Quarterly Assessment Fees are determined each year and are effective on the 1st of January.
The Quarterly Assessment Fees are derived during the budgeting process, which starts mid-August and is finalized by the Board in November each year.
The budgeting process looks at the last two years of Operating expenses to forecast the upcoming Operating budget year. Added to the Operating needs would be Contributions to Reserves (monies set aside for future major repairs and emergencies). The total of Operating and Reserves is divided among the 1,367 Units (by home type) and then divided by four (4) to arrive at a quarterly contribution.
Capital Contributions are not part of Quarterly Assessment Fees.