Assessment Increases 2010 – 2020
Records of assessment increases for 2010 through 2015 have been requested. This information provided below was gathered by the year end financial statements provided to the communtiy members. You can find the full statements on the association site valvistalakes.org.
During the times that dues were not raised, all of the career board members (idividuals that have sat on the board for more than 6 years out of the last 10) were on the board in leadership position. These individuals typically ran on not raising dues. By law you can only raise dues by approximately 2% every year. In 2018 and 2019 that is exactly how much dues where raised, the max amount without a special assessment and our reserves have gone down.
It is our understanding that dues were not increased once from 2012 through 2018. We can see that they were not increased from 2015 – 2018 through year end financial statements provided to residents. By law you can only increase the assessment by a certain amount per year, which for us equates to approximately $2 a month per year that would have been an extra compounding $60,000 a year, for approximately 6 years (the amount of time they failed to appropriately raise our dues) would be approximately $1,260,000 (not including interest) in the bank today, and an additional $360,000 in yearly revenue. Our neighborhood could really use that $1,260,000 today or in the past 6 years to do regular maintenance and we wouldn’t be in the position we are currently in while still maintaining healthy reserves. If you look at our reserve fund balance against the list of maintenance items that are due or overdue and repairs needed or items that have past the end of their life today, please click here for photo documentation, the real reserve balance is much closer to zero. Reserves are there for unexpected items, emergency repairs, economic downturns, etc. Flourishing neighborhoods are well maintained, duct tape isn’t a considered an acceptable “repair” for years. If we followed the recommendations of the reserve study completed in 2019, the items recommended to be replaced due to being at the end of their lives, the total cost of that would be approximately $2,831,550 that would leave us with approximately $168,450 in our reserves.
Board Members in 2018:
Board Members in 2019: