2024 Budget (Assessment Increase)
Hello Oak Valley II Residents!
This is a courtesy reminder that the monthly assessments for your Association have increased from $103 to $107 per month effective January 1, 2024. Attached is the 2024 budget and annual disclosure mailer (required by Civil Code) as approved by the Board of Directors.
Why is there an increase? The 3.98% increase in assessments is primarily due to increases in reserve study funding and landscape-related expenses. Specifically, the reserve funding for the streets was increased significantly to prepare for major rehab and repair in the coming years. However, the Board worked diligently to reduce the costs for electricity, water, and common area maintenance so that the increase was nominal.
Do I need to do anything for my automatic payments? If you have enrolled in automatic payments through the Resident Portal, there is no need to make any additional changes. The amount withdrawn will be adjusted to the new amount automatically. However, if you have enrolled in Bill Pay through your banking institution, you will want to make sure you increase the withdrawal amount to reflect $107 per month.
What if the wrong payment amount is made? A late fee of $10.00 will apply on the 16th of the month if the incorrect payment is made or a payment is missing.
The Board and Management hopes everyone had a lovely holiday season and wishes all Oak Valley II residents best wishes for 2024!
