TLA's 2021-2023 Annual Property Dues Proposal Highlights
Why is an increase needed?
- Property Values: To prevent a rapid and visible decline in the quality and character of the community and the accompanying decline in property values.
- Prevent Higher Costs: Adequate Reserves needed to stay ahead of infrastructure deterioration that prevents higher costs and/or special assessments that may not be approved.
- Ensures fairness for current and future owners: Pay your share as you benefit from assets and services vs. outstanding obligation for future owners
What is included in the proposal?
- Increases the restricted Capital Reserve Fund to the minimum level recommended by the independent Reserve Specialist from this year’s Reserve Study
- Restores higher maintenance level of the center islands, signs, and mailboxes, improving the aesthetics of the community for current homeowners and prospective buyers
- Upgrades Athletic Field Complex with new, improved playground equipment beyond the amount scheduled in the Reserves; rubberized walking/jogging track; new lights; and resurfaced basketball courts
The chart above shows that over the next five years, Capital Reserve expenditures far surpass revenues, if there is no Annual Dues increase. Spending varies significantly each year based on the specific assets that have reached the end of their useful lives.
The fund balance for capital replacements continues to erode without adequate ongoing contributions to the Restricted Capital Reserves.