Correspondence from Board regarding 2027 budget
Neighbors, Please see the below correspondence from your Board of Directors regarding the 2027 budget which was approved at last week's Board meeting.
Good afternoon, Neighbors, Please see the below correspondence from your Board of Directors regarding the 2027 budget which was approved at last week's Board meeting.
We hope that you participated in the October 13 HOA meeting to hear the introduction, and discussion, of the new level of dues to support the 2027 budget. However, we want to make an effort to be sure that everyone has an opportunity to know what the new level of dues will be and “Why”.
Our dues have remained “flat” at $150/unit/quarter for ten years, while Palmera Ridge grew and expenses rose. The former Board and KiTH had postponed maintenance, frozen repair and beautification projects and allocated NO FUNDS for Reserves. The Trail was completed and “donated” by the Developer but comes with a new $23,000 annual cost. Meanwhile expensive things, like pool and pond pumps, were falling apart and plants were dying. We were left to address these problems and the related expenses. Additionally, the Federal government mortgage oversight organizations (Fannie Mae and Freddie Mac) stepped in to require a rise in the level of dues that must be set aside for reserves.
The operating budget that the Board developed required an increase to $183.25/unit/quarter and an additional $10/unit/quarter for reserves, for a total of $193.25/unit/quarter. Discussion during the meeting resulted in a consensus that an “even number”, $195/unit/quarter, would be easier for our members and still in line with other nearby communities. This equals $65/month compared with $50/month we have paid since the neighborhood was founded.
In the new fiscal year, the Board intends to review all our financial commitments, especially the biggest ones like landscaping, maintenance and Insurance, to better ensure that we are paying for, and getting, the quality we require at the best price we can. Your involvement in Committees like Finance and Landscaping will make that effort more effective and we welcome your involvement.
We hope that we have answered any questions you may have. Technical ones like dealing with “prepaids” and automatic withdrawals should be addressed to info@psprop.net. Others can be posted on Facebook and we’ll try to be prompt with our answers.
As always, we appreciate your support.