Video: Assessment Up $500/Month
Arizona HOA members protest $500/month assessment increase to build reserves for needed improvements. After the meeting in this video, plans went on hold.

Let's see, in OPA we had a $105 per year increase for reserves, then two $30 increases, and a third one proposed for fiscal 2011-2012. At the current rate of collection, OPA will collect about $19 million toward reserves within eight more years but even current wild guesses at spending on major infrastructure stands at $10 million or so.

Out of that $19 million OPA has done the new Community Center, some drainage at Wood Duck, major repairs to the Swim & Racquet Club pool, and several other items. The Yacht Club, Beach Club, and Country Club are in limbo.

In eight years, reserves collected via assessments will amount to about $200 of the total assessment, or roughly $1.7 million into reserves each and every year, not counting depreciation normally collected as a part of the assessment. $1.7 million is roughly enough to build a new Community Center every year.

Should be plenty of money to rebuild our aging infrastructure, and even enough to pay for road paving now that state funds have disappeared...... and one heck of a lot less than $500 a month.BigGrin