Are you wondering how our quarterly maintenance fees get spent? Our Treasurer puts together monthly reports to help you see the Association’s monthly expenses. We publish them monthly to all Members. The Board of Directors should always be transparent with how maintenance fees get spent!
Here are Garden Patio Villa’s 2023 expenses shown by percentage for the year, as perceived, for the entire year. This is a rounded percent how and where all monies were spent. Over half of our budget (62%) goes towards water and lawn care! That is over half the budget!
35% of our budget pays for Members’ water. Garden Patio Villas pays for your water in maintenance fees; you don’t have that utility bill. This is our biggest bill! Most Homeowners Associations don’t cover the water bill. Our annual cost is about $64,000!
27% of our budget goes towards lawn care. This percent also includes replacing sprinklers and valves. Our annual cost is about $50,000!
10% of the Association’s budget goes towards repairs. This community was built in 1976. Some of our common areas always need repairs or new replacements. We want our 55+ community to look great to give our homes a higher value!
5.5% of our budget goes toward insurance. Homeowners Associations are required by Florida Statutes to have liability insurance on common areas. As Homeowners, all Members know the high cost of insurance! Members’ villas are also required to have insurance on their own villa.
4% of our budget goes towards maintenance of our pool. The pool is also inspected by the Department of Health and it’s important to maintain it, or the Association will be fined!
4% of our budget goes towards trimming trees as well as cutting down problematic trees. The Board does not decide which trees need trimming or cutting. That decision is done by a licensed Arborist who knows best.
4% of our budget goes to FPL (our electricity) on common area. This would included our clubhouse, heated pool, and lights.
4% of our budget goes towards compensation for the work of our five Board of Directors. We do not pay a Management company. We are self-managed and the Board does a majority of the work.
3% of our budget goes towards replacing our HOA reserves. Reserve funds are designated monies set aside for future capital expenses. Reserve funds are not maintenance funds and can not be used in the same manner per Florida Statutes.
1% of our budget goes towards legal help.
1% of our budget goes towards office supplies.
1% of our budget goes to our Maintenance Staff. They oversee and help with all maintenance concerns and problems.
0.5% of our budget goes towards maintenance of our website. Our website includes important information for our Members in addition to information needed for realtors and prospective buyers.
Being transparent of the Association’s finances is important for all our Members! It is the duty of your Board to manage the HOA’s finances by keeping financial records and a financial budget. Remember our Association mission statement: To maintain the community and increase homeowner value. If you want to know more detail how our maintenance fees get spent, contact Garden Patio Villas!
