Financial News
2022 Budget
At the November 19, 2021 Board meeting, the 2022 budget was adopted. The Budget and Annual Assessment increased 5.3%, which is the consumer price increase.
- The increase sets the 2022 Annual Assessment at $1122.
- The one-time membership fee for new homeowners will increase to $3155 ($2655 = $500).
- Resident golf fees will increase to $425 for the first and $225 for the second family member.
Several factors drove the budget increase. The Public Utilities Commission granted Northwest Natural Gas a 17% increase. Insurance costs are expected to rise at least 25%. Salemtowne has experienced million-dollar insurance claims twice in the past two years so can expect higher rates for the next five years. Careful cost containment and the diligent application of reserves kept the budget within the CPI increase.
NOTE: While there will be a number of facility improvements made during the reconstruction of the Fitness Center and Farmhouse, the board will limit expenses to the funds available through the insurance settlement. There should be no special assessment for renovation.
Financial Statements
December 2021 Financial Statement (Click on any image to enlarge)
January 2022 Financial Statement
Profit & Loss Actuals
*** Updated once per year around March or April ***
For more detailed information <Click Here>
| Actual | Actual | Actual | Actual | Actual | Actual | Budget | Budget | |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Income | $442,863 | $443,136 | $431,273 | $447,195 | $476,503 | $508,637 | $564,388 | $621,350 |
| Cash Carry Forward | $ 22,874 | $ 11,278 | $ 45,681 | $ 51,370 | ||||
| Expenses Admin | $ 93,558 | $106,449 | $93,437 | $ 97,846 | $111,195 | $115,188 | $127,775 | $127,204 |
| Building & Grounds | $279,085 | $265,579 | $281,175 | $266,035 | $236,174 | $238,094 | $335,681 | $357,229 |
| Utilities & Maintenance | $ 58,634 | $ 57,598 | $ 65,969 | $ 65,737 | $ 77,934 | $ 62,359 | $101,600 | $124,722 |
| TOTAL Expenses | $431,277 | $429,626 | $440,581 | $429,618 | $425,303 | $415,641 | $565,056 | $609,155 |
SCA Financial Accounts
Operating Funds
ARF
Capital Improvement
Fire Restoration
Operations costs are expenditures to cover personal services and expendable supplies and services used in administration and operation of the Association.
The ARF is the Asset Replacement Fund. It is an important part of ensuring the financial long-term health of the Association. The general idea behind the ARF is for Salemtowne to save a certain portion of the yearly assessment separate fund that gradually accumulates over time in anticipation of big-ticket items that need repair. The alternative is the potential need for a hefty special assessment of all homeowners (or the need to make a choice among needs) if/when extensive repairs are necessary. The only items included in the ARF are those expected to cost at least $1000 or more. Items under this amount are funded out of the Annual Operating Funds. Note: the full proceeds of the Homeowner Membership Fee paid by homeowners upon purchasing a property in Salemtowne is also deposited in the ARF.
Expenditures to acquire new capital assets funded from annual assessments, without prior approval by owners are limited to a maximum base amount of $35,000 during the 1993 budget year, indexed annually thereafter to reflect changes in the adjusted, annual Consumer-Price-Index (CPI). Expenditures for new capital assets that exceed this limit must be presented as separate line items in the annual budget and each subject to a vote of the owners at the annual meeting.
