SUN CITY – Every month each resident of Sun City is billed a minimum Home Owner Association (HOA) assessment of $129.
The Association’s most recent Treasurer’s Report, dated May 26, was presented by Mr. Bob McGouey at the last Association Board Meeting, shows a summary of the community’s financials. The report detail is posted on the Resident Portal on the community website.
Some of the report’s highlights show that income exceeded the budget by nearly $12,000 while expenses are $249,000 less than the budget. The result is a year-to-date $261,000 surplus.
The “Favorable Factors Impacting Expenses” section of the report shows a decrease of Pandemic related expenses of nearly $175,000 which contributed directly to the quarter of a million-dollar expense reduction.
In addition, the report shows a significant increase in the four-months year-to-date sale of homes. The 2020 sales were 63 units while 2021 has had a 24 unit increase to 87 homes sold through April 30.
The Treasurer’s report does indicate that Sun City’s finances are healthy. This was confirmed by Chris Nyborg of Nyborg & Associates-Auditor who reported “the Association is in an excellent financial position.”
In a June 4 statement on the 2022 budget process, Executive Director Loughran outlined that $105 of the current monthly assessment goes to current operational expenses and that remaining $24 of the assessment goes into the reserve funds. She went on to report that “the community reserve fund is approximately 68% fully funded for asset repair/replacements for the next 30 years.”
Loughran’s statement also pointed out some of the amenities that the assessments provide. Of significant expense are the maintenance of the common areas, which includes landscaping and snow removal. Property and liability insurance coverages are required by law and are a cost of doing business.
Waste Management provides what is called “top of the drive” removal services which the other Village of Huntley subdivisions don’t receive. This nicety comes at a cost as does the semiannual driveway sealing for all residences.
Neither Loughran or McGouey offered a comment regarding any adjustment in future monthly assessment as a result of the year-to-date surplus.
