Budget & Finance
Q. How is the annual budget determined?
Management and committees make budget requests to the Budget & Finance Committee starting in August. Budget & Finances assembles the requests and determines whether any modifications or HOA fee adjustments are needed. After Budget & Finance approves the draft budget, they recommend this to the board. Management sends the budget out to residents in a formal mailing in November prior to the Annual HOA meeting in early December. At that meeting the board approves the budget. Any Request for Proposals (RFP’s) for competitive service contracts must be started early in the year.
Q. Who reviews our expenditures?
Every month, the Budget & Finance Committee receives a detailed financial report prepared by our Management company, Procom. This report shows any monthly or year to date variances from the budget. This allows the committee to spot any trends that might need correction in order to meet our approved budget. Management presents a summary of our finances at every board meeting.
Do we always have a balanced budget?
Yes, the approved budget is always balanced in terms of projected income and expenditures for the year are equal.
Q. What happens if we have a deficit for the year?
In the event that expenditures exceed income for the year, our accumulated surpluses known as Home Owner Equity pay the bills. This would be the case before any special assessment is levied; a special assessment has never occurred in Symphony Village.
Q. How often do we have deficits?
In the 10 years of audited budget history, we have only had one deficit (2015). This was primarily due to snow removal and irrigation repairs that exceeded the budget.
Q. How much can the HOA fee increase?
Our governing legal document Declaration of Covenants, Conditions, and Restrictions allows the HOA fees to increase up to 10% per year without a community vote.