Subject: 2023 Proposed Budget
Good Afternoon Queen’s Landing Unit Owners,
The Budget and Finance Committee had its 4th and final meeting on August 10th. During this last meeting we did a final review of the numbers that we have worked on over the past several weeks which included last year’s budget to actual, current year to date and a 5 year look back average comparison. To prepare the proposed budget we looked at all 70 budget line items, reviewed contracts and called those vendors that we don’t have contracts with, such as utility vendors, to see if there will be rate increases.
The committee was able to reduce some budget lines based on a 5-year average spend which left some room for price increases and for other expense lines where we increased the budget amount based on trends and price increases. We increased the annual reserve contribution to $400K to ensure we have the necessary funds for the needed repairs and replacements as outlined in the most recent Reserve Study as well as per the requirements of the recently passed House Bill, HB107. After review of everything the 2023 Proposed Budget is presented for your review and is attached to this broadcast message. Based on the Proposed 2023 budget the monthly dues would be set as follows:
|
No.of
Units |
Condo Fee
by % Interest |
Dues 2022 |
2023 Annual
By % Group |
2023 Annual
Per Unit |
2023 Monthly
Per Unit |
|
49 |
0.0013333 |
179 |
107,014.57 |
2,183.97 |
182 |
|
50 |
0.002 |
269 |
163,801.90 |
3,276.04 |
273 |
|
249 |
0.0033333 |
449 |
1,359,542.17 |
5,460.01 |
455 |
|
1 |
0.0046667 |
628 |
7,644.14 |
7,644.14 |
637.01 |
|
349 |
TOTAL DUES |
$1,615,800.00 |
$1,638,019.00 |
|
|
The committee put in many hours and did a lot of hard work so thank you to Marlene Pickles, Krystal Kiff, and Tracey Weaver for your time in developing this budget. The budget is never an easy task and we did not take the task lightly. Also, on behalf of the committee, please know that we truly appreciated the input from board members who attended our committee meetings as well as those unit owners that attended the meetings over the past several weeks.
Instead of a town hall this year I, along with committee members, will answer questions regarding the budget at the end of the September 19th board meeting. Meeting information is available on the Queen’s Landing website at https://35.173.69.231/icscalendar/.
If any homeowners have any questions beforehand or you will not be able to attend the meeting in September, please feel free to email me with any concerns and questions by clicking my email link [email protected].
Thank you,
Jaci Hendricks
QLCOUO, Treasurer
Chair -Budget Committee