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2025 Budget

 

Message from the HOA re Dues Increase

2025 Draft Proposed Operating Budget

 

The Association Bylaws require the Board of Directors to:

  1.    Establish the annual assessment amount prior to the ensuing year.  
  2.    Adopt the annual budget at the Annual Membership Meeting which must be held in February each year.

As required, the Association Board of Directors:

  1.   Adopted the 2025 assessment in the amount of $200.00 per property (November 19, 2024).
  2.   Will adopt the 2025 budget during the Annual Membership Meeting on February 24, 2025.  The proposed budget will be included in the official meeting notice.   

BYLAWS ARTICLE VIII
FISCAL MANAGEMENT

4.    Budget.  At the annual meeting the Board shall adopt a budget for the next fiscal year that shall include the estimated funds required to defray the Common Expenses and to provide and maintain funds for the accounts established by the Board of Directors in accordance with generally accepted accounting principles.

ARTICLE IX
ASSESSMENTS

2.    Annual Assessments.

B.    Levy and Collection.  Prior to the beginning of each fiscal year, the Board shall by Resolution establish the amount of Annual Assessment necessary to fud the budget as approved by the Board.  Except as provided in Sections 7.06, 7.07, 8.04, 8.05 and 8.06 of the COMMUNITY Declaration, the Annual Assessment shall be levied at a uniform rate among property uses established for Ox Bottom Manor but may be levied at different rates among different property uses.  The Annual Assessments shall be collectible in advance annually and shall be delinquent on January 1 of the assessment year.  Each mandatory membership Neighborhood Association, if any, shall be billed based upon the number of Property Units assigned to the Neighborhood which are subject to the Annual Assessment.  The Neighborhood Association shall be responsible for billing and collecting the Annual Assessments from its Members and remitting the same to the COMMUNITY prior to the date of delinquency, together with a listing of names and addresses of Members who have not paid.  The COMMUNITY shall bill and collect Annual Assessments from those Members who own property for which there is no mandatory membership Neighborhood Association.  All bills shall indicate the amount due and the date of delinquency.