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2021 Budget and Dues

2021 Budget and Dues

December 1, 2020
Subject: 2021 Budget

Hello Neighbors,

The Board has worked very hard this year to help keep the HOA financially healthy. The single-family homes 2021 assessments will remain the same at $155 per quarter and the townhomes 2021 assessments have been increased to $210 monthly. A brief overview of the 2021 budget is below. Additional details not included in this post are available on the 2021 Budget excel spreadsheet posted HERE.

•   The budget expenses are completely broken down into Townhome (TH) and Single-Family Homes
(SF) expenses to provide more transparency.
•   Most expenses are broken down with the following calculation:
TH 64 units/295 total units. SFH 231 units/295 total units.
•   2021 Reserve Study Expenses have been adjusted from the 2018 Reserve Expense split:
$42,919.00 removed from expenses as not necessary (light fixtures and privacy fences line items)
$639,085.00 moved from TH reserve expenses to Common reserve expenses
•   2021 Reserve Funding Plan modifies the 2018 plan and splits common and townhome expenses.
•   All roadways are considered a common expense to be maintained out of the common reserve fund.
•   TH specific reserve expenses and TH parking spots are considered TH only expenses to be maintained
with funds from the newly established TH reserve fund.
•   A townhome reserve account has been created and initially funded with $135,000.
This will protect TH reserve contributions by having the funds go into a designated bank account.
•   The $600 annual increase for the Townhomes is going exclusively to the TH reserve account to only be
used on TH expenses ($600 x 64 = $38,400).

The HOA Board wishes everyone a happy 2021!

Warm regards,
The Almond Glen Owners Board of Directors
Rob Smith, Virginia Pough, Eric Barnes, Meg Bowden and Sabina Hodeda

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