The New Territory Residential Community Association Board has approved the budget and assessment rate for 2010.Culminating a two month planning and review process, which considered both capital and operating expense needs, the 2010 assessment was set at $1,010.00
The setting of the assessments is a multi-step process. First, the staff estimates the cost of providing current services.A draft assessment is picked to balance the cost.The board reviews the estimates and ensures we are managing the business in an efficient way, to decide if the value of the services is sufficient to continue to provide them, and to decide whether the cost of certain services are more appropriately financed by user fees.The Board then approves a budget and an assessment rate.
We appreciate all of those who attended the meetings, emailed us, or phoned in to give us their input and ideas.
NTRCA Board of Directors
COLLECTION POLICY New Territory’s Governing Documents specify that all Homeowners must pay authorized assessments levied against their lots. The levy amount is set by the NTRCA Board as part of the fiscal year budget, as noted above, and reviewed at each annual meeting. Residents may pay their assessments in one lump sum by January 1, 2010 or by payment plan which must be selected by December 18, 2009.
There is only one payment plan option and that requires that the payment be made by automatic deduction from your bank account. Once the plan has been chosen, it must be adhered to. If you fail to adhere to the plan, penalty, interest, late charges as well as collection costs will be added. In addition, the entire balance may be accelerated and due at that time. FAILURE TO PAY
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, or failure to correct a deed restriction in the time specified, may result in all recreational privileges being revoked. Any account that becomes delinquent may be referred to the Association attorney for collection which will result in additional expenses being assessed and, in severe cases, possible foreclosure on your home.
