RA Biennial Budget Released
0
Votes

RA Biennial Budget Released

Annual assessment would increase $12 for 2006, but not rise in 2007.

After five months of work, Reston Association staff released a biennial budget for 2006 and 2007. The suggested annual assessment increase for 2006 is $12, from $425 to $437. There is no proposed increase in the annual assessment for 2007. If the rate stays the same in 2007, it would be the first time the assessment has remained flat since 1994.

“This significant accomplishment is the result of a concerted effort of the Board of Directors and staff to increase non-assessment revenue sources,” said the executive summary budget report.

RA’s operating budget in 2006 is projected to be $11.39 million, and $11.6 million in 2007.

Below are some other highlights from the proposed budget:

* Money to fund a management audit of the Covenants Administration.

“In short, I believe this department is struggling with providing the necessary services to our members and others that are directly linked to the ongoing maintenance and use of properties,” said RA CEO Milton Matthews in the executive summary.

* Funding for future development analyses to support the PROS study.

This money will fund feasibility studies for indoor recreation and the possible closure or conversion of existing low-use facilities.

“The Proposed Biennial Budget includes funding for the development of future analyses and reports that will assist RA in preparing to address all or as many as prudent of the recommended changes outlined in the PROS Plan,” said Matthews in the executive summary.

* A net reduction in 3 full-time positions over the next two years.

* Capital budgets to average $1.7 million in the next eight years.

* $495,000 to fund new initiatives.

* Maximum annual assessments are projected to be $453 in 2006 and $462 in 2007.