Well, it’s almost that time again – Assessments. Recently the BOD approved the 2020 budget and assessments have been increased, but only by a little bit. We used the ECI (Employment Cost Index) as a guide, as we are trying to not have to raise Assessments by such a large amount as last year when we were playing catch up. The ECI is 2.9% which will raise the yearly Assessment by $9.92 a year totaling $351.92 ($0.96 a day/$29.33 a month). We have to keep up with our payments to our vendors who automatically raise their rates by 3% every year.
Unfortunately, we also have to go back to the original due date of 01 January. The 31 March due date was a test we tried out for several years, hoping that the later date would reflect more Assessments paid on time (allowing tax refunds to come in, time to recover from Christmas, etc.). Alas, it did not work, and with the later date, we risk being at a deficiency for the first 3 months of the year.
Please remember that we do offer payment plans. If your proposed payment plan will pay off your Assessments in 12 months, it will be automatically approved. Please try to do whatever you can to arrange a plan before your account goes to the attorney because then you’ll be on the hook for legal fees as well.
We truly hope you will understand the reasoning behind these decisions.