2025 Budget
Hello Neighbors!
Usually we send out the new budget in December, but we made a strategic decision this year to postpone finalizing our budget until January after we saw the final numbers from 2024. We ended 2024 in a strong financial position. With $93k in our operating account and $163k in our reserves accounts, we were able to move $58k to our reserves account–bringing our reserves up to a total of over $221k!
Even better, we were able to do this in addition to creating a 2025 budget that keeps up with our operating costs, continues to catch up with deferred maintenance in the community and begins to tackle some of our biggest neighborhood concerns–all with a balanced budget for the upcoming year.
We are only able to achieve this with the 7% assessment increases we have been making for the last several years and by having a very low delinquency rate in our community. Thank you for working with us to keep this neighborhood the place we call home!
Kat Moran, HP3 President
on behalf of your Board of Directors
Pamela Bash
Leon Browning
Denise Frizzell
Bill Gardner
Kat Moran
Sandee Washington
Allocation: $95,000 for parking lot and sidewalk concrete and asphalt maintenance, repairs and replacement.
While the exact disposition of these funds have not been finalized, the largest part of this allocation will go towards replacing the parking lot of buildings 99-101 (end of Turtle Run Dr). This is the third year in a row we’ve completed a Big Parking Lot Project! These projects represent a huge slice of our deferred maintenance backlog. For the remainder, we plan to continue the work we started last year addressing sidewalk safety hazards and add to that fixing potholes in our asphalt around the community. We have met with our concrete and asphalt vendor and are waiting for a report prioritizing needed sidewalk and asphalt work. We will make final determinations after seeing those assessments.
Allocation: $40,000 for sewer line repairs and maintenance
In late 2023, we scoped our sewer lines due to a significant uptick in work orders about sewer line blockages. Some $60,000 worth of maintenance and repairs were identified. In 2024, we completed the first part of those repairs that were deemed more urgent, and this year we will complete the rest of the repairs and maintenance.
Allocation: $5,000 for gutter replacements
Our gutters were last replaced in 2009, but we have seen our gutter systems are increasingly inadequate for the changing weather patterns we are experiencing–with heavier, longer periods of rain. We allocated a small amount of money this year to begin upgrading our gutters from 5″ to 6″. We will begin in our courtyards, which typically have the longest runs flowing into single downspouts. This isn’t a problem that is uniform across the neighborhood, so we hope to be able to use data from work orders and our gutter cleaning company to prioritize which buildings we will start this work on. See report.
Allocation: $42,000 Drainage and Erosion Control Green Infrastructure Master Plan
In 2024, we partnered with Tributary NC to commission a master plan for the neighborhood to address drainage and erosion control throughout Homeplace 3. In 2025, we are allocating money to begin implementing that plan. This year attention will be focused on diverting stormwater run-off from parking lots away from areas that have experienced a lot of erosion. We are finalizing exact projects, but possibilities include converting parking lot planters into bioretention beds, using curb cuts and vegetated swales to direct water and using natural materials on our steep slopes to slow down water and erosion. See report.