The Great Island budget is used to assess each unit an equal proportion of the cost of operating the community. If costs exceeds the budgeted amount, a special assessment is made to all units.
ASSUMPTION: 469 homes paying $250 per month in July, 2011 (i.e.. annual average).
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Great Island
Budget Estimates
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2011 Budget
(Projected) |
$1,355,603 |
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Great Island Reserve Funds
The community maintains two reserve funds;
- The Asset Replacement Reserve is there to insure that the community has the funds in the future for such things as resurfacing the roads.
NOTE: An Asset Replacement Reserve Study was done in 2011 to determine if sufficient funds are being held in this reserve. The study showed our current asset replacement funding to be adequate for the next 20 years at our current investment level.
- The Working Capital Reserve is a "rainy day fund". For example, if the snow removal budget is exhausted because of a particularly snowy winter, it can be used to avoid a special assessment.
- The Operating Reserve is money that was budgeted and collected but has yet to be spent. Any surplus remaining at the end of the year after fully funding the Asset Replacement Reserve will be placed in the Working Capital Reserve. (since this money will be spent by the end of the fiscal year, it is not listed below)
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Great Island
Reserve Funds
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2011
(Estimated)
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| Asset Replacement Reserve* |
$397,487 |
| Working Capital Reserve |
$222,000 |
*6% of income goes into the Asset Replacement Reserve.
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