Owner;
Effective February 1, 2020, the association dues will increase to $172 per month.
While the association would love to avoid dues increases, there are several factors necessitating this increase at this time. Herriman city is adding an increase of $4.20 per unit per month fee for Storm Water Management, and the Master Association fee is increasing to $9.58 per month.
In addition to the increase in expenses, the association is required to save adequately for the replacement of those items that fall under its responsibility. The association previously completed a reserve study that projects future costs over the next 30 years. The reserve study is used as a guide to help the associations board determine the future financial needs. The reserve analysts recommend that associations increase their dues annually by 3% to keep up with inflation. While those recommendations are considered, the associations board of directors has spent a considerable amount of time reviewing the actual expenses and budgets, and the various impacts to members of the association.
Since your board members are also impacted by increases, you can be assured that they are doing everything in their power to balance expenses and savings to ensure the association is properly funded, and always diligently work to keep costs as low as possible.
For those enrolled in ACH payments through Evolution, this change will happen automatically with the February dues draft. If you set up automatic payments through Mutual of Omaha, or if you utilize a Bill Pay service through your bank, you will need to take action and update your payment to the new amount of $172 for February.
Sincerely,
Horizon Heights HOA
Barry, Wilkins, President/CEO
Evolution Community Management
(801) 708-0525