents will end up having to pay an extra fee (e.g., $500-$1K) the year big things are needed (e.g., pool repair, new fence, or a new roof on the club house). I don't think it is fair for us to kick the can down the road by leaving such expenses to those who live here at the time the expense is incurred. We should pay our share now. Please leave any comments as to your ideas on how to better our financial future.
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