Grand Firs HOA Budget Presentation. If you have any questions regarding the budget contact the

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1 Grand Firs HOA Budget Presentation If you have any questions regarding the budget contact the

2 Agenda Where the 2013 Budget was spent: (Pie Chart) Where the 2013 Income was derived (Pie Chart) Display our deficit of income from dues vs expenses The 2014 Budget: (Review by line with explanation for figures) The HOA dues for 2014 with breakdown of what they fund. Discuss status of HOA reserves and our current funding level. Board adopts budget. Community Septic Discussion

3 2013 Expenses EXPENSES FIXED EXPENSES LOANS ADMIN EXPENSES Real Property Taxes $0.00 Property Insurance $4, Accounting $ Corporation Report $10.00 Legal $1, Management Fees $20, Miscellaneous Admin $1, Professional Fees $ LEO $0.00 Supplies $2, UTILITY EXPENSES Website $89.88 Electricity $4, Security Service -$ Telephone $1, Water $18, REPAIR/MAINT EXPENSES Community Drainage/Storm Sewer -$7, Drainage/Storm Sewer Electric System $0.00 Extermination $54.70 Fences $8, Grounds/Extra $4, Grounds $62, Insurance Claims $35.05 Irrigation System $6, Lighting $13, Miscellaneous $3, Street Cleaning $ Community Septic System $2, Septic System Signage $9, Supplies $62.63 Security Gates $3, CAPITAL IMPROVEMENTS

4 Grounds/Extra 3% Irrigation System 4% Security Gates Electricity 3% Supplies Community Septic System Property Insurance Miscellaneous Miscellaneous Admin Legal Telephone 2013 Expenses Grounds 37% Fences 5% Signage 5% Lighting 8% Only depicts expenses excess of $1,,000 Water 1 Management Fees 1

5 2013 Income Reimb Assess (Phase 3) Reimb Assess (Phase 1 & 2) Initiation Fee Interest Income Homeowners Assn Dues Advance Income Miscellaneous Income NSF/Late Charges Advance Income Miscellaneous Income 0% Chart Title NSF/Late Charges Reimb Assess (Phase 3) 1 Reimb Assess (Phase 1 & 2) 9% Initiation Fee 8% Homeowners Assn Dues 70% Interest Income 0%

6 2013 Dues vs Expenses Expenses Income $162, $138, HOA spend $24, more than the annual dues provided Goal is for HOA dues support HOA expenses

7 2014 Expenses EXPENSES 2014 Increase/D 2013 ecrease Explanaition FIXED EXPENSES Real Property Taxes $ $0.00 Increase Acquired Tract H in 2013 Property Insurance $3, $4, Decrease Lawsuit added $1k to 2013 insurance LOANS $13, Increase Used to fund the Tract S project ADMIN EXPENSES Accounting $3, $ Increase Required by law to conduct Audit Corporation Report $20.00 $10.00 Increase Inflation Legal $4, $1, Increase Based upon threats of lawsuits from homeoweners Management Fees $25, $20, Increase Property manager contract is tiered based upon number of lots with homes on them Miscellaneous Admin $1, $1, Decrease Professional Fees $ $ LEO $0.00 $0.00 Supplies $2, $2, Increase Increase in homeowners require additional paper for mailings UTILITY EXPENSES Website $ $89.88 Increase inflation Electricity $4, $4, Increase More operational street lights Security Service $0.00 -$ Telephone $1, $1, Increase Inflation Water $22, $18, Increase Watering tract S REPAIR/MAINT EXPENSES Community Drainage/Storm Sewer $0.00 Drainage/Storm Sewer $0.00 Electric System $0.00 $0.00 Extermination $ $54.70 Increase Prediction Fences $3, $8, Decrease HOA will be come responsible for less fences, although fences will have aged. Grounds/Extra $3, $4, Decrease Grounds $86, $62, Increase Tract S will add 55,000 square footage of lawn to be mowed and maintained. Insurance Claims $0.00 $35.05 Irrigation System $2, $6, Decrease 2013 HOA invested in water saving controll devices Lighting $8, $13, Decrease Approximatley $4,600 of 2013 was from copper theft Miscellaneous $2, $3, Decrease Street Cleaning $0.00 $ Decrease Community Septic System $0.00 Septic System Signage $6, $9, Decrease Required to repair second gate since Supplies $ $62.63 Increase based upon aging equipment and more use Security Gates $4, $3, Increase Based upon increase use due to homeowners, and wear

8 2014 Expense Grounds/Extra Property Insurance Security Gates Legal Fences Supplies Accounting Irrigation System Miscellaneous Telephone 0% Miscellaneous Admin 0% Electricity Signage 3% Lighting 4% Grounds 36% LOANS 6% Water 9% Only depicts expenses excess of $1,,000 Management Fees 1 CAPITAL IMPROVEMENTS 17%

9 2014 Dues with Budget INCOME Dues $465 Dues Owed $201, Uncollected dues $9, Income from dues $191, Borrow from reserves for Tract S $40, projected income $231, Projected Expenses: $240, $8, would be funded by other income sources

10 2014 Other Income Reimb Assess (Phase 3) $22, Reimb Assess (Phase 1 & 2) $12, Initiation Fee $10, Interest Income $ Miscellaneous Income $ NSF/Late Charges $ Total Other Income $46,653.10

11 Projected Reserve Contributions 2014 Item Cost Remaining Life Annual Projection Metal Fence 11, $ Asphalt Resurface 910, $41, Entry Gates 12, $ Entry Gate Operators 10, $1, Gate Access Panels 4, $ Wood Fence 360, $30, Split Rail Fence 105, $8, Chain Link Fence 36, $1, Pole Lights 135, $11, Landscaping Lighting 3, $ Irrigation Timeclocks 3, $ Stormwater Ponds 15, $2, Mailboxes 33, $2, Signage 7, $ Basketball hoops 1, $ Playground Equipment 50, $7, Outdoor furniture 8, $ $110,622.19

12 Projected Reserve Contributions 2014 Total Other Income $46, Operation Budget ($8,849.50) Reserve Contributions =$37,803.60

13 HOA Reserves Contributions $37,803 $27,897 $29,439 $31,008 $32,600 $34,500 Estimated Funded $138,000 $175,803 $203,700 $233,139 $264,147 $296,747 $331,247 Fully Funded $594,543 $699,862 $810,965 $928,104 $1,051,54 2 $1,181,5 51 $1,318,4 14 % Funded Rating Weak Weak Weak Weak Weak Weak Weak Our reserve rating and achieving a strong reserve fund will not be achieved without annual contributions to the reserve fund in excess of $100,000 or approximately $250 per member annually.

14 Questions?

505 South 336 th St., Ste 620 Calabasas, CA Federal Way, WA Regional Offices. Full Reserve Study. Grand Firs HOA. Graham, WA

Washington Office Corporate Office 505 South 336 th St., Ste 620 Calabasas, CA Federal Way, WA 98003 Regional Offices TEL 253/661-5437 Phoenix, AZ FAX 253/661-5430 San Francisco, CA arwa@reservestudy.com