A review of this year's budget to date (thru November 2020) shows we are doing great as an Association. We are three-quarters (92%) of the way through the year and recurring expenditures are seventy-one (87) percent spent. We are on track to finish the year an estimated $15,000 to $25,000 under budget.
Relative to our Special Projects Reserve Fund line item budget, we entered the year with a balance of $108,091. We currently have a balance of $33,379 remaining with $1,400 spent for the Lake Gazebo cupola and weather vane, $19,980 to resurface the four remaining tennis courts, $8,350 to repair and paint the Clubhouse, Guardhouse and Park Gazebo, $4,300 to pressure wash, repair and paint the racquetball courts, $16,379 payment for Phase I Playground Improvements, $4,410 replacing the AC unit on the eastside of the Clubhouse, $5,540 to purchase a pair of Regulation and Youth Soccer Goals, $4,460 to purchase and install a Regulation Volleyball Net, Posts and Anchor System, and $9,875 partial payment to resurface the Basketball Courts, including adding street hockey lines to one of the youth courts. We also intend to spend $980 for a circular bench at the Lake Gazebo, $7,700 for a sidewalk and bike rack at the Lake Gazebo, and the remaining $9,875 for resurfacing the basketball courts in 2020. This will bring the total expenditures for Special Projects in 2020 to $93,267. This compares to last year's expenditures of $80,616. Going into 2021, we anticipate a balance of $14,824 from prior year Reserve for Special Projects funds. The 2021 approved budget will add $49,000 for Reserves for Special Projects. Also, consistent with past Board practice, we anticipate the current Board to move the estimated $14,824 of surplus Reserve for Special Projects funds into this account, as well as $20,000 of the $25,000 anticipated surplus funds in the Recurring Cost line items of the 2020 Budget. This will boost our Special Project Reserve Funds to $83,824 January 1, 2021.
Future projects planned to be funded from the Reserves for Special Projects can be reviewed by clicking here:
Updated Funding Reserve Analysis (FRA) 2018-2028. The major expenditure planned in 2021 is to invest up to $60,000 in the Phase II Playground Upgrade.