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Posted on: October 23, 2020

10.23.2020 | Budget Development

Board Update_10.23.2020

2021-2022  Budget Development

The Canyon Lake Property Owners Association is a large, non-profit Corporation with an annual Budget this year of just over $17 Million. Almost $6.5 Million comes from sales and user fees and $11.5 Million from member dues. The budget includes the cost of our overall operations and three reserve accounts related to Repair and Replacement projects and equipment, Roads maintenance and repairs, and Capital Improvements. The Budget is developed by the Staff and the Finance Committee and approved each year in April. Our fiscal year run from May 1st to April 30th.   

The Board Principals for 2020-2021 include a goal to “Refine the process for developing the Annual Budget and dues assessment that supports efficient department operations, justifies contributions to the reserve accounts, and supports the five-year budget plan”. This goal directly supports our Core Values especially those related to supporting strong financial stability, preserving and protecting our commonly owned facilities, and funding the continuous improvement of our community.  The refinement process was established in June with the development of a budget timeline which began in August with the annual review of the Repair / Replacement and Road Reserve Studies. An   Operating Budget Model was developed to provide guidance to the Staff and Finance Committee before the usual work of developing the Annual Budget begins in November.   

The Board will conduct a discussion at the November 9th Open Session Meeting regarding the 2021-2022 Budget Model. This is a new step that will allow the Board and the Community to consider the overall financial needs of our Association going forward balanced by the conscientious discussion about increasing the annual assessment. It will not be a draft budget, rather it will be a conceptual statement of needs to be considered in the budget process and an acceptable target level for the 2021-2022 dues.  These concepts will include a recognition of the mandated increases along with the available opportunities and will be summarized, presented and discussed at the Board meeting. . This will give the Board and the Community the opportunity to consider the underlying concepts that support the budget request that is usually done a couple of months before approval at Board workshops.    

Please take the time to review what will be included in the November 9th Agenda package and come prepare to contribute to the discussion. Sign up to be alerted when Agendas are posted


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