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7/30/2023 49 Comments

The Board has Approved the 2023/2024 Budget

The HOA Board has just approved monthly dues for the 2023/2024. The dues will be increased from $748 per month to $855 per month.

There is still additional work that can be done by the HOA Board and Management Trust to find additional opportunities to reduce expenses and increase revenues.

Examples of opportunities:

Establish a savings target (1%,3% 5%) for the HOA.
Solicit ideas from the community and implement them.
Seek out and work with homeowners who have experience in specific areas (landscape, finance, law, business, IT, management, etc.).
Identify changes that can reduce labor(more automation, streamlining processes, less redundancy, etc.) and implement them.
Select strategic and discretionary projects that will return funds to homeowners by reducing/eliminating expenses and implement them.
Identify and implement additional revenue sources.
Start early and get the required 3 competitive bids on all contracts for the future fiscal years.
Think outside the box. Just because we have always done things one way does not mean there is not a better way.
Establish performance goals with financial incentives and penalties for future fiscal year contracts.
Create goal based incentives for employees.
Apply any additional savings to next year’s budget to reduce increases in the monthly dues.

The Blog would like to know your thoughts.

49 Comments

7/16/2023 93 Comments

HOA DUES are increasing to $877.11 starting October 1, 2023

The HOA Board presented the latest version of the 2023/2024 budget summary on July 14th. Homeowners were not allowed to comment on this budget presentation.

As the budget stands now, HOA monthly dues will be increased to $877.11 per month. An increase of $129.11 per month. Our dues have increase in the last 5 years over 43%.

The Board will be approving the final budget at the Board meeting on Friday, July 28th at 1:30pm. Homeowners will not be able to see any details of how the board plans to spend our money until after the budget is published and mailed to the homeowners in late August.

HERE IS WHAT WE KNOW SO FAR:

Over 45% of our monthly dues will go to pay for salaries, taxes, benefits and grounds. The Board does not plan to put Management Trust , O’Connell(landscaping) or legal services out for competitive contract bids.
The Board’s budget includes increases in additional staff, pay increases and corrections for previous budgeting errors.
A board member proposed a $200,000 reduction in the budget (reducing dues by $13.81/month). That proposal was voted down 4 to 3.

The Country Club budget was not included in the presentation.
The Board presentation excluded any reference to increases in golf membership fees and/or dues.

The blog would love to know your thoughts.

93 Comments

Charter

This blog is designed as a means to provide transparency and informative access to the policies and protocols of the Desert Princess Palm Springs Homeowners Association, the governance of the HOA Board of Directors and the management of the community’s assets by The Management Trust. The expressed intent is to establish a neighborhood hub for trusted connections and the exchange of helpful information, goods, and services; it is hoped that homeowners will use it to build a stronger and safer Desert Princess Palm Springs.

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YOUR CART

The Board has Approved the 2023/2024 Budget

HOA DUES are increasing to $877.11 starting October 1, 2023

Charter

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