2023 HOA Monthly Fee Increase / Budget
Posted on: December 17, 2022 in: OLCA News Archive Tagged: Board & Committees, Buildings & Grounds
The Board of Directors recently adopted the 2023 annual budget and approved new HOA monthly fees starting with the payment due on January 1, 2023.
All of our fees will be increasing a total of 28.00 per unit per month. The 8-unit buildings will increase from $318 to $346 and the 4-unit buildings will increase from $343 to $371.
We are aware that this is on top of the $19 per month increase that took effect this past May to fund the abrupt changes in our trash and recycling service. This increased funding for 2023 is to meet increased needs, primarily in our operating budget. We offer these clarifications:
1. Operating budget expenditures show little sign of leveling off during this highly inflationary time. The cost of getting things done is as challenging for our association as it is for your households. Rising costs simply cannot be avoided. The Association incurred increased costs in the following categories: 1) irrigation system maintenance, 2) lawn maintenance & landscaping, 3) general building repairs and property maintenance, 4) snow removal and supplies and 5) legal expenses.
2. Maintaining a healthy RRF balance is needed to fund major projects, including paving, sidewalk replacements and our buildings’ tuck-pointing and caulking needs. The current RRF balance is definitely enough to meet all shorter term foreseeable needs, but the fund must accommodate major projects that will come due 5 to 10 or more years from now. The $28.00 per month increase includes a $9.00 increase to the RRF. This amount is consistent with the recommendation from “Reserve Advisors” following the results of their evaluation of our property earlier this year.
To keep the 2023 increase as low as possible, the Board examined each of the operating expenses and decided to postpone some things in 2023. We are, for example, postponing dryer vent cleaning and the annual building painting until 2024. We will also be taking a second look at the number of driveways to receive asphalt sealing next year.
If you are paying your monthly fees via direct debit from your checking or savings account, this change will be made automatically. If you are still paying by check, you may wish to automate your payment by using this convenient service and forms are available for this purpose on the OLCA website should you wish to do so.
Do not hesitate to contact us by email anytime you seek or want to share information (). More detailed information, as always, will be shared in person at our annual meeting in early May of 2023.
Sincerely,
OLCA Board of Directors