The Refuge Community Association Finance Committee met in July for a mid-year review and then on October 24, 2020 to consider the 2021 Budget at the Telnes Property Management Offices
At the October Committee meeting Fran Delach presented copies of the Preliminary Budget and members had copies of the most recent financial reports up to September 2020. Currently, the financial condition is in good shape with yearend projections estimated at $85,000 in the “black” once transfers from Reserves are completed for Capital Projects.
The Preliminary 2021 Budget included a proposal for 10% dues increase for several additional community meetings and mailing outreach for the CC&R voting process. Subsequent review by the Board and fine tuning of expenditures resulted in the Board unanimously approving a Revised Budget with no new Association dues increases. Total Estimated Revenues $646,870. Total Estimated Expenditures including Legal Settlement Principle $567,680.
In total the Revised Budget was reduced $26,000 from the Preliminary Budget. Dues Revenues were reduced $59,040. The net result is a year-ending fund balance of $79,190 rather than the original $112,230. To view the 2021 detailed budget, please click here.