Important News

Salemtowne Civic Association

2023 Budget

At the November 4, 2022 Board meeting, the 2023 budget was adopted. The Budget and Annual Assessment increased 8.3%, which equates to the consumer price increase.

  • The increase sets the 2023 Annual Assessment at $1215.  
  • The one-time membership fee for new homeowners will increase to $3375 ($2875 + $500).  
  • Resident golf fees will remain unchanged at $425 for the first and $225 for the second family member.
 

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. 

SCA Treasurer announced in December 2021, he has set up a separate account from the general Operations Account to keep track of the Fire Restoration Income and Expenses. By doing so we are able to more accurately track these funds and ensure that we don’t unknowingly use funds from the Operations or the ARF accounts for restorations.