2018 Budgets & Monthly Reports
Contact the Board with any comments or questions
HPMA is financed by property owner assessments (95%), and miscellaneous income (5%).
A designated portion (14%) of the Annual Assessment is earmarked for a Capital Reserve Fund. This fund is required by Washington State law to insure the HPMA assets are properly maintained. The Finance / Long Range Planning Committee is responsible for advising the Board on this fund.
The Board establishes an Annual Budget with input from the Board Committees, Manager, and owners. It then is sent to all owners for ratification in December of each year.
Special assessments for capital improvements can be requested of owners at any time by the Board, and requires a 2/3 majority of those voting for adoption. Special Assessments are only for 1 year.
The Board Treasurer is responsible for monitoring the budget and expenditures, and reports to the Board and Community every month.
HPMA Budget Planning Schedule and Community Feedback on Budget Options:
The 2019 budget will be discussed every month now until November when it is adopted by the Board and voted on by the community.
Prior to adopting the budget, the Board will publicize the options for projects that need to be funded and their estimated costs. They will hold hearings with the community on what projects they would like to see in the final budget.
Discussions will include what to fund from the Operating Budget, from the Capital Reserves, and by Special Assessment or an increase of due above 3%. Items up for funding discussion include the Clubhouse retrofit, bathroom remodel costs exceeding the Capital reserve.
|Page Editor: HPMA Treasurer & Webmaster|