2020 Budgets & Monthly Reports
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 2020 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 hold a Budget Workshop at the Saturday, October 19, 2019.
The BOD is considering a New Natural Resources Budget which would be an independent budget and would increase the total assessment greater than 3% necessitating a vote on the assessments in addition to a vote on the budgets
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