The Board of Directors has approved the new budget for the fiscal year 2020. The Board has reviewed the expenses and compared to our reserve report and is keeping the assessments at the current level. The costs however due to the insurance deductible burden on the HOA continue to rise. We have tried to pass a Declaration change that would put the responsibility of the deductible on the individual owner which has not had the votes to pass. This year the Board has decided to “recoup” the costs by implementing a special assessment yearly to cover such cost until we can get enough votes to pass the change to the Declarations. This year the special assessment is $100 per unit and is due in March 2020.
The sub metering has contributed to allow the HOA to remain in a strong position financially. 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 2020 budget is included (Fiscal Year Budget 2020).
Please help us with some matters that have been a problem. Keep you’re A/C filter changed to prevent back up of the condensate lines, make sure the residents are taking trash to the dumpster and not setting it outside the door or around the dumpster. Finally make sure the tenants are aware of the rules and regulations which can be found on the HOA website at https://www.universitywoodshoa.com under "HOA Documents".
The Board has made some improvements to the roofs, the stormwater detention system and continue to repair siding and rails. In addition, next year we have parking lot repairs, and additional roofing on the agenda.
As always, our goal is to make University Woods an exceptional place to live and a sound financial investment. On behalf of the Board of Directors, I wish you a Happy Holiday Season and a prosperous New Year.
Respectfully
Jeb Black Property Manager / Broker Wilson Property Management #specialassessment