Summary
The proposed operating budget for fiscal year 2021 (calendar year), prepared under PSI management before the November 30, 2020 transition to API. The budget holds the 2020 assessment flat at $320.02/unit across 215 units, resulting in total cash required of $68,804.09 — essentially identical to the 2020 adopted budget of $68,805.09 (difference: $1.00). Operating expenses increased just 0.76% year-over-year; the reserve contribution increased modestly from $6,725 to $7,000.
The management fee is budgeted at PSI’s Year 2 rate ($5.35/unit/month × 215 × 12 ≈ $13,802, rounded to $14,083 in the document). The actual 2021 management fee would have been API’s $12,960/year — a saving of approximately $1,123 versus budget.
Key Provisions
- Assessment per unit: $320.02 ($287.46 operating + $32.56 reserve) — flat vs. 2020
- Total units: 215
- Total cash required: $68,804.09 (operating $61,804.09 + reserve $7,000.00)
- Commercial Lot Contribution: $1,053.63 (account 5851 “Landscape & Maintenance Contribution” — cost-share income; up from $647.51 in 2020)
- Interest income: $500.00 budgeted (up from $150.00 in 2020 — reflects new CD strategy)
- Management fee: $14,083.00 (up from $13,717.00; reflects PSI Year 2 rate — actual 2021 was API $12,960)
- Landscape Contract (6556): $16,735.00 (same as 2020)
- Landscape Extras (6563): $8,000.00 (up from $7,063.00)
- Pond/Lake Maintenance (6495): $8,800.00 (same as 2020)
- Property Insurance (6715): $3,603.00 (down from $3,771.60 — State Farm rate improvement)
- Reserve contribution (6950): $7,000.00 (up from $6,725.00)
- No reserve expenditures planned for 2021 (all reserve categories at $0)
Selected Line Items
| Account | Description | 2021 Budget | 2020 Budget | Change |
|---|---|---|---|---|
| 6043 | Management Fee | $14,083.00 | $13,717.00 | +$366 |
| 6556 | Landscape Contract | $16,735.00 | $16,735.00 | flat |
| 6563 | Landscape Extras | $8,000.00 | $7,063.00 | +$937 |
| 6495 | Pond/Lake Maintenance | $8,800.00 | $8,800.00 | flat |
| 6715 | Property Insurance | $3,603.00 | $3,771.60 | -$169 |
| 6300 | Electricity | $1,095.72 | $1,100.00 | -$4 |
| 6063 | Social Activity | $2,000.00 | $1,000.00 | +$1,000 |
| 6070 | Acct Svcs/Audit Fee | $1,875.00 | $1,875.00 | flat |
| 5404 | Interest Income (Reserve) | $500.00 | $150.00 | +$350 |
| 5851 | Commercial Lot Contribution | $1,053.63 | $647.51 | +$406 |
Topics Covered
hoa-annual-finances, assessment-structure, vendor-contracts, cost-share-arrangement
Notable Details
- The $16,735 Landscape Contract line is identical to the 2020 budget and does not match Fisher Burton’s contracted 2021 rate of $13,825. This may reflect a broader scope (including extras bundled into the line) or a carryover of the Apex-era contract amount before Fisher Burton was formalized. The Fisher Burton 2020–2022 contract was confirmed in the July 2020 board packet.
- Social Activity doubled from $1,000 to $2,000 — possibly reflecting an expectation that COVID restrictions would ease in 2021.
- The Commercial Lot Contribution of $1,053.63 is an early cost-share income projection. By comparison, the April 2021 board approved actual cost-share billings totaling $10,587.11 — the budget figure was far below what was ultimately billed.