Dear Homeowners,
The primary responsibility of the Winston Ridge Homeowner’s Association Board is to ensure the fiduciary strength of the Association. A status report regarding this was given at our Annual Meeting held on September 17th, 2024. Subsequently the Board announced in a Regular Meeting that a 9.1% increase in annual assessments from $550 to $600 was approved in its July Executive Session. This will take effect on January 1, 2025. Members making their payments automatically will not need to take any action to ensure their assessment payments remain current.
The backdrop for this decision includes our collective concerns such as:
- Unknown extra ordinary expenses to be lawfully assigned to the HOA such as stormwater pond maintenance,
- Unknown build-out timeline for completion of the sub-division,
- Continuing and unknown inflationary pressures,
- Responsiveness to community members regarding amenities/capital improvements,
- No assessment increase since the inception of the HOA in March of 2007 – 17 years.
The Board, in accordance with North Carolina (NC) law, contracted for and received a Reserve Study. This schedule of maintenance and replacement needs of HOA properties and assets is currently funded at $472,562 and earning interest. NC law prohibits the use of Reserve Funds for capital improvement. While the fiscal year ending in 2024 did not fund the Reserve, our increased dues will allow for this important recurring transfer of funds. Currently, the Listeria Amenity Center roof and the Listeria parking lot are under replacement review.
Our operating budget, a plan outlined at the Annual Meeting, anticipates the following:
- Income of $282,500 primarily from HOA dues income
- Expenditures in the following categories amounting to $282,500
- Grounds $101,700 at 36%
- Recreation $73,452 at 26%
- Administration $64,975 at 23%
- Reserve Transfer $36,725 at 13%
- Utilities $2,824 at 1%
- Miscellaneous $2,824 at 1%
An additional $192,000 is being held in an operating account, earning interest, to ensure the items outlined in the backdrop of this decision can be accommodated as they occur.
Finally, the Board, with the approval of the 2025 Budget, is moving forward with a $20,000 allocation to capital improvements from the operating account with a focus on a playground. We are seeking HOA members with an interest in researching and spearheading this likely multi-year project to contact Amy Odom at amyodom@elite-mgmt.com.
We hope this information is helpful and invite you to review associated documents by logging into the Elite website at https://www.elite-mgmt.com of here on WinstonRidge.org.
Respectfully,
The Winston Ridge HOA Board Members