Greenfield Farms HOA, Executive Board Meeting, December 13, 2021
President, Steve Gately called the meeting to order at 6:34 pm
Treasurer, Nicole Faxon presented the 2022 Budget with the recommendation for a dues increase to cover expenses for 2022.
President, Steve Gately
1- Clarified the expenses in the budget and each director’s opinion to increase dues or leave the amount unchanged for 2022. Mr. Gately made motion to increase dues from $435 to $455
2- Landscape Director, Dave Faxon then 2nd the motion
3- Discussions followed, at the end of discussions, votes are taken
4- The motion passes unanimously
MOTION TO INCREASE ANNUAL CAPITAL RESERVES BUILD UP AND HOA DUES
Increase annual dues by $20 to cover inflationary pressures and prevent deficit spending.
219 Lots paying $455 will provide an annual operating budget of $99,645.
MOTION
Approve 2022 Budget with an annual dues increase to $455/year and allocate the $20 increase of $4,380/year to the Capital Reserve Account 7740
GREENFIELD FARMS HOMEOWNERS ASSOCIATION 2022 BUDGET
4050 – Administration 1,500.
4070 – Bad debt/Write off 0.
4100 – PO Box Fee 200.
4110 – Buffer / Contingency 0.
4190 – Legal 5,000.
4240 – Management Fee 7,000.
4275 – Misc. Expense 0.
4610 – Insurance 2,500.
4910 – Taxes 400.
5010 – Cable / Internet 350.
5510 – Maintenance 2,000.
6820 – Landscape 0.
6825 – Landscape Contract 73,426.
7740 – Capital Reserve Build Up 7,269.
OPERATING EXPENSE $99,645.
2022 ANNUAL HOA DUES 455.
Meeting Adjourned 7:44 PM
Danny Dodd, Secretary, Greenfield Farms HOA
December 14, 2022