During the last few months, the Board has focused on preparing the 2023 operating budget. It’s a complex activity that has to start early so the budget can be finalized and approved prior to the beginning of the new fiscal year on January 1st, 2023. Here’s how we do it:
The Board and Community Manager work together to gather all financial information we’ll need to project expenses for the coming year. This includes a reserve analysis of amenity conditions, bids for contracts, projections for utility or service increases, comparisons of past years’ budget trends and many other details. The Board also examines all sources of income—assessments, interest on investments, and other types of miscellaneous income. The Board creates a working draft by adjusting the expenses and income until they balance. They met on 9/27/22 to prepare a 2023 draft operating budget. At an announced open meeting, the Board of Directors voted to finalize the 2023 operating budget on 10/19/2022. The 2023 monthly assessments are $83.54 for town homes and $62.60 for single family homes. This represents an increase of $.33 per month for town homes and $2.05 for single family homes. The Potomac Crossing assessments remain one of the lowest when compared to similar communities in the area.
These increases are needed based upon the cost of services and to fund the capital reserve account which is used to fund replacements and enhancements to the common elements of the community. Many of the major community elements include playgrounds and fitness stations, asphalt walking paths, various streets and parking areas, entrance monuments, the pool and pool house (a complete renovation to the pool house is anticipated to be completed by 2026 which is planned to include a second story with meeting/activity room space), street lights and basketball courts.
2022 capital reserve projects included renovation of the Smartts lane playground and resurfacing of all townhome streets.
Keeping the community elements in good condition and updating / adding new amenities enhances why Potomac Crossing continues to be a great place to live and its impact on our property values.
