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Wood Creek Homeowners Association

Budget - Approved Prior Mgt Co

Budget Projected Budget Actual Actual YTD Actual

2024 2023 2023 2022 2021 12/18/2020

Income

HOA Dues ($110/mo per unit) 399,960 362,387 376,250 299,189 262,564 230,538

Bad debt at 5% - - (18,813) - - -

Interest Income-Reserves 89 - - - 47

Interest Income-Owners - 723 - 25 5 86

Late Fees - 2,215 - - 15 2,615

Maintenance expense pass thru - 1,232 - 2,417 2,099

Returned Check pass-thru - 50

Transfer from Reserves - - - - - 20,000

Owner deposit - - - - 817

Insurance Claim Income - - - - - 6,800

Total Operating Income 399,960 366,696 357,438 301,631 265,501 260,086

Expenses

Activities Committee 3,000 2,608 3,000 1,072 713 -

Bank Charges - 20 -

Beautification Committee 2,000 1,814 2,000

Election Committee 500 500 500

Landscape Committee 1,000 1,000 1,000

Welcome Committee 2,000 2,000 2,000

Auto Reimbursement - - - 433 570 -

Collections and Evicitons Expense - - - - 402

Community Expenses 2,000 2,000 2,000 - 13,732

Equipment and Supplies 1,000 500 1,000 429 - 114

Electric - 1,488 2,500

Fountains 2,000 1,050 2,000 8,896 -

Gifts 300 284 - - 45

Golf Course Memberships - - - 18,000 34,785 21,196

Insurance Expense 2,304 2,057 2,231 1,957 1,874 2,444

Insurance Repairs - - - - - 5,800

Irrigation 65,000 59,010 44,000 19,090

Lawn Contract and Grounds Keeping - - - - 167,773 174,964

Landscaping 207,396 215,396 215,396 143,344

Lighting and Sign Maintenance - - 611

Maintenance Expense (General Repairs & Maint.) 10,000 16,620 5,000 6,576 4,681 5,811

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Budget Projected Budget Actual Actual YTD Actual

2024 2023 2023 2022 2021 12/18/2020

Miscellaneous/Other Expenses - - - - 201 5,186

Plumbing & Drain Repairs - 162 - - -

Pond Maintenance 1,000 135 -

Storm water management 1,000 - - 2,475

Trash Service - - - - 9,218

Total Community Expense 300,500 306,644 282,627 202,883 211,045 238,465

Professional Fees

Admin Expense 3,636 1,589 - - - 1,141

Accounting 5,100 5,100 5,100 2,045 400 1,800

Legal 5,000 15,031 10,000 6,520 3,185 4,228

Professional Services - 1,425 2,850 1,425

Property Management Fees 39,996 38,805 41,388 34,754 30,151 14,520

Web Master 1,000 - 1,000 - - 100

Total Professional Fees 54,732 61,950 60,338 44,744 33,736 21,789

Total Operating Expenses 355,232 368,594 342,964 247,627 244,781 260,253

Monthly Transfer to Reserve

($10 dues increase = $3,030/mo) 36,360

Net Operating Income 8,368 (1,897) 14,473 54,004 20,720 (168)

08/31/23 09/22/22

Current Operating Cash Balance 62,820 54,424

Current Reserve Balance 61,288 61,184

2024 Budget Prepared 9/15/23 MM, Revised 9/22/23 per Board