HOA Budget

Enclosed with this mailing is the latest Quarterly Report, Statement of Financial Condition, prepared by the HOA accountant. The report gives an overall statement of financial condition. This statement basically demonstrates that the financial condition of the Association is sound. We are still climbing out of a deficit, which we fully anticipated, in that some of our main expenses (landscape maintenance, snow removal, and utilities including water) were formerly shared by a smaller number of residents. During the past year, we have begun to see a better financial picture as we have increased the number of residents while at the same time the expenses listed above, have not increased in the same proportion as new residents.

The second report, Statement of Activities, sets for our income and expenses through the third quarter of 2009. HOA dues are the primary source of income and grounds maintenance, insurance, and utilities are the largest expenditures. The developer, has taken diligent steps to keep expenses down and has also supported the HOA by loaning money for obligations when the HOA funds were not available. The developer is contributing funds to a capital improvement fund, which will aid the Association in the future when capital outlay items will be large. Examples of capital outlay include new roofing, siding and concrete repairs, and road maintenance.