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The budget is based on estimated income and expenses for personnel, operating materials and services, and capital improvements necessary to the ongoing operation of the Association. The annual budget is the blueprint for Association operations for the year and the Board of Directors must approve all budget expenditures. The California State Civil Code requires the distribution of an Annual Mailing to all HOA members. The Annual Meeting must be distributed not more than 90 days or less than 30 days before the end of each current fiscal year. Beginning in 2014 the Annual Mailing is composed of two parts the Annual Budget Report and the Annual policy Statement. Homeowners should thoroughly review the Annual Meeting each year.

The Montage at Mission Hills Homeowners Association annual budget is comprised of general line item descriptions for all for estimated revenues to be collected or expenditures to be made during the Association’s fiscal year. Because the amounts are estimated based upon past experience and projected activity these amounts are subject to change as actual revenues are received and expenditures are incurred during the course of the operating year. As a result, there will typically be variances in estimated line item amounts throughout the year until the fiscal year is ended and the final revenue and expenditure amounts are known and then verified in the annual financial audit.

For example, insurance may renew mid-year, and the carrier increases or decreases the premiums without warning. This would cause the line item for insurance to vary higher or lower for the fiscal year. Such variances are normal.

Review and download the Montage at Mission Hills Annual Operating Budget documents for the current and previous years by clicking on the year tab below and then clicking on the budget document link.  

A Chart of Accounts containing an expanded definition of each line item is available by Clicking Here.



Annual Budget Documents