Water lines, pool fixes hit budget
HOA Board adjusts to address challenges
Circle 7 water line repairs, higher insurance premiums, and pool repairs have impacted the HOA budget, according to a report at the Oct. 15 HOA Board of Directors meeting.
Treasurer Mark Holmes reported higher than expected costs for Circle 7 water lines, which included replacing main and service lines and broken water valves. Total costs for excavations, repairs, and asphalt replacement pushed cost to nearly $100,000.
The repairs have dramatically decreased lost water flow that ranged from 2,400 to 3,000 gallons per hour at their worst. That has dropped to hundreds of gallons and led to the discovery of a possible leak on the line from Montana Vista to the Rec Area. That is being investigated to determine how to repair it.
The HOA will pay about $335,500 for water and sewer services in 2027. These rates rapidly increased during the past three years.
Holmes said property and liability insurance premium increases are outpacing assessment revenue, meaning the insurance premiums are being paid out of HOA reserves, not assessments. The Board will consider a 10% assessment increase to help cover the premium costs, but the increase won’t cover the total amount due. HOA assessment increases are limited to 10% per budget year.
Over-budget pool maintenance costs were caused by unexpected repairs to pool piping and heater equipment earlier in the year.
Holmes adjusted HOA CD investments to provide cash liquidity for HOA operations and avoid possible penalties from early investment withdrawals.
