Over the previous 22 years, Talega has cemented itself as a premier community in South Orange County. Through the many amenities, trails and open spaces, combined with a steady stream of programs and events geared toward creating a stronger sense of community, Talega is an oasis in the hills above the Village by the Sea.
Comprised of volunteer homeowners just like you, the Board of Directors and Committees carefully develop the annual budget to address the necessary costs associated with protecting Talega’s community assets, amenities, services, operations and overall fiscal health. The volunteers work closely with Management to studying past, present and future market trends and craft a budget that addresses the obligations and needs of the community.
Through extensive planning, the Board and the Committee have addressed the necessary costs associated with managing the community, and have approved the 2023-2024 assessment rate of $255 per month, which is effective on April 1, 2023.
A multitude of factors are considered when planning for the fiscal year. The $20 increase from $235 to $255 can be summarized into four main influences:
- Insurance industry premium rate increase ($6.70)
- Additional reserve contributions ($2.60)
- Pool facility operations ($2.70)
- Inflation affecting landscaping, utilities, wages, etc. ($8.00)
Within the Association Budget, roughly 75% of the budget is attributed to Land Maintenance, Reserves and Administration. The other 25% is attributed to Facilities, Common Areas, and Utilities. The largest impacts on the Association Budget are as follows:
Landscape Maintenance
One of Talega’s largest assets and maintenance obligation is the landscape. Accounting for half of the community, landscape maintenance is increasingly important. Outside factors such as the worsening drought conditions, labor shortages, etc. have accounted for an increase in costs associated with maintaining our expansive greenspaces.
Insurance
Between the second and third quarter of 2022, the insurance industry experienced dramatic premium increases for commercial policies like Talega’s due to catastrophic fires and the rise of lawsuits. With the guidance of insurance experts, Talega has budgeted for these unforeseen insurance increases.
Reserve Funds
Talega makes saving a large part of our yearly budget to ensure projects can be carried-out without delay. From projects large and small, Talega’s reserve funds are crucial to the daily operations of a community this size. Thanks to the Budget & Finance Committee’s proactive attitude toward saving, we remain in a healthy range for our estimated needs.
For more information, and to view the full 2023-2024 Association Budget, please visit the Owner/ Resident Portal.
