Budget Committee Update and Volunteer Request
Happy New Year from the Budget, Finance & Expenditure sub-committee! 2007 was a productive year and we expect to build upon those accomplishments in 2008.
Based on an expected year-end surplus, the HOA Board approved a recommendation to transfer an additional $70,000 to the Reserve Fund in 2007. At year-end, the reserve balance was over $253,000, which is approximately 41% of the "Fully Funded Balance" determined by the Reserve Study. This action puts the Association in a better position to finance future common asset replacements without resorting to special assessments.
Financial results through November 
are available.
Additionally, the Budget Committee has two openings. Prospective members must own and reside in VOWS. Interested homeowners may submit their names to the SBB onsite office, via email to vows.budget@gmail.com or via the Join tab on the Budget Committee page on the HOA website. The Advisory Committee will select the new members if there are more than two applicants.
January 10, 2008
Budget Committee Update at the Annual Homeowners Meeting
For those unable to attend the Annual Homeowners meeting, discussion highlights included:
Reserve Study: The Executive Summary of this report was provided to those attending the meeting. With the increased 2007 contribution approved by the Board of Directors, the reserve fund balance on January 1, 2008 will be approximately $181,000 - about 30% of the consultant's determination of the "Fully-Funded Balance" (the estimated total current cost of deterioration of the assets). Funding at this level is considered "weak". Without the increased contribution, the funding level was 20%.
2008 Budget: The approved budget provides a small surplus while maintaining a reserve fund contribution of $100,000 (as recommended by the Reserve Study), continuing security monitoring at the pools during the pool season and off-duty police patrols in the residential areas, adding a pool and Amenity Center, and increasing the areas to landscape as more villages are built out. This was accomplished without increasing the annual HOA assessment.
The committee also presented year-to-date financial results, 2007 accomplishments, 2008 goals, and membership openings for 2008.
December 6, 2007
November Committee Update
Working with SBB Management, the committee developed a 2008 budget, which was approved by the Advisory Committee and HOA Board of Directors in October. The budget maintains existing HOA services and increases the reserve fund contribution to the level recommended by the recently-completed reserve study with no increase in annual assessments. The approved budget and the reserve study will be presented to homeowners at the Annual Homeowners meeting on December 4. These documents will be posted on this web site following the meeting. 2007 financial results through October are available now.
In addition, the committee recommended an increase in the 2007 Reserve Fund annual contribution from $40,000 to $100,000, which was approved. The reserve study classification of the HOA reserve fund balance as "weak" led to this recommendation. The financial condition is positive and enables the HOA to do this without jeopardizing current expenses. Another approved recommendation was to transfer HOA operating funds in excess of one month's operating expenses to higher yielding accounts. Fund transfers for both recommendations were completed in early November.
December 3, 2007
Budget Committee Membership
The Budget, Finance & Expenditure Sub-Committee has two openings for 2008. Prospective members must be
homeowners who reside in VOWS and are current on Homeowners’ Association assessments;
members are expected to participate in at least 75% of monthly
committee meetings. Interested homeowners may submit their names at
the annual meeting, to the SBB onsite office, or via the Join tab.
The Advisory Committee will select the new members if there are more
than two applicants.
December 3, 2007
Budget, Finance & Expenditure Sub-Committee Update
The Budget, Finance & Expenditure Sub-Committee is dedicated to ensuring Homeowners’ Association (HOA) expenses are appropriate and adequate reserves are maintained for future common area replacement and major repair costs. Working with SBB Management, we submitted a 2008 budget to the Advisory Committee and Board of Directors for approval on October 2. The approved budget along with the results of the recently-completed Reserve Study will be presented to homeowners at the Villages of Woodland Springs’ Annual Homeowners’ Association meeting in December. Once these documents have been officially introduced, they will be posted on this site.
In the meantime, homeowners may review the:
The Homeowners’ Association is currently in the black, exceeding its income projection and maintaining expenses lower than budget.
The committee membership guidelines are also available for review. The size of the committee is limited to seven to ensure continuity and maintain a manageable working group. Two positions will be open for 2008.
October 19, 2007
