Colton Meadow
2023 - 2024 Budget
ANNUAL BUDGET APRIL 2023-MARCH 2024
OPERATING EXPENSES
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ADMINISTRATIVE (i.e. office supplies, stamps, electric bill, taxes, etc.) $1,200.00
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LAWN MAINTENANCE (entry areas, private open space, storm water management area, playground area) $23,454.00
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OPEN SPACE IMPROVEMENT (i.e. mulching playground, dead tree removal, sidewalk repairs, etc.) $2,000.00
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SNOW REMOVAL/PLOWING (NOTE: This is ONLY used for snow 4 inches + as that is what is reimbursed by New Castle County & for limited salt/sand treatment deemed necessary by HOA board) $3,000
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$1,000,000 PROPERTY/LIABILITY INSURANCE $1,961.00
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STORM WATER MANAGEMENT MAINTENANCE $7,560.00
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RESERVES PER BUDGET $2,050.00
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TOTAL EXPENDITURES (12 MONTHS) $41,225.00
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RESERVES BUDGET COST BREAKDOWN
- Repairs & playground court $600.00
- Playground equipment (total cost $12,545.00 with 25 years useful life) $500.00
- Storm water maintenance $600.00
- Sidewalk repairs (common areas only) $350.00
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TOTAL RESERVE BUDGET (12 MONTHS) $2,050.00
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TOTAL BUDGET $41,225.00
- cost adjustment per homeowner (119) $6.00
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ASSESSMENTS OWNED PER HOMEOWNER (119) $340.00*
*Note- Budget does not include community events (i.e. Easter Egg Hunt, Halloween Parade, etc.)
Please wait until you receive an invoice before sending payment