Annual Homeowner Dues
Annual Homeowner Dues are mailed and typically due in March. Dues can be paid by check, e-check, or Zelle and we appreciate your prompt payment. If you have any questions or haven’t received a billing invoice please email treasurer@highlandsofseminole.org.
What do my homeowner dues go towards?
Annual dues are $150 per lot. Your annual dues provide landscaping and maintenance services for designated green spaces for maintenance of water retention ponds on McKee Rd, and for snow/ice clearance on designated recreational paths within Highlands of Seminole. For specific financial details, our most recent Financial Report is posted below which we discuss every year at our Annual Meeting.
Treasurer’s Annual Meeting Summary 2023
Calendar Year 2022 Recap
Homeowner dues revenue was $54,640 (budgeted $55,230)
Unpaid dues at year end were $590 (three full and one partial lot)
Total expenses were $40,468 (budgeted was $55,250)
Net income for the year was $14,184 with a budget of break-even. Significant items contributing to the variance were:
$5,800 fence repairs were deferred to 2023
$5,000 snow removal costs were lower than budget due to weather and savings from initiative to reduce salt
$1,600 lawn mowing costs were lower due to weather
$1,000 pond maintenance deferred to 2023
$500 Quickbooks accounting software not in budget
Interim 2023 (through June 1, 2023)
Homeowner dues revenue to date was $50,102 with about $4,500 uncollected which is typical for this time each year.
Expenses were $16,173. Primarily common area maintenance of $12,294 ($7,600 snow removal, $2,550 fence repair, and $1,788 tree and lawn maintenance).
Net income was $34,329 which is typical for this time each year. Dues revenue comes in the first half of the year, but the majority of expenses, such as lawn mowing and grounds maintenance, do not occur until the summer and fall. The budget for the year is to break even with revenue equal to expenses.
$50,000 was transferred from non-interest bearing checking account to a 4.066% 13 month CD.
We anticipate cash to be approximately $50,000-$60,000 at year end. This reserve is typical and maintained to provide liquidity to the association and cover future large maintenance and improvement efforts primarily for the berm along McKee Road, the two ponds, and four stone monuments (signs).
331of the 367 lots have paid 2023 dues (~90%). A second notification will be sent this month to the homeowners with outstanding dues.