We would encourage all families to look ahead to the upcoming year to determine the best way to fit this additional cost into their budgets. Looking ahead to 2022, the board has determined that in order to meet our deficit reserve obligations and continue to keep up our maintenance costs to retain the value and attractiveness of our community, we will be raising the annual assessments from $594 to $694 annually, beginning in 2022. Assessments for the Falcon Ranch HOA have not been increased for 13 years This has all been completed without raising the community assessments. We have replaced sections of wood fence with more sturdy and durable brick fencing. We have added to the funding for the bridges to the Junior High and High school as well as the hawk light for safe crossing of our residents.
Based on a reserve fund study completed in 2018, over the last several years, the reserve fund account has become lower than is recommendedĭuring these years, the HOA has built a new clubhouse, reconstructed the pool and added a splash pad. Reserve funds are primarily used for costs associated with the upkeep of HOA owned assets in excess of budgeted maintenance. They are liquid assets that are used to meet future financial obligations. The reserve funds are used as a means to prepare for the future.
In addition to regular maintenance costs, the HOA is responsible for putting money into a reserve fund. Maintaining our community is an integral part of the HOA duties and regular upkeep helps keep home values and the attractiveness of our community as a top priority.
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