2015 June Budget Performance

Hello Everyone!

We are posting the June 2015 balance sheet and budget performance documents. Our net income as of June 30, 2015, is negative $128,239, due to the retaining wall project. As you know, we used a private loan and reserves from special assessment payments in 2014 and 2015 for the project, but the budget will officially show a loss because it reflects 2015 only.

You will see that our total checking and savings is $35,856, after receiving the $40,000, private loan for Phase 1 of the retaining wall project and submitting the final payment to Orduno, Inc. The loan made it possible to confidently pay for the structural phase of the retaining wall and have reserve capital as required by Texas.

The Board is still in the process of gathering estimates for capital improvements to make better decisions about budgeting and maintaining reserves. More posts to come very soon!

Thank you! – Timberidge HOA

2015 Revised Budget

Hello Everyone,

The THOA Board had a very productive meeting last Sunday, June 28, 2015. We were joined by a homeowner and a prospective homeowner. Their insight and ideas were very welcome. In general, Leisha Shelton of Acclaim Management gave a maintenance report, we reviewed the financials through May 31st in detail, discussed landscaping to clean-up the construction site next to the dog run, and began discussions concerning the budget for 2016. We will post detailed minutes on the 2015 Documents page very soon.

For today, we are posting the 2015 Timberidge Revised Budget (Ordinary Expenses) – excluding the retaining wall project. Later this month, we will post a budget performance report for the first six months of the year that includes the retaining wall project, and a separate budget performance for Phase 1 of the retaining wall project. The Board is waiting until the end of June to include the following transactions:

  • 2014-SA and 2015-SA full payments pledged by many homeowners due May 31.
  • Private loan monies received in June.
  • Final payment to Orduno, Inc., submitted in June.
  • Sixth of seven installment payments for the 2014-SA due on June 30th.

Once the June financials are reviewed in detail later this month, finishing a projected budget for 2016 will follow. With the guests at the meeting, the Board asked the management company to obtain estimates for capital improvement projects (i.e., replacing fences, painting buildings, etc.), to help create a more precise budget. Nevertheless, we do not expect the HOA dues to be revised downward due to the many capital improvement projects in the next several years.

Finally, ordinary expenses went well through May 31. Although we officially spent about $1,150 more than the budget predicted for the first five months of the year (excluding the retaining wall, of course), that is mostly due to how we pay for insurance. In a few months, we will finish installment payments for the 2015 insurance policy, and although we will have a down payment for the next year’s policy due around November, we do not anticipate being over budget for the whole year. However, because we have added landscaping expenses and attorney fees due to the loan, we do not predict a robust profit as the budget suggests.

Thank you for following the blog. We encourage you to share this information with your lessees, especially when the posts focus on Timberidge Community matters.

Have a safe and happy 4th of July! – Timberidge HOA