Church Point

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Budget Committee Resolution

CHURCH POINT HOMEOWNERS ASSOCIATION
VIRGINIA BEACH, VIRGINIA

RESOLUTION CONCERNING THE ESTABLISHMENT OF THE BUDGET COMMITTEE

WHEREAS, Section 55.1-1826 Annual budget; reserves for capital components of the Property Owners Association Act of Virginia states: “The board of directors shall, prior to the commencement of the fiscal year, make available to lot owners either (i) the annual budget of the association or (ii) a summary of such annual budget.” and;

WHEREAS, Section 55.1-1826 Annual budget; reserves for capital components of the Property Owners Association Act of Virginia states: “Conduct at least once every five years a study to determine the necessity and amount of reserves required to repair, replace, and restore the capital components….” and;

WHEREAS, Article VII, OPERATIONS, Section 1: Budget of the Church Point HOA Bylaws states: “The Board shall, from time to time, and at least annually, subsequent to the first annual meeting, prepare a budget for the Corporation, and in connection therewith, determine the dues for each member. The common expenses shall include, without limitation, real and personal property taxes on Corporation assets, the cost of all insurance, maintenance costs for the Park areas and other areas maintained for the general benefit of the members, and capital expenditures for any assets to be used for Park use or otherwise.” and;

WHEREAS, Article III, BOARD OF DIRECTORS, Section 4: Powers and Duties of the Board, Item h. of the Church Point HOA Bylaws states: “To appoint committees from time to time from the membership relating to community affairs.” and;

WHEREAS, there is a need to assist the Board of Directors in preparing, executing and reviewing the annual budget and the periodic reserve study.

Now, THEREFORE, BE IT RESOLVED THAT the Board of Directors establish the Budget Committee as its arm to assist the treasurer and the assistant-treasurer in budget activities.

  1. The Committee shall consist of any homeowner willing to participate.
  2. The Committee Chair and the Members of the Committee shall be appointed by the Board of Directors to serve at the pleasure of the Board.
  3. The Committee shall review budgets and financial documents from previous years.
  4. The Committee shall evaluate upcoming maintenance expenses.
  5. The Committee shall gather estimates from vendors.
  6. The Committee shall estimate costs of special projects or services for the upcoming year.
  7. The Committee shall calculate HOA annual fees.
  8. The Committee shall assist in reviewing and updating the periodic reserve studies.
  9. The Committee shall assess reserve fund levels and determining how much needs to be set aside.
  10. The Committee shall find ways to cut costs and source funds.
  11. The Committee shall create a budget that effectively balances income and spending.
  12. The Committee shall monitor the HOA’s adherence to the annual budget.

Adopted this 22nd day of January 2024, by the Board of Directors, Church Point Homeowners Association.

Signed_________________ President

Signed_________________ Secretary