After quite some wait, we have finally received the 2023 Audit of the HOA finances. I believe that a big reason for the delay was with the state having changed the requirement for audits, more communities were forced to get one done. The audit will be shared through our email blasts so everyone will have a chance to see the report for themselves.
I am pleased to say that our audit shows that everything has been done appropriately. And that Stoneybrook continues to be run with fiscal responsibility. The auditor did point out that the reserve account (they called replacement) at the end of 2023 was a bit too light to cover our future needs. Having seen this, the board addressed this in the 2024 and 2025 budgets. We did a massive review of the “Five Year Plan” which shows what assets are going to be needed to be replaced or need large amounts of repair work.
It is unfortunate that it has taken this long to get the audit back, but this was not under our control. I recommend that if you can find the time, read through the audit as we will be back at the numbers in September for the 2026 budget. Knowledge is power, and the more we understand what goes into the budget the better we can control it. I believe you will find those areas that we were in negative numbers in the 2023 financials have been addressed by reduction in contracts, with elimination of the item or small budget increases.
A budget is a plan, but as we cannot perfectly predict the future we must always be reviewing and refining our view of what is needed. Our board has worked hard to clear up old spending problems and refine the contracts we have. With our last month-end report (May 2025) we are within 1 percent of our budget on expenses and about 2-1/2 percent to the good on our overall position.
The most important part is that we stay focused on offering the best services for our residents at the most affordable prices we can.
