HOA & CONDO BUDGETS - FEES for 2024

2024 Total Monthly Fees

Condo  1:  HOA Fees $427 + Insurance $101.75 = $528.75/mo.

Condo 2:  HOA Fees $427 + Insurance $106.52 = $533.52/mo.

Below is a breakdown of the fees:

HOA Increase 3.6% from $412.00 to $427.00

Condo 1 increase monthly from $95.21 to 101.75

Condo 2 increase monthly from 95.88 to 106.52 

Treasurer Phil Panarelli and the board created the 2024 budget with the goal of keeping any increase in fees to an absolute minimum.  So what factors caused an increase?

>Condo insurance expense increased 20% starting at their respective renewal dates in April 2024.  Effective increase on a yearly basis is 15% for Condo 1 and 18% for Condo 2.

>Expenses for the HOA in 2023 generally fell in line with budgeted line items .  Our expenses, however, continue to increase somewhat, due to the cost of increases in: insurance; utilities; contractual obligations for management services, pond and pool amenities, snow removal,  landscaping, and landscape extras throughout the community.