At its September 1, 2022 meeting, the South Riding Proprietary Board of Directors, based on the recommendation of the Budget & Finance Committee, adopted the 2023 Operating Budget and Schedule of Assessments.
The monthly cost of Trash collection will increase $4.86 for Single-Family homes and $3.57 for townhomes. The waste industry is facing labor shortages and significant increases in dumping fees. Even with this increase the price for trash pickup in the community is significantly lower than other communities. Other areas that reflect significant increases include both the Landscaping and Pool contracts due, primarily, to increased labor costs. Income from interest, advertising and sponsorships of events is down as well which also contributes to our bottom line.
§55.1-1826 The Proprietary contracted with a certified reserve specialist to complete a reserve study update report in 2020 and is scheduled to complete the next update in 2024-2025 using the cash flow method. As of September 1, 2022 the amount of accumulated cash reserves set aside to repair, replace or restore the capital components was $9,628,974.95. The amount of the expected contribution to the reserve fund in 2023 is $1,267,200. Visit southriding.net, select resident services, documents, and forms to read more about our reserve study. Please note, condominium capital components are not part of the Proprietary’s reserve study and funding.
Detached Homes $94.20* (Common Expense $46.16, Recreation Expense $17.06 & Detached Home $30.95)
Detached Homes w/ Common Drive $106.20 * (Common Expense $46.16 Recreation Expense $17.06 & Detached Home $30.95 Common Drive $12.00)
Townhomes $103.90 *(Common Expense $46.16, Recreation Expense $17.06 & Townhouse $40.67)
*Assessments are rounded to the nearest $.05
Lakeside Condominium Units $63.25**
Amberlea Condominium Units $83.55* *
Town Center Condominiums Units $83.55* *
**This amount represents the amount paid to SRP. Please contact your management company for your monthly assessments.
Detailed 2023 Budget information can be found HERE.
The column above entitled “Monthly Assessments to be Collected” are the amounts set by the Board of Directors that the Owners will pay in 2023, which are necessary to meet the expenses of the annual budget. The governing documents of South Riding provide for annual, automatic assessment increases by certain percentages. The cumulative allowable increases since the inception of Proprietary operations are reflected above in the column, “Maximum Allowable Monthly Assessments.” Please note that the assessments to be collected in any given year may not be raised to an amount more than the Maximum Allowable Monthly Assessments without a vote of the Owners.