Soon you should be receiving the 2025 Lakeport Cluster Association budget and coupons for your quarterly HOA assessment. Below is some information about both and some additional information you might be interested in.
2025 Lakeport Budget: The budget has been finalized and approved by the Board. Our 2025 projected expenses have increased by over $5,000, with most of that coming from annual contracts as inflation continues to cause prices to go up. We are also ensuring that our Repair and Replacement (R & R) Reserves are at the level recommended by the Reserve Study, which we had updated this year (more information below). To cover the increase in expenses, some of the more discretionary expenses took a hit and HOA dues are being increased.
2025 HOA Quarterly Assessment: To cover the increase in expenses, your quarterly HOA assessment will be increased by $10 a quarter (only 2.9%, after no increase in 2024). We recommend you sign up for direct debit to prevent missing a payment, which ends up costing you a late fee and the community gets hit by management costs (https://drive.google.com/file/d/1U_9xgrDVzZlOBoUG04XT2vlxmWa99C6q/view).
2023 Audit Finalized: The 2023 audit was completed by an independent company over the summer and no issues were identified.
2025 Reserve Study: Over the summer we contracted with Miller Dodson to update the Lakeport Reserve Study, which is required by law to be conducted every five years. We use the Reserve Study to inform the Board on how much money we need to contribute to our R & R account each year to ensure we are covered for future capital component expenses like paving the cluster’s streets and replacing the dock (our two biggest expenses). The projected costs for items that need to be replaced in the future have increased due to inflation. The Lakeport Reserve Study can be found on the Lakeport Cluster website under “Documents”: https://drive.google.com/file/d/1ovgk3OOSCwG5VsNZGGns7buBV3CUWaFz/view?pli=1.
If you have any questions, feel free to reach out to the Board at board@lakeportcluster.org.
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