Park West HOA budget ?

Posted in: Park W at Circle C
  • Stock
  • 2russ
  • Respected Neighbor
  • USA
  • 417 Posts
  • Respect-O-Meter: Respected Neighbor
Anyone seen our HOA budget ?

Or any of the board meeting notes ?

How are we supposed to get prepared for our long, long over due annual meeting ?

Got D&O Insurance ?
  • Stock
  • 2russ
  • Respected Neighbor
  • USA
  • 417 Posts
  • Respect-O-Meter: Respected Neighbor
Budget was provided - sort of

The Park West budget sheet was apparently printed up over the week-end and provided at the meeting for the first time.

Remember, it's been 2 years since our last annual meeting.

The budget was reviewed by our property management person, who pointed out some highlights - expenses and a rather large income from delequent dues (many of them from the developers, but it appears we have a hand full of properties owners that are way over due)

Somewhere along the line she blurted out a figure ($39,500) was our balance forward for the last year. That means were are supposed to have about $190,944 in the bank.


And I'll be the first to point out that I don't know much about accounting, so I'm not sure that the spread sheet means anything at all.

I can see we did pay for Directors and Officers Insurance. I hope our new officers make a detailed review of that policy one of their first acts.

$190K seems about right to me. A Ballpark figure of $1200 per house per year, less 65% of that going to Landscaping and another 9% in other expense, that means we should have been putting back about 25% of each year's dues. Going back 5 years, I'm guessing Phase I had 70 homes, which would have yeilded 70 x $300 = $21k.
The next year probably added 25 more houses so I estimated 95 x $300 = 28.5K. Going on like that, and assuming there was nothing from the previous years to carry forward after teh first builder's bankruptcy, I had estimated that we should have had the following balance forward:

Est units YR Reported
21K (70) (2000)
21K (70) (2001)
28.5K (90) (2002) vs $15K
39K (125) (2003) vs $60K
45K (150) (2004) vs $39K
+
$141 expected vs $190K reported

Also, the builder would have kicked in much less per lot, and it was reported that they delayed their contribution and incurred considerable late fees in doing so.

I understand that the builders kicked in the $10K it would have cost to build in the sidewalks that nobody could agree on in 2002-3, so there was a little more income than I could estimate from 25% annual dues. That could be due to an increase in some other costs. I noticed that the D&O insurance went up and Landscaping did go up ($20K over the budget). That's not much and it doesn't look bad when you glance over it. But, without some graphics and charts over the last 4 years, it's hard to see the trends.

Off hand, I'm worried that were may lose ground, because unlike Circle C Ranch, we are not growing any longer.

While Linda Bal insisted that the developer still has 12 lots, looking around it appears that only 5 are still undeveloped. Another 7 are in various stages of being built, and obviously not sold.

Of minor note, a third builder has somehow purchased two lots. I don't know why that happened, but we were never advised nor asked. The one house that looks out of place has no downstairs windows on Tasajillio Court. No doubt that's the odd house. Can we expected two more wierd houses ?
Advertise Here!

Promote Your Business or Product for $10/mo

istockphoto_12477899-big-head.jpg

For just $10/mo you can promote your business or product directly to nearby residents. Buy 12 months and save 50%!

Buynow