2024

Date 11/28/23

To: St. Frances Homeowners

From: St. Frances Board of Directors

RE: 2024 Budget and Monthly Dues Adjustment

Your St Frances Board of Directors has reviewed the Associations projected 2023 final calendar year expenses vs. the 2023 budget. From this review we then determine our annual budget for 2024.

The reserve replacement funds were incorporated into our analysis for our 2024 budget. In addition to accounting for these replacement funds, we also evaluated several significant cost increases which existed in 2023 and will continue into 2024. Some of these projected cost increases for 2024 include but are not limited to: sanitation (+5%); insurance (+67%); and winter ice treatments (+53%). These costs are in addition to the impact of growing inflation on many, if not all goods and services we contract throughout the year to help St. Frances Woods continue to be a premier living community.

Inflation continues to be well above historical rates, and we have to account for these increases both now and into the future, as this impacts the monies that we need to set aside each month to fund future replacement projects and operating costs. The Board also went line by line through all budgeted expenses to determine where we could make cuts to help minimize the cost increases noted above.

As a result of all this analysis, the Board has determined we must increase monthly dues by $39.00 per unit, which is an increase of 9.85%, commencing January 1, 2024, resulting in monthly dues of $435.00.

Last year the Board elected to shift the savings in reserve, because of the roof replacement, into the operating budget which added $53.00 per unit per month to the operating account. This is no longer possible due to the need to fund reserves, inflation, and to accommodate the significant costs of insurance.

If you pay through Premier Association Management’s ACH program, the monthly pull from your checking account will automatically adjust.
If you pay through your Bank’s bill pay, remember to log in and adjust your monthly dues payment.
If you are not on ACH and would like to sign up, email Accounting@PremierAM.com for the paperwork.

Please review the attached pie charts to review 2023 expenses compared to 2024, and the budget and coupon sheet.

If you have any questions or comments, please address them to Premier Management at office@premieram.com and we will forward your comments to the Board.

Best Regards,

St. Frances Woods Board of Directors and Premier Association Management