At its October 3, 2019 meeting, the South Riding Proprietary Board of Directors, based on the recommendation of the Budget & Finance Committee, adopted the 2020 Operating Budget and Schedule of Assessments.
Every five years SRP contracts for a reserve study to identify the useful life of our most significant assets (such as pools, buildings, roads, playgrounds) and to budget enough that we can address replacements and improvements as needed without spikes in your assessments. It has been the long-term goal to try to fund our reserves as closely to 100% as possible. In 2019, the reserve study identified a shortfall in funding, and as a result the Board, at the recommendation of the Budget and Finance Committee, voted to move $500,000 in funds from prior year retained earnings (surplus operating funds) and $640,000 from the capital improvement fund to the replacement reserve fund to eliminate the shortfall. The Board also voted to use $450,000 of prior year retained earnings (surplus operating funds) to be applied to the 2020 Budget to keep assessments stable. For a detailed analysis of how these surplus funds were applied please contact email@example.com.
The transfer of funds, along with the usual annual budget process, results in your assessment being adjusted a minimal amount as noted above. The amounts credited to each unit type were based on the percent of surplus in prior years in each budget category.
If you are on direct debit through SFMC, your monthly withdrawal will be adjusted automatically. Otherwise, please adjust your payment amount for the January 1st withdrawal and remaining 2020 assessment payments.
|ome Type||2020 HOA Fee||2019 HOA Fee|
|Detached Homes w/ Common Drive||$93.95||$94.50|
|Town Center Condos||$69.40**||$68.65|
**This amount represents the amount paid to SRP. Please contact your management company for your monthly assessments.
Detailed 2020 Budget information can be found here.
We would like to express our appreciation to the dedicated members of the Budget & Finance Committee for the group’s conscientious management of the association’s finances, and to all the other association committees and the Proprietary staff for their help in developing this budget. The Committee meets monthly to review the statements prepared by the financial management company, considers requests for funding various capital expenditures, and makes decisions with respect to Association investment funds in order to gain the highest return without sacrificing the safety of principal.