Treasurer Kevin Kampschroer will present on the Association's current financial situation. Recent increases to the annual service fee, along with current investment gains and interest earned after moving reserve funds into interest-bearing accounts have helped offset rising operating costs.
However, while the Association remains financially healthy today, the Board will review a series of long-range budget projections showing increasing expenses over the next several years. Rising security costs, inflation, and maintenance responsibilities associated with recently acquired community property are expected to create a significant budget shortfall over the next three years if no action is taken.
At the July meeting, the Board voted to ask the membership to consider a $100 increase in the annual service fee starting in 2027 to help address these future operating needs. This proposal will be discussed further at this meeting and members are welcome to give their input. The LBA will ask for a community-wide vote during the October Civic Affairs membership meeting on this topic. To join the Zoom meeting, click the link below:
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Meeting ID: 896 0492 8668
Passcode: 659268