Question:
Dear HOA Manger,
This last year our HOA monthly payment increased by 60 dollars. I don’t wee improvements in our community in fact the pool area no longer has usable outdoor furniture and most often the pool has not been taken care of. The increase in dues was due to our reserves account having a low balance. The balance of the reserve account has been low since we have lived here. I have been monitoring the balance each month and over the last year it seems to stay the same. The balance will increase and then the balance will decrease. i would like to understand if this is a reserve account why is money taken out of the account each month and the balance not stay the same our increase since we are paying more to build a balance in the reserve account. Thank you for your time and your reply. Pamela Warne
– Pamela
Answer:
It is possible that your HOA is using the reserve fund to pay for various major repairs or replacements. That would explain the fluctuation in your reserve account. However, you can request to examine the association’s financial records as per the Davis-Stirling Act. Using these records, you can better understand where the HOA’s money is going.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
