Each
year the association’s volunteer Board of Directors performs a very careful
review of the past year’s expenses and income to best project the amount to
collect from each member in the upcoming fiscal year. When
reviewing the budget, the Board considers several factors such as recurring contract costs, inflation, utility usage and rates, insurance, and
appropriate reserve contributions (savings) each month to pay for repair,
restoration and/or replacement of common area components as needed.
As you may be aware, minimum wage
rates continue to rise. A 9.09% minimum wage increase went into effect on
January 1, 2019, and on January 1, 2020 an increase of 8.33% will be
implemented. These increases impact the LARMAC 2019 – 2020 fiscal year
budget, as rising costs are being passed through to LARMAC.
The
2019 - 2020 fiscal year budgets and monthly assessment rates, which goes into
effect on June 1, 2019, have been approved and published by your Board of
Directors. If you are setup on auto pay through your bank, please update
to ensure the proper amount is debited from your account each
month. If you are setup on auto pay through the FirstService
Residential portal, your payment will update automatically. Please
click here to review
your respective budget packet. If you are unsure as to which budget
packet applies to you, please contact the Avendale office at (949) 218-0900 or
by email at contact.LARMAC@LaderaLife.com for
assistance.
While
the full budget packets contain a great deal of information on how the
association's budgets work, many owners are often still left asking "where
does my monthly assessment money go?". Below you will find a pie chart for
each budget area that shows, in broad categories, where your assessment dollars
go each month.
Please
contact our General Manager, Ken Gibson at 949-218-0900 or via e-mail at ken.gibson@fsresidential.com or
Assistant General Manager, Andrew Comeau at 949-218-3216 or via email at andrew.comeau@fsresidential.com should
you have any questions.
