The Reston Association Board of Directors appeared to come to a general agreement during a recent meeting that member assessments need to be raised in 2022.
The question, of course, is exactly how much.
According to a table presented by RA CEO Hank Lynch, additional operating expenses are set to be added to the 2022 budget to the tune of about $850,000. These expenses include staff pay increases, insurance costs, and additional positions.
By Lynch and RA treasurer Bob Petrine’s estimates, this could mean assessments will need to increase by approximately 6%, or about $40 per member. The assessment currently sits at $718.
However, the exact increase may vary depending on RA’s non-assessment revenue (like facility rentals, camps, and garden plots) and budget cuts.
There’s also a host of capital improvement projects that are ongoing or upcoming. While nothing new is currently expected to be added to the budget, Petrine cautioned the board to consider what could come in the future.
There’s also a potential option of deferring some of these projects, something RA has done before.
Over the course of several budget meetings planned for the coming weeks, the board will discuss exact finances, potential cuts (including the potential “repurposing” of some pools), and what an increase could look like.
The first of these meetings is set for tonight (June 8). The plan for this evening is for the RA Board to provide Lynch with a percentage range for an increase that the RA board would be comfortable with.
Assessment increases are nothing new for RA members. Last year, it went up by $10, or close to 1.4%. In 2019, it went up by 2.2%. Overall, between 2010 and 2018, the assessment went up by a combined 34%.
However, this potential 6% raise would be the highest in a number of years.
Taking the rising costs of personnel and facility maintenance and improvement projects, how would you feel about Reston Association raising assessments again?