2023 Draft Budget Town Hall taking place now in Concert Hall and on Zoom

 
From: "SV Residents" <no-reply@PROTECTED>
Date: October 14th 2022

Symphony Village Residents,

As you may be aware the annual operating budget for Symphony Village HOA not only outlines the Association's operating costs for the year, but it also sets the amount of your monthly assessments and the annual reserve contribution. The Board of Directors is tasked with approving a proposed operating budget for 2023 in October and the final operating budget on the first Wednesday of December.

This year the Board’s task is particularly challenging because the Association is faced with increased operating costs in 2023 along with new laws impacting Homeowners Associations (“HOAs”) in Maryland. These new laws require a higher contribution to the 2023 Reserve Fund amount identified for 2023 replacement or major repair needs. The Board is considering several options as it relates to the proposed Operating Budget and the 2023 monthly assessments.

The Board will be holding a hybrid Town Hall on Friday, October 14, 2022, at 10:00 a.m. in Concert Hall and via Zoom to present the proposed budget options and discuss the changes to the HOA Act/laws as well as the reserve funding requirements for Symphony Village HOA. There will be no vote taken at the Town Hall and the floor will be open to residents with questions following the Board's initial presentation and discussion. The Town Hall will be an opportunity for residents to provide valuable input prior to a vote being taken on the proposed 2023 Operating Budget on October 21, 2022.

The Board will vote on the proposed 2023 Operating Budget at the October 21, 2022 Board Meeting only. The proposed budget will then be distributed to owners at least thirty (30) days in advance of the December 7, 2022 Board Meeting at which time the Board will take a final vote.

To attend the Town Hall in person, please join the Board in Concert Hall on Friday, October 14, 2022 at 10:00 a.m.

To attend the Town Hall on Zoom, please CLICK HERE and follow the prompts. Please note that attendees are asked to register in advance and use their first and last names in the Town Hall.

  • attend the Town Hall by phone, please dial 1 (301) 715 8592, and enter the meeting code: 854 1065 9876#, press # to continue, and enter password 8500 #.

Please do not hesitate to contact the Management at 410-0758-8500 with any questions.

Thank you,

Symphony Village HOA Management

 
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