As part of this report, I’m including the Current Budget – Current year as of 8/31/2023, the Current Budget - 2024, and a 9-year Budget Projection.
Current Budget - Current Year – Mowing was lower than expected as little mowing was done in September and October of 2022 and with the dry weather this year, no mowing was done in June 2023.
Current Budget – 2024 – Marsha has agreed to mow the common areas again in 2024, but we are budgeting for an outside service in 2025 and beyond. I have changed the posting of income from dues. What dues we received in July and August of 2023 will be considered as income for the 2023-2024 fiscal year.
9-year Budget Projection – What we are trying to show in this document, is a projection of our income verses expenses for the next 9 years. I have projected out the lake maintenance as defined by PLM Lake & Land Management Corp. including the $125 increase per lot, starting next year. In the event the dues increase fails, we will not have enough funds to pay existing budgeted expenses. These are estimates of our future expenses plus inflation. If these estimates are correct, we will have to consider a dues increase again, in 2029.
Any Questions – please email me at KLM1@aol.com or call 440 453 3780
Kevin Miller Treasurer
Explanation of the spreadsheet
Budget Projections – this line shows the Physical Year as our year for budgeting is from September 1st to August 31st.
Bank Balance – this is the projected bank balance at the start of the fiscal year. It is Important that this value cover the expenses for the year.
Improved and Unimproved lots – this is our income at $350 per improved lot (48) and $300 (12) for unimproved lots if dues are raised. There are not 48 houses in Pine Canyon, but if a house is built such that it is on 2 lots, they are both considered improved lots.
Administration – PO box fee, Printing, Postage, Budget software, and website expenses.
Insurance – For our common areas, pavilion, tennis court, and board members
Legal – We have had legal fees in the past, but we have no budget for them at this time.
General Maintenance Common Areas – Expenses for maintaining the trails, tennis court, pavilion, and other common areas.
Lake Expenses – Quality, weeds, fish – this should cover all expenses for maintaining the lake.
Mowing Common Areas – Covers mowing of all common areas and along the roadways.
Tennis Court Repair – Covers major repairs to the tennis court which happen again in 2031.
Social – Annual meeting expenses.
Steuben County Lakes Council – Annual Membership Fee
Property Tax – for the common areas.
Total Expenses – Total of expenses paid that year
Net Income – Income for the fiscal year minus Expenses for the fiscal year.
Ending Bank Balance – Projected bank balance at the end of the fiscal year.
Tennis Court Maintenance Accrual – We are accruing over 8 years the cost of major repairs to the tennis court.
Available Bank Balance – this is the amount of funds in the bank available to pay expenses for that fiscal year after subtracting the accrual amounts from the ending bank balance.
Inflation set at 3% - this is an estimate of inflation for the 9 years.