HOA Operating Budgets

The 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.

The 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. 

2022-2023 Budget
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.

1. Prevent water damage. Place a container under all plant pots or containers to catch excess water.

2. Keep the balcony fee of debris.

3. Do not store heavy items on the balcony deck.