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For 2015 and prior, there are three separate budgets prepared for the Shipley’s Crossing Community (North section, South section, and Clubhouse), and then a forth (Combined) budget, combining the other three. As the services provided to the North and South vary significantly, each of these budgets are prepared reflecting only those expenses that are appropriate for that section. The Clubhouse budget is shared equally by all Shipley’s Crossing homeowners.

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In 2016, in coordination with ProCom, we revised and simplified the budget from four pages down to one page. 

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Here is a brief description of the areas of the budget:

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• Income is the portion of the budget where funds are brought into our account, largely through assessments paid by the homeowners, and then small amounts of interest and clubhouse rentals.

 

• Expenses relate to all of the monthly, quarterly, and annual bills that we incur as a community. We currently have thirty-one categories that we assign annual values to, based on analysis of what we have paid in the past and our expectation for the upcoming year. The goal is to ensure that we have enough funds in each category to meet our obligation.

 

• Reserves are very important to the community. These are funds that are collected over time for the repair/replacement of valuable community assets (examples would be Clubhouse roof, flooring, furniture, fencing, parking lot, exercise equipment, Pool Shell, Concrete Pool Deck, Entry Monuments, Retaining Walls, Walking Paths, etc.). In other words, the reserve funds are collected to protect and preserve the community assets that will wear out over time and need to be repaired or replaced.

 

How are assessments determined? This is simple math. Based on the analysis and projection of what will be owed in each category, the Expense and Reserve category amounts are appropriately set in each budget. Once set, the categories are added together in to get a total necessary to satisfy the obligation for each budget.  Once a total is obtained in each budget, that number is divided by the number of households in that section (North 80, South 59, Clubhouse 139) which gives you the annual assessment amount, and then again divided by four to get the quarterly assessment, etc.

 

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