Quarterly assessments are required of all lot owners within Twin Lakes however; many of our members have questions about those assessments. The Board of Directors is using this web page to address the most common questions surrounding our quarterly assessments. Here are those questions:
How assessments amounts are established?
Twin Lakes of Brandon Homeowner's Association, in and through its Board of Directors establishes an annual budget for each fiscal year. This budget is based on the projected annual operating expenses and reserve account funding of the Homeowners Association. Expenses include all cost of common area maintenance and repairs, insurance, electricity, water as well as pre negotiated contracts for lake maintenance, security services, landscape maintenance and management services. Assessments are then calculated based on the amount of revenue needed to fully fund the annual budget, divided by the number of lots within the Twin Lakes Community.
How much do the assessments increase annually?
There are no mandatory increases however, with inflation and increases each year in fixed costs such as maintenance, insurance and electricity to name a few, the annual budget needs increase as do the assessments. The Board of Directors has the ability to increase the assessments 15% annually without a vote of the membership, however we have been fortunate to be able to hold the increases to around 10% for the last four years. For 2009, the Board of Directors were able to keep the assessments at the 2008 rate due to a budget surplus.
How much are the quarterly assessments?
The 2012 Budget calls for an assessment of $232.00 per quarter (this has been the same assessment for the past 4 years). Broken down this is $77.33 per month which is far below the typical assessments for a deed restricted community with the sizable common areas and amenities offered in Twin Lakes. We have not had an increase in our annual assessments since 2008 although our governing documents allow for an annual increase of 10%.
Will I receive a quarterly bill for my assessments?
No. To save the money, the Association prints and mails coupon books to each resident in December, preceding the upcoming year. These coupon books contain four (4) coupons, one for each quarterly assessment. We also post notices on the Community Bulletin Board to remind residents when the Quarterly Assessments are due.
Can I pre-pay my assessments for the year?
Yes. Assessments can be pre-paid for the year and many residents elect to do exactly that. Some residents have found pre-payment easier however it is not required. Since the assessment amounts are an exact calculation of the revenue required to meet the Association’s budget obligations the Association cannot offer a discount for pre-payment.
When are the assessments due?
In order for the Association to have the timely revenue to meet its obligations throughout the year, assessments are due on the first day of each quarter. When residents delay in paying assessments on time, it impacts the cash flow of the Association and truly is unfair to other residents who pay their assessments on time. Here is a schedule of due dates:
1st Quarter Assessments - Due January 1, 2012
2nd Quarter Assessments - Due April 1, 2012
3rd Quarter Assessments - Due July 1, 2012
4th Quarter Assessments - Due October 1, 2012
What happens if I am late in paying my assessments?
Due to changes in 2007 to the Florida Law relating to Home owner Associations, the Board of Directors has adopted a new “Uniform Collection Policy”. This policy was adopted at the BOD Meeting held on November 10, 2007. All late/delinquent assessments will be handled in accordance with this new policy. A copy of this policy is attached for information.