2019 SOA Budget Presentation

The SOA has scheduled a 2019 SOA Budget Presentation Meeting, open to all homeowners, to be held on Thursday, October 4th at The Club at Town Center Sports Court. If past practices prevail, the presentation will most likely consist of a PowerPoint presentation summarizing 2018 financials and accomplishments in addition to outlining the proposed Operating (revenues, expenses, special projects, etc) and Reserve Fund Budgets for 2019. This for all three of the SOA independent assessment areas. That is; Common Area/Canyon9, The Club at Town Center and Private Gates & Streets.

Regarding homeowner assessments, a historical review of past assessments and any proposed increase and/or decrease for 2019 is usually presented. Note that the SOA BOD can increase annual assessments up to 15% over the previous year without homeowner vote. Also, under certain circumstances, the Board has the power to levy “Special Assessments” in any calendar year, without homeowner vote, provided it does not exceed 25% of the annual per unit assessment. No universal “Special Assessment” has ever been levied on a SOA unit owner. However, it has been suggested by some that this may be a way to pay for expenses incurred for repair of the Common Area Rockery Wall defects.

The October 4th presentation will, in all probability reflect the final budget to be approved at the October 17th Board of Directors Meeting. This is not to say that changes cannot be incorporated in the interim. Following approval by the Board, a detailed 2019 Budget Package will be mailed to all unit owners to be ratified at the November 19th Annual Homeowner Meeting. This is basically an automatic ratification, as to be rejected, it would require 75% of all voting members to reject it at that meeting.

An informative meeting, for which owners are encouraged to attend.

3 thoughts on “2019 SOA Budget Presentation

  1. I’m a sierra canyon resident,

    2 questions:

    can I attend?

    do/would any of the proposed assessments (e.g. rockery wall repair) affect me?

    Thanks!

    1. Joe – Certainly you can attend! Sierra Canyon owners all pay the Common Area assessment. Given that the Rockery Wall defects are on what is considered Common Area, whatever costs to the Master Association to repair, via reserves or operating funds, are shared by all the Somersett Communities.

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