Our HOA meetings continue to be on zoom. We have scheduled a special zoom meeting with one item on the agenda (decide whether to trim or remove a tree on canyon slope) for August 7, 2023, at 7:00 p.m. If you would like to attend, please send a message using “contact us” and “leave a message.”
Notice to Westwood Valley #5 Homeowner’s Association – 11/15/22
As a board, we try to hold our annual fees constant for three years before assessing any increases due to inflation. Our budget process assumes a nominal inflation rate based on the consumer price index, which does not necessarily reflect the increases in the costs and services that affect our annual fees.
Higher than normal inflation in the area of energy (electricity, gasoline, water) has impacted our operating costs so that we are currently running a small deficit through the end of the calendar year, and a larger one through the end of the fiscal year (June 30, 2023).
To cover the shortfall in the operating budget, and include a 5% annual increase for two years to cover inflation, an increase of $8.65 per month per household will be required.
In addition, our reserve fund balance, which covers upcoming major expenses to replace tangible assets after their useful life (fences, walls, irrigation,…), will fall below $7000 in 2025 and 2026. We will have to increase our fees $5.25 per month per household to fund our reserve up to 80% of anticipated costs over the next twenty years.
With those costs in mind, the board has decided to raise our monthly fees $14.00, increasing monthly fees from $97.00 to $111.00.
For those who are interested in the details, we will provide updated copies of the financial statements and the reserve fund study (from January 2022) on our website: “westwoodpromenade.org”, under the “homeowners” tab, information -> documents. Be sure to type the password exactly as it appears between the quotes as provided in your homeowner’s letter recently mailed.