A Few Words About Association Dues
Earlier this week, letters were mailed out to all Misty Ridge homeowners regarding 2016 Association Dues and Budget. The content of this mailing can be found at the bottom of this post.
Association dues should be mailed no later than 30 days from receipt of this notice (Wednesday, March 9th, for most residents). The letter indicates that all payments should be recieved by April 1st, however, the communication was mailed later than expected.
Please note that as of June 2015, the Homeowner's Association is no longer operated by Beechen and Dill ("the builder"). In the past, Beechen and Dill kept association dues lower than necessary in an effort to attract new home owners. When expenses exceeded the amount of dues collected from homeowners, Beechen and Dill was able to cover those costs from their own funds. Now, as a homeowner run organization, we do not have that luxury.
The only revenue stream available to the Association is through the payment of Association dues. In 2015, the large number of delinquent accounts left us unable to pay many of our bills. In an effort to avoid a similar situation in coming years, the Board of Directors has decided to build a reserve fund into our budget. This will help ensure that the Community is able to meet the commitments to our vendors and keep our community in good condition; a place we're all proud to call home.
Thank you in advance for doing your part to keep our community running smoothly!
If you have questions about the 2016 budget or dues, please e-mail us at mistyridgecommunity@gmail.com.
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Letter to Homeowners
Dear Homeowner,
On February 10, 2016 th Misty Ridge Community Association Board of Directors reviewed and approved the budget for the maintenance of our community in 2016. You will find attached the budget for 2016 broken down for each service.
Now that we as an HOA are responsible for all payments to these vendors since the turnover from Beechen and Dill, it is important for us to have a reserve fund. We have only one revenue stream, and cannot afford to pay for services beyond the assessments collected.
This reserve fund will allow for payment of unexpected maintenance issues, such as a failed pond pump as well as being able to pay for services while we attempt to collect from delinquent accounts. We typically have 15% of accounts in delinquency, meaning if those homeowners do not pay we are not able to afford the services we have budgeted for the year. The Reserve Fund will allow us to continue to function and provide services while we persue collections on those delinquent accounts.
The association assessment for 2016 is $180 per lot.
Please mail your payment to the address listed below within thirty (30) days of receiving this notice.
Misty Ridge Community Association
P.O. Box 7431
Romeoville, IL 60446
Any payments not received by April 1, 2016 shall be considered delinquent.
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2015 Expenses
Water Treatment for Ponds: $3,504
Pond Pumps: $5,177.43
Grounds Maintenance: $7,120
Grass Fertilization: $1,275
Irrigation System: $470
Landscaping Plants: $3,041
Electric/Pond Pumps: $2,996.61
Village Water: $945.89
Insurance: $954
PO Box: $66
Lawyer: $1,822.41
Tax Preparation: $398
Administrative Costs: $291.20
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Total Expenses for 2015: $28,061.54
Budgeted cost per lot (dues for 2015): $145
Actual cost per lot $169.05
* Based on 166 lots
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2016 Budget
Water Treatment for Ponds: $3,504
Pond Pumps: $1,240
Grounds Maintenance: $7,120
Grass Fertilization: $1,275
Irrigation System: $470
Landscaping Plants: $3,100
Electric/Pond Pumps: $3,600
Village Water: $1,200
Insurance: $954
PO Box: $66
Lawyer: $2,000
Tax Preparation: $200
Administrative Costs: $300
Reserve Fund: $5005.80
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Total Budgeted Expenses for 2016: $30,034.80
Budgeted cost per lot: $180.93
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2016 Vendor List
Pond water treatment and pumps: McCloud Aquatics
Ground maintenance: BioView Maintenance
Grass Fertilization: Eternally Green
Irrigation: Basic Irrigation Services, Inc.
Landscaping: Beary Landscaping
Electric (pond pumps): ComEd
Water: Village of Romeoville
Insurance: American Family Insurance
PO Box: USPS
Lawyer: TBD
Tax preparation: Rudy Luevano Tax & Accounting