Finances, July 2026
Budget clarification and next steps
The budgets now in effect were prepared by the previous board and approved by vote at the meetings held then. This board did not write or approve them, and has added no expenses beyond the amounts already authorized.
The approved budgets spend more than annual dues bring in. From the records available, that gap comes mainly from the insurance policy required by the covenants.
The first annual budget this board will prepare is the 2028 budget, to be proposed at the 2027 summer meeting. The goal is to close the deficit and keep 2028 spending within expected income.
The current budgets can be taken up at the 2027 summer meeting, or sooner at a properly noticed meeting. Residents will receive notice before any vote.
The Woodford Farms HOA Board