2011 Budget & Dues

As you may know, we had a HOA meeting on 8/2/11 at Oak Hill Baptist Church.  We had 34 people attend all or part of the meeting. 

The primary topic of the meeting was the current financial situation of the HOA.  At the meeting we reviewed a document that discussed participation in the HOA and the projected end of year budget.

Current Participation

As of 8/2/11 here is how participation in the HOA broke down:

• We have 90 homes in the subdivision
• Of that 90, 66 are supposed to particpate because they have paid at one time or another or moved in after 11/5/05.
• Of that 66, only 41 homes were participating as of 8/2/11.

At the meeting we presented a history of participation and financials and this document showed that participation had dropped dramatically in past years most likely due to the economy. 

Projected End of Year Budget

Due to the drop off in participation, our budget in 2010 was “in the red” by just under $3,000.  We spent more money than we collected from residents last year.  We are in a similar situation for 2011.  As of 8/2/11, our projected end of year budget was on track to be approximately $3,500 “in the red”.  We cannot continue to operate this way or we won’t have enough money to cover our expenses.

Next Steps

Since 8/2, several more homeowners have paid their dues.  However, to make sure that we have enough money to cover all expenses, we need you to pay your 2011 dues immediately.  If you have not paid, we will be sending out letters soon seeking payment for 2011.  A finance committee was established at the 8/2 meeting and this committee is exploring options for placing liens on people’s homes to ensure payment.

If you were unable to make the 8/2 meeting and you would like to see the document that provides an overview of 2009-2011 financials and participation as well as the meeting minutes, please email bramlett.shoals@gmail.com and provide your name and physical address and a copy will be emailed to you.