Fiscal Year 2024 Treasurers Report
The 2024 fiscal year runs from April 1, 2023 through March 31, 2024. We have a current bank balance of $79,622.86 and a surplus for the year of $32,877.
Income
Our homeowners dues this year were $2,500. With 31 homes, the HOA had $77,500 of income. I’m pleased to report that we had 100% paid by mid-April last year. Given some of our infrastructure needs, I we are keeping the dues at $2,500 for the 2025 fiscal year. Doing so allows us to make headway on deferred maintenance and needed updates to our CCRs and bylaws. We will use any surplus to plan for ongoing maintenance needs (fence, trails, etc).
I will send invoices out by mid-April with a due date of mid-May.
Spending
As in previous years, landscape maintenance was our largest expense for the fiscal year. To validate our spend, the Board did some due diligence and got quotes last year from additional providers and learned that our current provider is the most economical option. We came in under budget on several items, including the neighborhood party (canceled in 2023), repairs and maintenance, some holdover work on the front entrance, and storm cleanup. The remainder of expenses came in within budget estimates.
Operating Expenses April 1, 2023 to March 31, 2024
| Repairs & Maintenance – Landscape Maintenance | $21,800 |
| Utilities – Water | 6,511 |
| Insurance – Property | 2,808 |
| Utilities – Electricity | 2,437 |
| Insurance – D&O | 1,346 |
| Legal Fees | 828 |
| Office Supplies | 225 |
| Repairs & Maintenance | 68 |
| Total Operating Expenses | $36,023 |
Expected needs in FY 2025
We will begin replacing the common area fencing shortly. As you can see, we have deferred maintenance on the fence recognizing that it will be replaced this year. King County stipulates which fence runs the neighborhood is responsible for. You can see them highlighted in this plat map.
Bryan, our board member responsible for architecture and maintenance, got the fence project re-quoted this spring and pricing has come way down. We expect to spend substantially less this year than we would have last year.
We have tackled minor updates of the HOA bylaws and CCRs, which were first written between 1999 and 2002 with a focus on initial buildout of the neighborhood and a focus on empty lots, builders, and the concerns associated with initial development of a neighborhood. Now that the neighborhood is well established and all of the lots are built out, it’s time for a refresh. The HOA held a vote last year and approved some updates, which have been put into place. However, a full refresh is necessary. We believe the most cost efficient plan will be to adopt entirely new, modern bylaws and CCRs. This project will be considered once the fence project is behind us.
The state of the HOA financials is strong. However, we don’t much of a a reserve account for emergencies or ongoing repair of the new fence or other neighborhood enhancements. It would be prudent to build up cash reserves to improve our ability to respond to unexpected challenges.
If you are interested in the HOA’s income statement through April 1, 2024, you can find it here. Our balance sheet as of March 31, 2024 is here. Please feel free to reach out to the Treasurer at treasurer@reserveatpattersoncreek.com if you have any questions.