BUDGET
2023 Budget Overview
The Cottages at Indian Park Homeowners Association Board of Directors in conjunction with the property manager, draft and approve the budget for the community. This budget serves as a type of road map that helps ensure our community is spending money appropriately and planning for the future. Our budget is created by utilizing both the financials from previous years and our reserve study.
Frequently Asked Questions
Why are the HOA fees increasing?
Nobody likes it when our monthly HOA fees increase, but it is a vital part of maintaining our community and planning for the future. Per our Governing Documents, HOA dues may only be increased by a max of ten (10%) percent per year. As our community ages, more parts require repair and upkeep. On top of maintaining the community's normal, everyday operating expenses, our Reserve fund must be added to in preparation for the future.
What is a reserve study?
A reserve study is a formal way to assess and analyze all the different components within our community. First, a company inspects our property. Once they have completed the inspection, they form a detailed list that helps determine when we should have to anticipate a variety of expenses. This allows the Board to tentatively plan for major projects and when things such as roofs, roads, fences, gutters, etc. may need to be replaced or repaired.
What are Operating funds/expenses, and what do they cover?
Operating funds are kind of like a checking account. These funds are routinely used to cover the everyday expenses of our Community and are what keep our community running. Operating expenses include things such as Landscaping, General Maintenance of common areas, Insurance and Taxes, Utilities, Office Expenses, Property Management, etc.
What are Reserve funds/expenses, and what do they cover?
Reserve funds are kind of like a savings account. The funds placed into the reserve are stored for future use and are budgeted for major projects. These funds are utilized for things such as repair and upkeep of roads and sidewalks, replacing roofs, mailboxes, fencing, etc.
Interested in joining the Board, a Community Committee, or Volunteering?
We are currently looking to fill positions across our Board of Directors. Ideally, we would like to fill a minimum of two vacancies, but we have room for up to four more members!
Help be the change you want to see in our community. We are always looking for Board/Committee members, and if you'd like to help without a bigger commitment sign up to help with volunteer projects around the community! Simply click 'GET INVOLVED' to learn more.