1.7. Association Finances

GlenRiddle Community Association, Inc. 2022 Budget Analysis

The 2022 budget includes total operating income and expenses of $1,989,953. The charts below provide an analysis of operating income and expenses by category, common areas vs. local areas, and by reserve fund. The percentages in the charts are a percentage of the 2022 budget of $1,989,953. This budget amount excludes the Boat Slip Income of $86,400 which is budgeted separately as an exclusive Local Area according to the Declarations Section 5.4. Adoption of Local Area Budgets.

Fiscal Management

The Board’s financial targets have enabled GlenRiddle to effectively maintain all common areas and amenities while having cash safety margins as follows:

• Operating cash is available to cover 3 months of operating expenses.

• Assessment delinquencies are consistently less than 1 percent of the assessment income.

• Repair and Replacement Reserve balances consistently exceed the year-end amounts included in the most recent reserve study.

• A capital improvement fund is available to pay for planned improvements to the Community Center

• Common area assessments have remained constant since 2016.

• The association has never had a need to borrow money for any purpose.

• There has never been a need for a special assessment.

• The Board is preparing a five-year financial plan to anticipate future funding requirements.

• The Board has authorized updating the Repair and Replacement Reserve study for 2022 to ensure sufficient reserve funds continue to be set aside to properly maintain all common areas.

• Annual operating budgets are routinely well managed.