You should have received, by US Postal Service, a Post Card announcing a Fennel Ridge HOA General Meeting on October 7th, 2024. It will be held at the Pierce County Bonney Lake Library. We have the meeting room from 5:30pm to 8:00pm. The meeting will begin at 6:00pm sharp.
Attachments
Please find attached to this message, the following documents:
Agenda
- Call to order – verification of proxies
- Introductions
- Update on our organization
- Treasurer’s Report
- Adoption of Proposed Budget for 2025 – Vote
- Adoption of Proposed Project Budget for 2025 – Vote
- Other Business
Brief Background to the state of our HOA
Please take a moment to review the attached documents.
Balance Sheet
This document shows our assets to be in excess of $15,000. However we have almost $5,000 in outstanding HOA Dues.
HOA Income Statement
This document shows that we have recovered over $5,000 in outstanding HOA Dues. Don’t confuse this with the $5,000 still outstanding that is shown on the Balance Sheet. We are still owed those monies.
Also on this document you will see a refund in the amount of $1,627.63 for overpayment to the City of Bonney Lake for Irrigation Fees.
At the same time, we paid over $850 to the city for other Irrigation Fees.
Our Treasurer, June, has found that we have been paying our bills on a monthly basis even though it is cheaper to pay annually. To add insult to this injury, we have not been paying these bills on time resulting in late charges and disconnection with the resulting reconnection fees.
It has been quite a revelation to us.
Proposed Budgets
There are two budgets put forward for your consideration: our annual operating budget; a capital projects budget.
Based on current costs, we estimate that our current $188 annual assessment will not be adequate for our needs in 2025. We are asking to increase this assessment by 6.5% to $200 for 2025. This will require a yes vote of 51% of our owners. 26 Lots must approve the increase. Should we fail to get approval, we will regardless increase the annual assessment by 5% as permitted in the CC&Rs. This will result in an assessment of $197.40.
Capital projects require a special assessment that must be approved by 66% of our homeowners (33 Lots.) We are asking for $250 from each homeowner to cover the cost of fence maintenance and restoration of the monuments that mark the entrance to our community.
Proxies
We, your Board of Directors, need your support to bring our community together. If you are unable to attend this meeting, please complete the Proxy Form attached to this email. Your Proxy must be at the meeting and bring this proxy form so you can exercise your vote on these budgets. If you opt to assign your proxy to the Board, please bring it to my home, or give me a call so I can pick it up. My address is 10905 188th Ave.
Website
In order to make it easier for our homeowners to obtain information, we have created a website: https://fennelridgehoa.org.
You can find a map of the development with lot numbers, and a copy of the CC&Rs on the Resources for Homeowners page.
This email and any attachments will be posted there shortly.
Thanks, for your support
Dave Scott
President
Fennel Ridge Homeowners Association