Dear Issaquah Highlands Homeowners:
After ratification, the 2022-23 Issaquah Highlands Community Association (IHCA) master annual assessment will increase $12 per year to $960 as of July 1, 2022.
The IHCA Finance Committee and IHCA Board of Directors reviewed the 2022-23 budget prepared by the IHCA staff. The IHCA is a nonprofit organization and develops the budget according to Washington state law and the IHCA’s Covenants, Conditions, and Restrictions (CC&R’s).
The Finance Committee works throughout the year analyzing monthly financials, including a yearly forecast. The committee started preparing and reviewing the 2022-23 operating budget at its meeting in January. The final 2022-23 operating and reserve budgets were presented to and approved by the IHCA Board of Directors at the Feb. 28, 2022 board meeting.
Income includes annual base assessments, late fees, shared-costs income, non-member income, interest, and other income. The unit count estimated for the 2022-23 budget is 3,618, including the Westridge North and Block 4 (affordable housing) communities, the latest Taylor Morrison residential developments.
The operating expenses increased by $62,000 (2%) over last year’s budget, partially offset by an increase in base assessment revenue from additional unit absorption of the new Westridge Block 4 neighborhood. The reserve contribution increased slightly and continues to provide the community with a strong financial position to fund future major projects.
Notable Expenses Increases
- Landscape Contracts: Vendor rate increases and the addition of the Westridge neighborhood, including its parks.
- Landscape Irrigation: Increased water required for hotter summers.
- IHCA Payroll/Benefits: Two additional employees and overall wage increases to meet industry standards.
- Pet Waste Stations: More stations added.
Notable Expenses Decreases
- Contingency (emergency, unbudgeted items): Lower projected needs for the community.
- Professional Services: No longer need Custom Architectural Review training.
- Bad Debt Expense/Legal Collection Services: Reduction in delinquencies/collections.
- Postage/Mailings: Increased use of electronic correspondence.
IHCA 2022-23 Budget Ratification Meeting
Monday, April 26 at 5:30 p.m. via Zoom (See calendar)
The IHCA 2022-23 Budget Ratification Meeting will be held via Zoom on April 25, 2022, at 5:30 p.m. Please check the website calendar for the Zoom meeting link.
Per the Revised Code of Washington (RCW) and the IHCA governing documents, a quorum is not required at the meeting for the budget to be ratified. The budget will be ratified unless 75% of the entire membership (not just homeowners present at the meeting or by proxy) votes to reject the IHCA budget approved by the Board of Directors.
If you do not plan to attend the meeting, you may cast your vote in two alternative ways:
Email: Send an email with your vote to budget@ihcommunity.org. Email must contain your full name and street address.
By Mail: Send your vote with your full name, street address, and signature to:
IHCA – Budget
2520 NE Park Drive, Suite B
Issaquah, WA 98029
All votes (by email and by mail) must be received no later than April 24, 2022, by 5 p.m.
Kristyn McKinnon is the IHCA accounting manager. As published in Spring 2022 Connections.
