At the HOA Board meeting Wednesday December 9, 2020, the Board unanimously voted to increase the monthly assessment from $100 to $110 effective January 1, 2021. This increase takes into consideration projected increases in operating expenses and the Board’s desire to maintain a sufficient reserve amount. The $10 increase will be allocated $7 to operating costs and $3 to reserves.
The last increase was 5 years ago. At the time of that increase, and continuing forward, an increase in 2021 of $15 per month was projected. This projection and the rationale for it were reviewed with homeowners at the subsequent Annual Meetings and Board meetings. After careful consideration the Board believes at this time an increase of $10 per month rather than $15 is sufficient.
The HOA will not be charging a late fee for the month of January 2021. This is intended to give homeowners a chance to change their automatic payment amounts or change other forms of payment to include the $10 increase.