IHCA 2023-24 Master Budget

Review the 2023-24 master budget approved by the Issaquah Highlands Community Association Board of Directors ahead of April's Budget Ratification Meeting

Dear Issaquah Highlands Homeowners:

The 2023-24 Issaquah Highlands Community Association (IHCA) master annual assessment will increase $12/year to $972 as of July 1, 2023, when ratified at the April 24 meeting.

IHCA Finance Committee and IHCA Board of Directors reviewed the 2023-24 budget prepared by the IHCA staff. The IHCA is a nonprofit organization and our budget is developed according to Washington State Law and the Covenants, Conditions and Restrictions (CC&R’s) for IHCA.

The Finance Committee works throughout the year analyzing monthly financials, including a yearly forecast. The committee began preparing and reviewing the 2023-24 operating budget at their meeting in January. The final 2023-24 operating and reserve budgets were presented to and approved by the IHCA Board of Directors on Feb. 27, 2023.

Taxes 2%

Income includes annual base assessments, late fees, shared-costs income, non-member income, interest and other income. The unit count estimated for the 2023-24 budget is 3,618 including the Westridge communities and the Reserve at Forest Ridge, the latest and final Taylor Morrison residential development.

The operating expenses increased $142,000 (4%) over the last year’s budget. The increase is partially offset through increasing base assessment revenue. The reserve contribution decreased slightly due to a tighter budget, but we will be allocating a portion of the current year-end surplus to supplement the contribution—with approval of the Finance Committee and IHCA Board of Directors—in order to continue to provide the community with a strong financial position to fund future major projects.

2023-24 Budget Overview

IHCA 2023-24 Budget Ratification Meeting

Monday, April 24 at 5:30 p.m. via Zoom See issaquahhighlands.com/events for details

Notable Expenses Increases

• Landscape Contracts: Vendor rate increases and the addition of the Westridge neighborhood, including its parks.

• Landscape Irrigation: Increased water required for hotter summers.

• IHCA Payroll/Benefits: Additional employee, one transitioned from part-time to full-time and wage increases to industry standard.

• Community Relations: For 25-year celebration.

• Maintenance Fleet Equipment Repair/Maintenance: Increased fuel costs.

• Software/Licensing: Possible switch of data systems.

Notable Expenses Decreases

• Electric Streetlights: Based on lower actual rates

• Occupational/Technical Training: CARC training no longer required

• Reserve Study: Locked in contract at lower rate.

The IHCA 2023-24 Budget Ratification Meeting will be held via Zoom on April 24, 2023, at 5:30 p.m. Please check the community website at issaquahhighlands.com/events for the Zoom meeting link.

Per the Revised Code of Washington (RCW) and the IHCA governing documents, a quorum is not required at the meeting for the budget to be ratified. The budget will be ratified unless 75% of the entire membership (not just homeowners present at the meeting or by proxy) votes to reject the IHCA budget approved by the board of directors.

If you do not plan to attend the meeting, you may cast your vote in two alternative ways:

Email: Send an email with your vote to budget@ihcommunity.org. Email must contain your full name and street address.

By Mail: Send your vote with your full name, street address, and signature to:

IHCA – Budget 2520 NE Park Drive, Suite B Issaquah, WA 98029 All