Polo Ranch - Annual HOA Meeting Recap 2024
- Polo Ranch HOA
- Nov 15, 2024
- 3 min read
11/15/2024
Polo Ranch Community,
This letter is to serve as an update and include information shared in our last townhall, and annual meeting at the Polo Ranch pool area on November 8.
The election results were shared with the community which resulted in Kyle Henry being elected as one of our Board Members. Kyle’s position will replace Veronica Arango’s position on the board. Veronica has served as a board member for the last year and her term expired this month. She did not run for reelection. The Board has organized with Kyle Henry as our new President and Pete Daugherty as our Vice President. Please join us in congratulating Kyle on his new position.
The financial position of our association was discussed which included a summary of our balance sheet, expenditures for the last year, and projections for the 2025 budget. The board members, Pete Daugherty and Veronica Arango, voted to increase the annual fees by $55 for 2025. This is necessary to cover our projected expenses for 2025. Due to our financial position and remaining cash on hand, there was no other option. The increase in next year’s fee is projected to put the association back in a good financial position.
According to the balance sheet as of 10/31/2024:
The association has $200,000 in the bank with $100,000 in operating cash and $100,000 in CDARs, which (are similar to certificates of deposits).
There are $115,000 in monies owed to the association, this includes approximately $60,000 in delinquent 2024 assessments, $26,000 in prior years delinquent assessments, and $14,000 in legal fees.
The board, Pete Daugherty and Veronica Arango voted to take legal action to recover the unpaid annual fees.
There are Approximately $22,000 in prepaid 2025 assessments (Thank you to all who prepay for next year!!!)
According to the Income and Expense statement, current Year to Date (10/31/2024), the following items detail some of our most notable expenses:
The association is over budget by approximately $22,000. The largest over-budget items are Irrigation Repairs at Approximately $42,000 over budget.
The additions to the playground & rec center maintenance combined are approximately $26,500 over budget, and pool repairs are approximately $20,000 over budget.
The Association is under budget on the:
Pool contract by $14,000
All admin services $11,000
Common expenses (Community events, decorations, & website) $7,700
Fence Maintenance $3600
We regret to inform you that winter holiday decorations be much lighter this year than in prior years, due to being over budget and the unpaid assessments. We are taking steps to find the most economical way forward for Christmas decorations which may include the initial purchase of materials. This year’s reduction in decorations is a decision the Board did not take lightly. Please know that for the 2025 budget, we have budgeted $5000 for holiday decorations and the board will be requesting proposals for the 2025 winter holiday season to ensure that 2025 is better than 2024. Thank you for your patience and understanding as we navigate this time as a unified community.
The pool was discussed in detail. We are currently looking into alternative options for 2025. A decision will likely be made at the beginning of next year. There is currently an open board position, if you are interested in volunteering and would like to assist in making decisions for the association, please contact a current board member or the management company. Thank you to all involved in our association and we appreciate those who attended your annual meeting. Respectfully,
Pete Daugherty & Kyle Henry Community Info: Community Website: www.poloranchtexas.com Questions or Concerns please email the HOA at: service@csutx.com
Please Download & Review the following attachments below: Annual Meeting Packet
Payment instructions on how to pay your dues. Power Point Presentation for Polo Ranch Annual Packet includes breakdown of budget: Click below to Download
Need to know how to pay your HOA Dues? Please click & download the document below for more info payment plans are available as needed:
Click below to Download
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