Finances
Budget
The association maintains separate operating and reserves budgets/accounts. Total income, basically consisting of Homeowner Dues, is collected in the operating account, then a portion is allocated to the reserve account. For the 10-year period from 2002-2011, 25% of income was allocated to reserves.
The operating budget (Budget - Operating) covers normal recurring predictable operating expenses. The reserves budget (Budget - Reserves) is used for major replacement and repairs as needed, and therefore is less predictable. A minimum balance is maintained as this fund also serves for emergency needs.
Budget
The association maintains separate operating and reserves budgets/accounts. Total income, basically consisting of Homeowner Dues, is collected in the operating account, then a portion is allocated to the reserve account. For the 10-year period from 2002-2011, 25% of income was allocated to reserves.
The operating budget (Budget - Operating) covers normal recurring predictable operating expenses. The reserves budget (Budget - Reserves) is used for major replacement and repairs as needed, and therefore is less predictable. A minimum balance is maintained as this fund also serves for emergency needs.
How are the Dues Spent?
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Treasurer Duties (By-laws)
d) The Treasurer shall receive and deposit in appropriate bank accounts all monies of the Association and shall disburse such funds as directed by resolution of the Board of Directors; shall sign all checks and promissory notes of the Association; keep proper books of accounts; cause an annual audit of the Association's books to be made by a public accountant at the completion of each fiscal year; and shall prepare an annual budget and a statement of income and expenditures to be presented to the membership at its regular annual meeting, and deliver a copy of each to the members.
2016 Treasurer Steve Ewankowich
