Each year end the Board reviews the YTD revenue and expenditures (including reserves) and any new understandings as to future expenses. We refresh the look ahead and formulate a budget. That budget, along with future targeted reserves amounts, determines dues for the next year. We do not wish to raise dues unnecessarily, rather we wish to plan responsibly for future expenses and projects like road repairs. Saratoga Hills has minimal larger capital assets: the entrance gate and our roads. Our largest expenses are landscaping, road repair, utilities, and gate maintenance. You can find the full details of the budget as well as other financial reports in RowCal. We present the budget and review key details in each annual meeting.
Q1. Does the community vote on the budget or dues amounts?
A1. Not directly. The community votes on Board members who are then responsible for the budget. THe Board must present and vote on the budget each year at a properly noticed meeting of the members - usually in December. For items like Special Assessments, these too much be presented and voted onby the Board in an open meeting.
Q2. What level of transparency is provided?
A2. In your homeowner portal, you can view documents related to financial performance. These are posted each month and include expenditure records against budged line items. At each annual meeting you can raise questions around budgeting or spend.
The residents took control of the Board in early 2021 after the Annual budget had been set and approved by the developer. At the end of year 1, we had $5,641 in reserves set aside, with nothing saved for long term roads or repairs. For 2022, dues were raised to $700 and the incremental savings was banked ($151 below). Each year we have continued to build reserves, saving an amount per home in excess of any dues raises.
