HOA Operating Budgets
Cherrywood Budget 2024-2025.pdfThe 2024 - 2025 Budget
The Cherrywood HOA Board of Directors approved the 2024-2025 budget at the April Board meeting. The new budget includes a 4% increase to the monthly assessment thereby raising the new monthly fee to $560/month effective July 1, 2024. Please bear in mind that CMS (our property management company) initially recommended a 7% increase in the monthly fee due to the current cost of inflation, the increases in our annual earthquake insurance rate, operating expenses, and general repairs. The Board took a hard look at the proposed 2024-2025 budget and made some adjustments to limit the increase to 4%. Fortunately, our CD investments are paying excellent interest (for now) that will help to replenish our reserve funds.
Cherrywood Budget 2022-2023.pdfThe 2023 - 2024 Budget
The Cherrywood HOA Board of Directors has approved a 3% increase to the monthly assessment thereby raising the monthly fee to $540 effective July 1, 2023. Higher than average inflation has led to increases for earthquake insurance, property management fees, as well as the operating expenses including utilities, maintenance, and general repairs.
An unexpected cost that will affect may HOA budgets is SB326 - a civil code requirement stating that a statistically significant sample of exterior elevated elements (e.g., balconies) must be inspected, sufficient to ensure 95% confidence that the results from the sample are representative of the entire structure, with a margin of error no larger than plus or minus 5%.
Cherrywood Budget 2022-2023.pdf2022-2023 Budget
Approved by Board,
May 2022
Approved by Board,
May 2022
The Cherrywood HOA budget for the next fiscal year has been approved, and the monthly assessment fee will increase to $525 per month starting July 1, 2022. This 5% increase is below the 8% cost of living increase our nation is currently experiencing. The Board of Directors is taking a prudent position by building up our reserves to be better able to pay for the recently mandated balcony deck inspections, and the increased costs of paying the routine bills. We have no idea how much repairs to non-passing decks will be, and we would like to avoid levying a special assessment fee to pay for those repairs. Nevertheless, you can do your part to ensure that your balcony deck is not deteriorating.
Prevent water damage. Place a container under all plant pots or containers to catch excess water.
Keep the balcony fee of debris.
Do not store heavy items on the balcony deck.
2020-2021 Budget.pdf2020-2021
HOA Budget 2021-2022.pdf