At their October 12th, 2023 meeting, the South Riding Proprietary Board of Directors adopted the 2024 Operating Budget and Schedule of Assessments. The Staff, Budget and Finance Committee and the Board have been working on this since July.

We were able to successfully negotiate a reasonably priced contract and annual escalation to retain our Trash Hauler, Republic Services, who will continue to provide twice weekly trash collection, once weekly recycling collection and the standard yard waste collection from March – December.

The operating budget includes contract increases for landscaping and irrigation services, these contracts will be re-bid in 2024 and Staff will be looking for areas to decrease costs, specifically by adding more ‘no mow’ areas which will reduce mowing frequency and treatment costs. As labor costs and chlorine chemical costs increase our pool management contract is impacted, we invited 5 companies to bid our contract and after two months of negotiation we will retain our relationship with High Sierra one of the lowest bidders by far. Our insurance policies as required by law for the community increased between 5-10% dependent on the policy.

Income from interest generated from the replacement reserve accounts increased this year and is expected to remain at a high rate through next year. That interest income along with money from members equity is included in the budget to offset the assessment rates.

$97.60*    Detached Homes  (Common Expense $48.71, Recreation Expense $18.24 & Detached Home $30.64)

$107.55*  Detached Homes w/ Common Drive (Common Expense $48.71 Recreation Expense $18.24 & Detached Home $30.64 Common Drive $9.95)

$107.50*  Townhomes (Common Expense $48.71, Recreation Expense $18.24 & Townhouse $40.53)

*Assessments are rounded to the nearest $.05

$66.95** – Lakeside Condominium Units
$89.05** – Amberlea Condominium Units
$89.05** – Town Center Condominiums Units
**This amount represents the amount paid to SRP. Please contact your management company for your monthly assessments.

Detailed 2024 Budget information can be found HERE.

Unit Type $ Variance explained 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 2024, 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.