2024 Proposed Budget

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Grand Lake HOA Budget

Grand Lake HOA
Proposed Budget
2024Proposed
BudgetBudgetYTD Actual
2024202310/31/2023Notes
INCOME
Association dues - $500/yr84,500.0084,500.0083,885.46
Dues Increase - $200/yr33,800.000.000.00Expenditure per Household(169) - $700
Clubhouse Rental1,900.001,900.001,600.00
Late fee1,500.001,500.001,705.00
Violation fine0.000.001,300.00
Key fee0.000.00225.00
NSF fee0.000.000.00
Legal fee0.000.000.00
Interest Income0.000.00421.44
Other Income0.000.0016.00
Closing fee0.000.000.00
Total Income $ 121,700.00 $ 87,900.00 $ 89,152.90
SEA WALL RENOVATION - RESTRICTED
Loan Debt Service - $809.91/m x 12 $ 9,707.00 $ 9,707.00 $ 7,280.19
EXPENSES
Property Management
Property Management Fee12,168.0012,168.0010,140.00Last year of contract 2024
Postage2,272.002,272.001,424.00
$ 14,440.00 $ 14,440.00 $ 11,564.00
Landscaping
Landscaping Contract18,940.0017,940.0014,710.00Increase by $1k per year
Aqua Systems - Lake Algae Treatment0.000.000.00
Bushhogging0.000.00300.00
Landscaping - Other0.000.0093.24
Irrigation System Repair1,000.00550.00273.49
Hardscape Repair & Improvements750.000.000.00
$ 20,690.00 $ 18,490.00 $ 15,376.73
Clubhouse
Cleaning Services2,250.001,600.001,760.00
Consumable Supplies250.00250.00149.37
Pest Control & Termite Service500.00750.00250.00
Security Camera Replacement0.00800.00826.07
Emergency Exit Install - Pool0.000.00337.50
HVAC Service and Repair500.00500.000.00
Clubhouse General Maintenance & Repair800.00300.001,763.89
Clubhouse Paint0.00800.000.00
Insurance5,000.004,600.004,068.48End of yr expense projection at $4,867.20
Real Estate Taxes2,925.002,650.002,784.00Approx 5% Increase
Utilities4,125.006,300.003,330.33
$ 16,350.00 $ 18,550.00 $ 15,269.64
Pool
Pool Maintenance Contract5,200.004,900.004,705.00About a 6% Increase
Pool Chemicals4,500.003,900.004,231.00About a 6% Increase
Pool Repairs650.00500.00477.63
Pool Supplies150.00150.0018.35
$ 10,500.00 $ 9,450.00 $ 9,431.98
Community Events
Craft and Party Supplies250.00250.000.00
Association Events500.00500.00168.15
$ 750.00 $ 750.00 $ 168.15
General
Loan Payment23,385.2423,385.2419,487.70Loan Balloon Maturity 05/20/2025
Bank Charges0.000.00272.00
Other Admin0.000.0075.47
Legal1,500.00500.00200.00
Internet/Email Services1,800.001,497.001,471.85
$ 26,685.24 $ 25,382.24 $ 21,507.02
Capital Improvements
Computer Equipment Purchase0.000.000.00
Seawall Repair0.000.0012,012.09
Loan Proceeds Used for Seawall Repair0.000.00(12,012.09)
Clubhouse Furnishings0.000.000.00
Pool Furnishings850.00837.000.00
$ 850.00 $ 837.00 $ -
Additional Principal Payments on Debt $ 15,000.00
Transfer to Reserves $ 3,277.76
Total Expenses $ 118,250.00 $ 97,606.24 $ 80,597.71
Net Cash Flow0 $ (9,706.24) $ 8,555.19