HOA Budget in VA

View Shelton’s Run Community Association income and expense budget for 2024.

2024 APPROVED BUDGET

2024 INCOME

  • TOTAL INCOME = $119,600.00
    (Assessment Receipts: 184 Homes @ $650)

2024 EXPENSES

  • TRASH ($24.00 PER HOME PER MONTH) — $53,000
    GFL is currently servicing our 184 homes.
  • UTILITIES (ELECTRIC / WATER) — $3,000
    Watering of front sign areas, lighting of front sign areas and street lights on Blake Way.
  • GENERAL ADMINISTRATION/BUILDIUM BILLING SERVICES/  — $6,000
    BUILDIUM is our current service for homeowner dues billing.
  • IT MANAGEMENT — $3,500
  • Management of services related to IT Management including, but not limited to the website
  • ATTORNEY FEES/RETAINER — $3,000
  • Retainer is $200 per month which is $2,400 and the extra is for other fees associated with legal issues, including lien filings, lawsuits, etc. 
  • COMMON AREA MAINTENANCE/VLM— $25,000
    Includes all of the mowing of common areas and upkeep of the retention ponds and front sign area, irrigation and lighting system maintenance, replacing the annuals and mulching the front sign area in the spring. VLM is currently our landscaping company.
  • INSURANCE — $2,500
    Our insurance policy is approximately $2,500 per year.
  • BOOKKEEPER — $8,700
    $725 per month (bill payments, bank statement reconciliations, disclosure packages, billing statements for April and October billing cycles, late payment notifications, budget preparation annually, new homeowner processing, etc.)
  • SHELTON’S RUN COMMUNITY ASSOCIATION FEES TO STATE OF VIRGINIA — $250
    Paid annually based on the number of homes in our community and the assessed rate by the state.
  • AUDIT & TAX RETURN — $2,000
    Billed by Uvena and Brown yearly at $2,000 — tax prep and filing and yearly audit.
  • RETENTION POND INSPECTIONS — $2500.00 for 2024
    $350 per pond — 7 ponds. These inspections are conducted by Stafford County on a bi-annual basis or every other year. They were not required in 2023.
  • CAPITAL IMPROVEMENT FUND — $3,500
    Improvements to the common areas such as fixing equipment at tot lot, cleaning fences and new pavilion annually and other capital improvements as approved by the Board of Directors.
  • RESERVE ACCOUNT — $3,000
    Annual amount budgeted to the reserve account for catastrophic problems that can arise with the retention ponds, etc.
  • COMMUNITY FUNCTIONS — $1,150.00
    Welcome Baskets for New Homeowners, October Community Picnic, Yard Sales, Santa’s Visit, etc.
  • STORAGE RENTAL — $2,500
    $206 per month to store association materials, file cabinets, Christmas decorations, coolers, etc.

TOTAL EXPENSES$119,600.00