According to a press release, this year is the first time the assessment has been reduced from the previous year. The assessment rate is calculated based on the bottom line of the capital and operating budget.
The board reinstated most pool hours to 2016 levels, according to the release. The body also directed TA staff to increase non-assessment revenue, which includes proffer and easement income, by 10 percent while cutting operating costs by 5 percent.
The release also noted several “cost-cutting” measures allowed the board to decrease the fee including:
- Increasing health insurance co-payments for all employees
- Approving in-house counsel in order to reduce reliance on outside legal services
- Pay off the loan for The Lake House, which RA purchased two years ago
- The addition of 429 new residential units that will be a source of additional revenue
The approved capital budget, which allocates $3.5 million for this year and $2.2 million for next year, includes roughly $399,000 for tennis court improvements and $465,000 for boat dock improvements, especially for replacing a dock at lake Anne.
The annual assessment is due by Jan 1. For more information on the budget, visit RA’s website.