2020 Lakes of Coppell Budget
The 2020 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 Donna Haster at CMA (972-943-2863).
| Assessments LOC homes |
$521,809.00 |
Assessments are based on each owner paying $.1155 for every $100.00 valuation assessed by the county and a 20% (.0231/$100) one time 2020 assessment rebate for each owner to be applied to outstanding legal fees, fines, interest, other non assessment amounts, and then assessments, in that order. |
| Other Income |
$12,732.08 |
Interest earned on invested funds in the short-term and the reserve account. |
| Total |
$534,541.08 |
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| Management Fees |
$53,937.60 |
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 |
$22,574.25 |
Audit, Tax Preparation, Community Mailings, & Other Professional Fees. |
| Supplies |
$15,867.52 |
Postage, envelopes, labels, file folders, assessment statements, copies, & scanned documents. |
| Insurance |
$13,760.57 |
Premiums for General Liability, Auto, Fidelity and Directors & Officers Insurance Coverage. |
| Taxes |
$4,121.75 |
Federal Income Taxes, Property Taxes and Franchise Fee. |
| Other Miscellaneous |
$2,143.93 |
Bank charges, bad debt and record/electronic storage. |
| Community Activities |
$15,399.63 |
Community Activities expenses include Annual Meeting, Family Fun Day, Block Party, and Website. |
| Utilities |
$83,327.45 |
Water and electric charges for the common areas. |
| Maintenance |
$245,261.00 |
General landscape and common area maintenance and holiday lights. |
| Fountains |
$14,203.63 |
Fountain repair for the common areas. |
| Irrigation |
$11,580.00 |
Irrigation repair for the common areas. |
| Lakes |
$20,412.73 |
Lake maintenance, chemicals, fish stock and rodent stations. |
| Repair & Replacement Reserves |
$31,951.03 |
Funds set aside for future repair and replacement of commonly owned assets of the Association. |
| Total |
$534,541.09 |
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