2016 Lakes of Coppell Budget

The 2016 Lakes of Coppell Budget was approved at the October LOC Board meeting.  Noted below is a summary of the new budget.  If you have any questions, please feel free to contact Alison Decarlucci at CMA (972-943-2852).

Item 2016 Description
Revenues
Assessments LOC homes $481,936.14 Assessments are based on each owner paying $.105 for every $100.00 valuation assessed by the county.
Other Income $812.04 Interest earned on invested funds in the short-term and the reserve account.
Total $482,748.18

Expenses
Management Fees $59,496.00 An agreement has been negotiated to provide the Association with a full-service management program, including finance and accounting services, administrative and clerical services and physical property supervision, contract negotiation and day-to-day representation of the Association.
Professional Fees $17,404.00 Audit, Tax Preparation, Reserve Study, Community Mailings, Other Professional Fees & Welcome Packets
Supplies $19,256.80 Postage, envelopes, labels, file folders, assessment statements, copies, faxes & scanned documents.
Insurance $22,107.03 Premiums for GL, Property, Auto, Fidelity and Directors & Officers Insurance Coverage.
Taxes $525.00 Federal Income Taxes, Property Taxes and Franchise Fee.
Other Miscellaneous $6,554.36 Bank charges, bad debt and record storage.
Community Activities $15,965.00 Community Activities includes Annual Meeting expense and Block Party.
Landscape & Common Area Maintenance
Utilities $59,200.00 Water and electric charges for the common areas.
Maintenance $160,843.56 Landscape maintenance and holiday decorations for the common areas.
Fountains $10,000.00 Fountain repair for the common areas.
Irrigation $18,000.00 Irrigation repair for the common areas.
Lakes $14,933.24 Lake maintenance and chemicals.
Repair & Replacement Reserves $78,463.19 Funds set aside for future repair and replacement of commonly owned assets of the Association.
Total $482,748.18

Click here to view the Annual Status Report with explanations of the Operating & Reserve Budgets, Vendor Requirements, and Compliance Report for the past 12 months.