- Members’ Area
Dear Chinquapin Homeowner,
The Board of Directors met on November 12th to formulate the CHOA Budget for 2023. As an HOA we are expected to balance income and expenses without excess or loss at the end of the year. We are projecting that for 2022 we will finish the year with a small excess of funds in the operating budget. We continue to work hard to manage costs while competing our planned projects.
Insurance continues to be the largest expenditure in our budget. In 2022 our insurance cost was just short of $1,000,000. Our insurance brokers have recommended that we budget $1,150,000 for the same coverage in 2023. Insurance accounts for just over 33 percent of our annual budget.
As a result of the continuing high cost of insurance and our other increasing costs, the Board has voted to increase the quarterly dues to $4,290. This is a 5.9 percent increase of our 2022 quarterly dues, which is less than the current inflation rate.
Included in the budget are the following:
-Defensible Space (Fire Prevention) $150,000
-Deck and Entry Replacement
-Roads, Parking and Pathways
We will commit to you that we will continue to maintain our buildings, infrastructure and forest. We have just received our Reserve Study which will help guide us in this regard. We will also do our best to reduce the amount of fuel in our forest to reduce the threat of fire. Of note is the fact that we have just been identified as a Firewise Community.
Our CPA’s are completing the annual budget documents now, and they will be posted on our website before the end of the year.
I would like to wish you all a very Happy Holiday Season. Many of you will be coming up to Chinquapin over the Holiday Season. If you would like to cut your own tree at Chinquapin, you can call Aiden Miles at WMC and he will show you where the are saplings that need to be removed for forest management.