3 Key Takeaways
Insurance Over-Budget
Insurance was over-budgeted in 2024 and 2025 by more than one million dollars combined.
Unpaid Owner Dues
Nearly half a million dollars in assessments remain uncollected.
Insurance Dropped in 2026
Insurance costs fell by $366,260 in the 2026 budget, yet the overall budget remained essentially unchanged.
All figures as of February 28, 2026
Reserves
Our association currently holds $4,842,594 in reserve funds, broken down as follows:
- Condo Association: $3,605,750
- HOA: $1,236,844
There is also $178,959 in unspent special assessment funds.
At first glance this may appear healthy — but looking deeper raises important questions.
Operating Cash
This is where things begin to look unusual. As of 2/28/2026:
- Condo operating cash: $1,558,240
- HOA operating cash: $1,644,221
Historically, the HOA budget is roughly 25% of the Condo Association budget. It should be in the area of $400,000. Thus a potential overage of $1,244,000.
So why does the HOA currently hold more operating cash than the Condo Association itself when it’s budget is significantly smaller?
The total 2026 HOA budget is $1,169,000, we already have $475,221 more in the account than is budgeted for the whole year. Yet there are still three more quarters of dues to be collected which will add another $876,750 to the balance. So much more than is necessary. Great if this were going to reserves, but so far that is not the case.
Past Due Assessments
The board has not yet collected $495,169 in unpaid dues.
That is nearly half a million dollars outstanding (Delinquent).
At the same time, the board has still not distributed the holiday funds that were collected for staff.
Owners have received no updates on the status of those funds.
Insurance Budget Overages
Insurance costs were significantly over-budgeted in both 2024 and 2025.
After the impact-resistant upgrades were completed in 2023, the building qualified for meaningful insurance savings. Combined with a more favorable insurance market, premiums dropped substantially.
Yet the budgets were not adjusted.
| Year | Budget | Actual | Difference |
|---|---|---|---|
| 2024 | $2,388,425 | $1,866,794 | $521,631 |
| 2025 | $2,136,555 | $1,604,671 | $531,884 |
Total excess insurance budget: $1,053,515
The 2026 insurance budget is now $1,770,295, which is a $366,260 reduction from the 2025 insurance budget.
This confirms that insurance costs are trending downward.
So this raises another important question:
