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Finances
 
HPMA FINANCES - 2017
 
 
 
2017 Budgets & Monthly Reports
 
Budgets    Monthly Reports
 
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2016 Budgets & Monthly Reports
 

2015 Budgets & Monthly Reports
 

Audits
 
 

Overview
 
HPMA is financed by property owner assessments (95%), and miscellaneous income (5%).
  • General Assessment - all owners
  • Island House Assessment - all IH owners
  • Moorage Assessment - all marina slip owners
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.
 
2018 BUDGET TIMETABLE & PROCESS
 
The annual budget process begins in August, and concludes in December with ratification by HPMA owners.
 
The Manager, Committee Chairs, owners-at-large are all invited to participate in the process.
 
1) The Treasurer will commence work with the General Manager to build preliminary budget recommendations in August.
 
2) Treasurer and General Manager will provide preliminary budget recommendations to the Board at the September Friday BOD meeting.
 
3) Following the Treasurer’s and General Manager’s recommendations, the Board will provide any budgeting guidelines, spending priorities, special items for consideration for inclusion in the budget and any other input at the September Saturday BOD meeting.
 
4) Following the September Saturday Board Meeting, the Treasurer and General Manager will provide budgeting instructions to Committee Chairs and Committee Board Liaisons. Budget instructions may include any guidelines or instructions from the Board and any necessary worksheets showing current year and projected revenues and expenditures.
 
5) The Committees will provide their budget requests at the October Friday Board meeting. The Board will also further review the draft budget at the October Friday Board meeting.
 
6) The Treasurer and General Manager will conduct a budget workshop and present the draft budget to the Community at the October Saturday Board meeting. Committee Chairs are encouraged to attend.
 
7) Based on instructions, outcomes of the Budget Workshop and committee plans for the following year, each Committee will provide their final requested budgets to the Treasurer and General Manager by November 1.
 
8) Treasurer and General Manager will provide final draft budget recommendations to the Board at the November Friday BOD meeting for final discussion.
 
9) Final proposed budgets and plans will be presented to the Board for approval by the Treasurer and General Manager at the November Saturday Board Meeting. Budget request differences, if any, would be recommended by applicable Committee Chairs/ Board Liaisons as part of the approval process. The Board will adopt the budget for ratification.
10) Board approved budgets will be sent to all property owners, with directed proxies, for ratification at a special membership meeting held after the December Saturday Board meeting. 3
 
 
 
 
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