MBE Annual Meeting

Treasurer’s Comments

July 6, 2024

During Fiscal Year 2023-24, the Water Fund collected $2,975 in dues and incurred routine maintenance expenses of $1,322 as of 6/30/24. The Water account balance is $13,228 as of today. $700 in 2024 dues remain uncollected.

The General Fund collected $19,945 in dues and fees and incurred $20,165 in expenses. The General Fund balance is $15,260 as of today. $5,100 in 2024 dues remain uncollected.

The General Fund incurred significant costs related to storm damage to trees of $7,300. Patchwork road repair and maintenance totaled $5,698. These two expense categories comprised 70% of the General Fund’s total costs for the year.

While the Water Fund has a healthy balance to support the cost of a major repair, the General Fund is in trouble. We are one storm away from not being able to make timely repairs for tree removal or road collapse. We have been using reserves to fund patchwork repairs and ongoing expenses.

To assure that the HOA can continue to pay its bills, an influx of cash is needed to stabilize the General Fund.