As your Board of Directors, we are working on several projects that will help maintain and improve our community. Here are some key updates on current projects and financial planning efforts:
Townhome Roofs
Several townhome owners reported roof leaks after the recent storm. After evaluation, we’ve engaged a roofing company to assess the extent of the damage. Many roofs that were not replaced during a previous insurance claim are now in need of replacement. We are working with the insurance company to determine if these repairs are covered, as our reserves for townhome repairs are currently lower than needed.
Additionally, some roofs that were replaced in past years may still be under warranty. We are coordinating with the original roofing company to address these warranty-covered repairs as soon as possible. Rest assured, internal damages caused by leaks will be addressed after the roofs are repaired.
Budget Planning and Reserve Study
The Board is currently focusing on several budget-related items, particularly in preparing for 2025.
Why Maintain a Reserve?
One topic of discussion in recent years has been the reserves held by the association. Reserves function as the community’s savings account, ensuring funds are available for long-term maintenance needs. Our neighborhood consists of Single-Family Homes (SFH) and Townhomes (TH). While both contribute to common expenses like the pool, landscaping, and sidewalk maintenance, townhome owners also pay for TH-specific items such as exterior maintenance, TH landscaping, and insurance.
Reserves are essential for spreading out large expenses—such as roof replacements or pool repairs—over time. Whether you live in the neighborhood for two years or twenty, contributing to reserves ensures you’re paying your fair share for the upkeep of shared community assets.
Are Reserves Required?
Yes, our community governing documents mandate that the Board maintain adequate reserves. A reserve study helps determine how much we need to save by providing an educated estimate of future repair and replacement costs. This study also guides us in determining how much each owner should contribute annually to ensure reserves are sufficient.
Common vs. Townhome Reserves
While our neighborhood is one HOA, the costs associated with maintaining Single-Family Homes and Townhomes are not the same. Our governing documents reflect this by setting different dues rates for each type of home, meaning townhome owners contribute separately to their own reserve fund for TH-specific repairs. A smart Board uses a reserve study to ensure both common and townhome-specific reserves are adequately funded.
Operating Costs for 2025
The Board is also working to determine the operating budget for 2025, which covers day-to-day expenses like electricity, water, and vendor contracts. Once we finalize these estimated costs, we will set the appropriate dues so that each homeowner is contributing their fair share.
Annual Maintenance Needs
In addition to long-term projects funded by reserves, we have yearly maintenance needs like pool house repairs, minor sidewalk fixes, small roof leaks, and pressure washing. A well-rounded budget will ensure these tasks are handled efficiently while keeping our community in top shape.
Recorded Meetings https://www.youtube.com/@almondglenhoa
To make Board meetings more accessible, we have returned to recording homeowners association meetings. These are uploaded to YouTube for you to watch at your convenience. Although there may be a short delay as we process and upload the recordings, we have streamlined the process and aim to post them more quickly. Once uploaded, we will share the video link in the original meeting announcement. Make sure to subscribe to our YouTube channel to stay informed when new recordings are posted.
Website Updates
The website is more secure and faster than ever thanks to Jon Rodman of Lightning Mine. (lightningmine.com)
Thank you for your continued involvement in our community. We will keep you updated as these projects and planning efforts move forward.
Sincerely,
The Board of Directors