Financial Information
Annual Budget
A copy of the community annual budget is forwarded to all Homeowners in January each year. Additional information can be found on the homeowner portal of Sentry Management.
Reserve Study
A reserve study is a best estimate of what maintenance will be needed and what it might cost. This allows an association to plan ahead for when amenities must be repaired or replaced.
In 2017, the board requested a reserve study be performed in order to examine the long term financial stability of our community. The reserve study assessed our financial assets along with the value of the property our community is responsible for, (e.g. pool, tennis courts, common areas, exterior walls). We learned in order to perform necessary repairs and maintenance to the property for the next 30 years, contributions to our reserves would need to be increased. In 2018, our reserve contribution was $15,300. In 2019 this increased to $20,600. For 2020, the reserve contribution increases to $25,900. From 2020 to 2047, the reserve contribution increases only an additional $400 each year. The contributions for 2018-2020 increased the most by over $5,000 a year since we were not in a good financial position due to a lack of fee increases in prior years.
As a result, fees were increased in consecutive years in order to cover the adequate reserve contribution amount.
Per our bylaws, dues can only be increased once per year and by no more than 10%. With increases in recent years, future increases should not be as significant as our reserves are returning to adequate levels.
The reserve balance each year fluctuates each year as a result of future planned projects. In 2020, we plan to repair the tennis court surfaces. In 2022 we will inspect and address any needed repairs to the pool and pool deck.
Below is the reserve study file in it's entirety for your review.
In 2017, the board requested a reserve study be performed in order to examine the long term financial stability of our community. The reserve study assessed our financial assets along with the value of the property our community is responsible for, (e.g. pool, tennis courts, common areas, exterior walls). We learned in order to perform necessary repairs and maintenance to the property for the next 30 years, contributions to our reserves would need to be increased. In 2018, our reserve contribution was $15,300. In 2019 this increased to $20,600. For 2020, the reserve contribution increases to $25,900. From 2020 to 2047, the reserve contribution increases only an additional $400 each year. The contributions for 2018-2020 increased the most by over $5,000 a year since we were not in a good financial position due to a lack of fee increases in prior years.
As a result, fees were increased in consecutive years in order to cover the adequate reserve contribution amount.
Per our bylaws, dues can only be increased once per year and by no more than 10%. With increases in recent years, future increases should not be as significant as our reserves are returning to adequate levels.
The reserve balance each year fluctuates each year as a result of future planned projects. In 2020, we plan to repair the tennis court surfaces. In 2022 we will inspect and address any needed repairs to the pool and pool deck.
Below is the reserve study file in it's entirety for your review.
| Wedgewood Groves Reserve Study 2017 |