2008 Operating Budget Approved

Residents of New Territory- The New Territory Residential Community Association Board has approved the budget and assessment rate for 2008. Culminating a two month planning and review process, which considered both capital and operating expense needs, the 2008 assessment was set at $870. 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. In 2007 we will run a larger than expected surplus because we were able to negotiate smaller than expected prices form several major suppliers. This allowed us to pay of more of the 2006 operating budget than we had projected last year. The approved 2008 budget is very tight with no contingency. However, we will have additional revenue resulting from the sale of land to LID7 which will be used to cover any shortfalls or replenish the capital reserve fund. 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 2008 Operating Budget 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, 2008 or by payment plan which must be selected by December 14, 2007. 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.