Budget

Posted in: Mansion Farm

Jean/ the board,

 

Below is from the January newsletter. Please explain what the rest of the $95,000 in reserves is for if we are only required to keep a $15,000 cash reserve. And please spare us all of the "2018 expenses on a 1996 budget" nonsense. 

 

"Treasurer’s Report: We are in position to make our budget of $63,652 again this year. There is approximately $7,000 left in our FY 2017 budget and our only remaining large commitment is for any snow plowing that occurs above 4" of snow. There are currently 399 fully paid members of our community, with 14 people who are not paid through 2017. There is a mixture of folks in this category, but we have current judgments on 5 of these households, with one person in bankruptcy, and the other 8 are in the process of having court cases filed against them. By the end of the year, I expect the cash reserves to be approximately $95,000. We must maintain a $15,000 cash reserve, according to NCCo, and we keep a $15,000 legal fund."

  • Stock
  • allove
  • Valued Neighbor
  • USA
  • 4 Posts

The board must also keep money in reserve for replacement of any common area repairs .  like sidewalks curbs drains fences and trees so 95000 is not a lot of money.

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