2023 Proposed Budget

Click to View Proposed Budget

To assist you with your review of the proposed 2023 budget we have included this letter to better explain the budget and the process. In any case, if you have questions, please send a note to board@cobblestonefarmshoa.com, include a contact number and best time to call and we will do our best to follow up in a timely manner.

Process: As promised the board asked for volunteers to work with the treasurer and secretary in putting together the budget. We met in July to review previous years financials. We looked at 2019, 2020 and 2021 income and expenses which were found to be in line with a three-year running average. Overall, the financial records passed on from previous boards were detailed.

However, we did determine the needed to establish a process for storing receipts, invoices and contracts electronically for easy access.

A second meeting was help in early October, at that time the committee reviewed 2022 actual expenses, compared to a three-year trend which resulted in the proposed budget which you can view by clicking the button below.

A special thank you to Matt, Melissa, Bob and Kimberly for being part of the committee.

2023 Dues: We are budgeting $775.00 per home, same as last year. New for 2023, we will be offering an online credit card payment option. If you choose to use this option there will be a $22.73 convenience fee added to your dues to cover the credit card processing fee.

Documents: There are there are two budget documents you can view at the bottom of this email, one is the actual budget form and the other is a budget worksheet. As a reference, Colum “P” of the budget worksheet pulls to the budget document.

Income:

• Only income from dues was budgeted, we were fortunate in 2022 that seven homes have been sold totaling $7,700 additional income which helped pay for a couple of unexpected expenses (Pool deck repair and HVAC in the clubhouse).

Legal Fees:

• This is an area we will see some saving in 2023. As you probably know, the lawsuit with Meritage settled, so the only legal expenses we are budgeting for is the annual retainer and contingency.

Maintenance:

• Although we anticipate increases in utilities, we think there is an opportunity to remain even with last year through a more rigorous maintenance program. For 2023 we are adding money to our grounds contract, pool operations, detention pond maintenance and purchasing an HVAC maintenance plan.

Repair:

• This is an unknown, we kept our budgeting in line with previous years.

Miscellaneous:

• Our office expense has increased by $55 a month for accounting software.

Utilities:

• Water and Sewer was increased to cover Waterscapes at $180 per quarter.

Reserve: With the settlement from Meritage, we are comfortable that our reserve for maintenance and repairs outside the normal budget should be funded for the next few years.

Projected projects over the next ten years include:

o Parking Lot Re-Surfacing

o Pool Re-Surfacing

o Pool Decking

o Water Meter replacement

o Detention Pond Dredging

o Common Area Structure Re-Painting

o Tennis Court Re-Surfacing

o Pool Pass System Replaced (Support for the current system is being discontinued)

o Structure over Mailboxes

o Security at Pool and Tennis Courts (Camera System)

If you have any questions, concerns, and/or suggestions please email the board at board@cobblestonefarmshoa.com. Our hope would be that we can answer as many questions as possible before the annual meeting (Date and location TBD).