To see the monthly financial statement, use the pull-down menu under Financial Information or Monthly Income statements click here.
Your HOA fees are collected to support the annual operating budget and the Reserve Fund |
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The proposed operating budget is presented to the community in advance of the board approval to allow a chance for input. The budget included the funds for both the Operating and the Reserve Budgets. The HOA fee can go up no more than 15% a year. Anything higher would require a vote and approval of the owners. There may be times the board would ask for a special assessment when a critical project would normally be funded through the Reserve, but there aren't enough funds. Owners would vote on approving the special assessment. If approved, all homeowners would be responsible to pay their portion.
Reserve Study |
To help the board plan for future expenses, a reserve study was conducted. This way the board can expect the timing of expenses and to make sure there are sufficient funds to pay for those repairs. The last study was in 2021.
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| the_clearing_hoa_reserve_study__1_.pdf |