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.
Financial Oversight Committee
This committee was established in February 2020 The primary purpose is to bring all arms touching HPMA finances together for the purposes of planning and monitoring financial performance. Specifically:
1. The Committee will meet Bi-monthly or as needed.
2. The committee will facilitate the development of specific goals and objectives (performance metrics) relative to financial performance.
3. Will monitor budget performance and HPMA cash flow.
4. Will work with the General Manager during the budget development process.
5. Will monitor and plan for project funding that may require the use of Special Assessments.
6. Perform other advisory tasks per Board directives including draft document preparation for Board review and preparation of comments and/or recommendation on issues as assigned.
Financial Oversight Committee Members
Laura Koerber, Buzz Hermann, Steve Rockey, Terry Fritz, Doug McDonald, Stefan Birgh (General Mgr)
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