Crescent at Cherry Lane Homeowners Association

At its November 13 meeting, the Board of Directors approved the Association's budget for 2013. Under the approved budget, homeowner dues will be changing effecting January 1, 2013. The following chart shows 2013 dues compared to 2012:

During 2013, on-lot maintenance will include weeding of homeowner flower beds during every other mowing service, or roughly every 2-3 weeks between April and October. To cover the additional cost of this enhanced service, it was necessary to raise the on-lot maintenance assessments by $10 per year per lot. In the past, the Association has provided on-lot weeding services only 2 or 3 times per year. The additional services will mean that homeowners will no longer be required to weed their flower beds between services.

While the Board approved a small increase in the on-lot maintenance assessmnets, it approved larger reductions in the general quarterly and alleyway quarterly assessments. These changes will reduce dues for homeowners without alleys by $10 per quarter ($40 per year) and for homeowners with alleys by $28 per quarter ($112 per year). The Board took this action in response to the Board-commission reserve study performed by Brecht Engineering. The study found that the Association's reserve position is very strong and that dues collections would continue to outpace required reserves. The Board anticipates that the reduction should be sustainable in the long-term barring unexpected increases in Association expenses. The larger reduction for alleyway residents is based on the relative position of the general reserve fund versus the alleyway reserve fund. Homeowners with any questions, can contact Tidewater Property Management or em ail the Board at [email protected]