2017 Budget. The Board of Directors has approved the new budget for the fiscal year 2017. Click here for more details. Based on this past year's actual expenses and the extreme importance of our Association to move forward with a budget that not only meets but also exceeds all our financial objectives, we are keeping dues at the current level. The sub metering has contribute to this decision and the Board along with our management company will continue to closely monitor our monthly expenses as we move through next year, placing a strong emphasis on increasing our capital reserves. A copy of the 2017 budget is included. The budget includes a $300 special assessment to cover part of the cost of water metering installation. The $300 assessment is due January 1 2017 will be late if pad after February 28, 2017.
Water Metering. At the June 08, 2016 COA Board meeting , the Board unanimously voted to implement water metering in University Woods. The Board has fiduciary responsibility to safeguard your investments and keep the COA solvent. They take that responsibility seriously. The metering of the water will allows resources to be allocated to funding needed capital projects such as building maintenance, parking areas and other necessary expenditures.
COA Insurance Deductible. The equally important matter of insurance deductible responsibility is being addressed as well. The current documents require the Association assume all costs in a loss due to water, fire etc. The change proposed will now require the unit owner to insure for costs up to our deductible $10,000 in the event of damage to the Unit. This will not apply to common elements such as roofing, siding or structural damage. More information on this will be included in the mailing for the Annual Announcement.