For the 2019 fiscal year, the Homeowners Association Board has reluctantly reached the unavoidable conclusion that the Association dues need to be increased to $135 annually.
This increase is necessary due mostly to the fact that a record number – almost a quarter – of the association members are delinquent in their dues for the 2018 fiscal year. The neighborhood has fixed costs such as landscaping and mowing common areas, insurance, and lighting, to name a few. Additionally, these costs have been steadily rising with inflation despite the dues not having been adjusted for the past decade. The combination of these two factors necessitate an increased annual fee if the neighborhood is to remain financially solvent.
The board has exercised many options to reduce costs including foregoing a fall festival event, reducing website costs, using zero-cost meeting spaces, and saving on printing and postage by using personal resources to print and distribute newsletters. Unfortunately, without the support of our fellow members, the neighborhood association’s deeded responsibilities simply cannot be met by these measures alone.
To the homeowners who have been faithful in paying their annual dues on time and in full, we are truly sorry that you must bear the burden of the actions of those who have not been as diligent. Unfortunately because we are a smaller neighborhood there are fewer people who can pick up the slack. Hopefully, as the delinquent homeowners pay their back dues and legal fees associated with their delinquency, the board will be able to reduce the dues in the future.
In the meantime, if you have questions or would like to see the balance sheets to see where your money is going, please contact Fayette Property Management at (859) 317-5715. (Due to sensitive information such as names of members being on the balance sheets, we are not able to post them publicly.)