2012 Approved Budget 2011 Approved Budget 2010 Approved Budget 2009 Year End Information November 2011 Residents of New Territory Residents of New Territory The Board of Directors of New Territory Residential Community Association has approved the budget and final assessments rate for 2012. A four-month planning and review process considering both Capital Reserve and operating expenses was facilitated by the Board of Directors and the Association Staff.  For the 2012 Budget, the utility costs for New Territory are projected to increase $190,175, and our legal fees are projected to increase from $68,000 budgeted in 2011 (the actual expenses are projected to be $160,053) to a budget of $145,000 for 2012 or $77,000 (mostly due to a change in the procedures for legal fees for deed restriction violations and delinquent accounts). The total of these two increases is $267,175. The total increase in the budget is $208,724, which is $58,451 less than the two increases.  Staff and the Board worked hard this year to cut the proposed expenditures in any way we could, and still provide quality services to you.  If you have questions, please feel free to contact the Association office. If you are not registered on our website, we encourage you to do so. Our website address is www.newterritory.org. There are numerous things visible to members that non-members cannot see.  We are in the process of revamping the website, so please pardon the process!  Also, many changes are coming to the newsletter, which is delivered to you in the Star on a monthly basis, so watch for upcoming events there as well! We appreciate the efforts of all who contributed to the overall process of forecasting and approving the 2012 Budget and assessing the 2012 Homeowners dues at a small increase for each household. COLLECTION POLICY New Territory's Governing Documents specify that all Homeowners must pay authorized assessments levied against their lots.  When an owner fails to pay their share of the common expenses, it becomes an additional and unnecessary burden on all other owners.  Payment of your assessment includes a membership to the Club. However, nonpayment or default in a payment plan, may result in all recreational privileges being revoked. A payment plan must be chosen.  Automatic Bank Withdrawal options are due no later than December 16, 2011 or payment in full is due January 31, 2012. Once a plan has been chosen, it must be adhered to.  If you fail to adhere to the plan you have chosen, penalty, interest, late charges as well as collection costs will be added. In addition, the entire balance will be accelerated and due in full at that time. FAILURE TO PAY Any account that becomes delinquent will be referred to an attorney for collection that will result in additional expenses being assessed to you.  Failure to pay your assessments could result in costly legal action, including loss of all recreational privileges and possible foreclosure of your home. UNABLE TO COLLECT AUTOMATIC BANK WITHDRAWAL PAYMENTS If the Automatic Bank Withdrawal Plan Payment is returned twice in the same year for any reason such as insufficient funds, account frozen or account closed, your Automatic Bank Withdrawal Plan contract will be cancelled, leaving NTRCA no choice but to enforce our collection policy. PAYMENT PLAN APPROVAL If you have a two year history of late payments and/or defaulted payment plans, or if you have outstanding deed restriction fines or legal fees on your account, your Automatic Bank Withdrawal Plan request will be denied. MILITARY SERVICE If a member (property owner) or spouse is serving on active Military duty, including active military duty as a member of the Texas National Guard or the National Guard of another state or as a member of a reserve component of the armed forces of the United States, the member shall send written notice of the active duty military service to New Territory Residential Community Association.  Under the Service members Civil Relief Act, a military person may have special rights or relief related to enforcement actions under Federal Law. ATTORNEY DISCLAIMER If an owner's account has been turned over to the Association's attorney for collection or deed restriction violations, the amount set forth in any  invoices and/or reminder notices should not be relied upon as reflecting the entire amount due to the Association.  The owner should contact the attorney handling the account to obtain a complete accounting of all amounts owed.  PRIORITY POSTING OF PAYMENTS A payment received by a property owner's association from the owner shall be applied to the owner's debt in the following manner. 1.     Delinquent assessments 2.     Any Current assessments 3.     Any attorney's fees for collection efforts only. 4.     All other attorney's fees 5.     Fines 6.     Any other amounts An exception to this policy occurs if an owner defaults under any payment plan agreements. NTRCA is not required to apply the payments in the order specified.