Board Adopts the 2025 Budget & Assessments At their September 4th meeting, the South Riding Proprietary Board of Directors adopted the 2025 Operating Budget and Schedule of Assessments. This is a multi-month process that includes an evaluation of all contracts, past and anticipated expenditures.
South Riding will continue to have one of the lowest monthly fees in the greater Northern Virginia region, but the monthly assessment will increase for 2025.
The Proprietary is not immune to inflationary changes, and we have seen the costs of services increase over the last several years. Our insurance coverage went up 16.55% this year due to insurance market conditions. Vendors like our pool management company are experiencing increases in staffing costs with Virginia’s minimum wage set to increase again to $13.50 in 2025 and $15.00 in 2026. Contract escalation factors specifically with the trash/recycling collection also contribute to an increase. Our reserve contributions will increase and will be funded in accordance with the study completed between January and April 2024.
Members’ equity from past years surpluses and interest income on reserve and capital fund investments (combined for approximately $600,000) were applied to the operating budget to keep assessment increases as low as possible.
Replacement Reserve Statement
In accordance with the Virginia Property Owners Association Act, South Riding Proprietary is funding its reserve account at the levels recommended in the January 31, 2024 Replacement Reserve Study completed by Reserve Advisors. As of August 31, 2024 the association has a combined $9,384,694.20 in reserve accounts for common areas and private roads. South Riding has budgeted 2025 reserve allocations to be in line with the Reserve Study recommendations of funding the reserves at a combined total of $1,479,700 annually. The Reserve Study identified 254 items that will require periodic replacement over 30 years that are to be funded from Replacement Reserves using the cash flow method. Reserve contributions are made monthly and are overseen by the Budget and Finance Committee and administered by an independent financial advisor who distributes funds into laddered Certificate of Deposits in accordance with FDIC laws. There is sufficient cash in the accounts to cover the current funding requirements outlined by the study. The Reserve Study summary can be found HERE.
98.90* Detached Homes (Common Expense $49.16, Recreation Expense $18.76 & Detached Home $30.95)
$109.60* Detached Homes w/ Common Drive (Common Expense $49.16 Recreation Expense $18.76 & Detached Home $30.95 Common Drive $10.73)
$108.70* Townhomes (Common Expense $49.16, Recreation Expense $18.76 & Townhouse $40.80)
$67.90** Lakeside Condominium Units
$91.15** Amberlea Condominium Units
$91.15** Town Center Condominiums Units
*Assessments are rounded to the nearest $.05
**This amount represents the amount paid to SRP. Condominium owners will receive correspondence from their respective management companies and should direct any questions about monthly assessments to them.
OWNERS – TAKE ACTION NOW – Update your payment methods and mailing address
Do you pay using Property Pay thru First Citizens? The homeowner MUST update this dollar amount. It is NOT automatically updated.
Do you pay using your bank’s bill pay? The homeowner MUST update this dollar amount. It is NOT automatically updated. Does your bank issue and mail checks for the payment? If so, please allow enough mailing time to ensure on-time payment the 1st of every month.
Do you pay by check and by mail? The homeowner MUST update this dollar amount. It is NOT automatically updated. Coupon books are scheduled to deliver mid-December. Please allow enough mailing time to ensure on-time payment the 1st of every month.
Interested in signing up for direct debit thru SFMC?
Have you moved? Did you provide us your updated mailing address?
Detailed 2025 Budget information can be found HERE and the Budget Line Item Explanation HERE.
Unit Type $ Variance explained HERE.