Dear Spectrum Community Members:
The Board of Directors met on Wednesday, October 27 to finalize and approve the 2022 budget drafts for Spectrum Community Association and the 6 benefited neighborhoods. Establishing an annual budget for the upcoming calendar year is one of the most important roles of the Board of Directors. This process begins with a review of historical trends, as well as the examination of anticipated expenditures, rising maintenance and supply costs, and contributions to the reserve fund for capital replacements. All involved worked especially hard to evaluate all expenses of the Association, with a goal of administering the business affairs of the Association in a manner consistent with the expectations of the owners.
With the current labor and supply shortages, there has been a rise in the prices of goods, contracted services and insurance premiums. These increases will equate to a 7.4% increase in operational costs to the Association. The Board of Directors adopted the 2022 Operating Budget for the Master Association and the six (6) benefitted neighborhoods with the assessment rates as follows:
- The Master Association’s 2022 quarterly assessment will increase by $5 per month to $231. This year marks the first assessment increase since 2017
- The assessments in the six (6) benefitted neighborhoods will remain unchanged
A copy of the approved 2022 budget and notice of assessment increase will be mailed to each homeowner, and the budgets will also be available to view on the community website.
