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Four Seasons Beaumont Breeze Sept 2021

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FOUR SEASONS BREEZE | SEPTEMBER 2021 5 By Kathy Craven, Board Vice President I cannot believe it is September already - this year has just blown by so fast! As autumn arrives with leaves falling from the trees, crisp cooler air and my favorite, pumpkin spice, the Board of Directors and Finance Committee begin preparing the new budget for 2022. We are a multimillion-dollar corporation with cash and assets and we strive to have both physical and financial health. The Board at Four Seasons Beaumont manages the corporation from an annual operating budget of approximately $5.4 million, which comes from your HOA dues. Of the $227 monthly dues (our base rate), $191 goes toward the operating budget. Our two highest expenses and most visible are our FirstService contract and our Park West contract. The rest goes to pay things like utilities, activities, water and all other expenses to manage our day-to-day operations. So where does the other $36 go? That money goes to our HOA General Reserves which is currently funded at 102 percent, or $8,530,577 as of the November 2020 reserve study. What is included in our reserves? Our General Reserves are funds set aside to replace items we own like chairs, tables, carpet, tile, gym equipment, courts, pools, buildings and everything else. The General Reserve amount is based on the replacement cost and life expectancy of each and every item. We take great care to not replace an item that can be repaired in order to extend the life expectancy, and all items are reviewed annually. We have additional dues in the Front Yard Cost Center (FYCC) and the Springdale (condos) homes. Currently, FYCC's budget, in addition to the base rate, is an additional monthly rate of $70 for the lawn, planters, and water for the front yard. Springdale residents pay, in addition to the base rate, property insurance where the amount is determined by the size of the unit. Last year, when facility use was limited due to COVID-19, we acquired a savings and were able to apply that savings to offset an HOA dues increase to the base rate. Any amount we can offset will always be applied to the base rate as the other two cost centers carry their own budgets, and the monies cannot be combined. Likewise, if we accrue a cost savings in the FYCC or the Springdales, that money can be applied only to the respective cost center. As we prepare the budget, we calculate cost-of-living increases, inflation and the Consumer Price Index for Riverside County. The BOD and Finance committee have hit the mark on the budget for the past couple of years after K. Hovnanian no longer controlled the Board, and expect to do so again. We work diligently to factor in everything we can think of because no one wants to hear the words "special dues." Once the budget is complete, the Board will vote to accept or make any changes to ensure we are providing equitable and competitive HOA dues. Lastly, I did some checking for comparable HOA dues and found that some of our neighboring communities currently pay anywhere between $236 to $407 per month. The Board will always strive to keep our HOA dues affordable and competitive, while maintaining our beautiful facilities. What a bargain, as we have the most beautiful community in the area! The Board meets the second Thursday of every month in the Ballroom at 1 pm and we welcome all residents to join us. For a more informal meeting, we have "Meet the Board" meetings the third Wednesday of every month at 1 pm in the Ballroom. If you have questions, this is the meeting to join. If you want to email the Board about an issue, please send to theboard@fourseasonsbeaumont.org or call me directly at (714) 722- 1301. Take care and remember to be kind to one another. Message From The Board

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