10500 Hammerly, Houston, Texas 77043
		Handbook Home Page Financial Information 4.1    Annual Assessment and Monthly Payments 4.2    How Your Monthly Assessment Dollars Are Spent 4.3    Special Assessments 4.4    Collection Policies and Procedures 4.1   Annual Assessment and Monthly Payments Each year an annual assessment is levied to pay for the operation and maintenance of the property. Owners may pay the annual maintenance assessment in monthly installments. The monthly installment for 2002 is shown on 4.2. Owners pay monthly assessments for water. Metering and meter reading is provided by Village personnel. Billing, pursuant to TNRCC procedures, is performed by the Village. Near the end of each calendar year the board of directors considers whether or not the annual assessment should be adjusted. This is done as a part of the annual budgeting process. The bylaws restrict the amount of each annual adjustment. 4.2   How Your Monthly Assessment Dollars Are Spent The table on the following page provides an analysis of how your monthly assessment dollars are spent based on the 2002 budget. See detailed chart below. 4.3   Special Assessments Funds for major capital improvements, such as new roofing for example, may be obtained through special assessments. Such assessments must be approved by a vote of the members. The board of directors sets aside a portion of each annual assessment to pay for major maintenance projects. These set asides are placed in a maintenance reserve fund and are currently invested in certificates of deposit. The maintenance reserve fund helps to minimize the need for special assessments. 4.4   Collection Policies and Procedures Monthly assessment payments are due by the 15th of each month. Coupons are provided for making these payments. See Section 1.2 for additional details on making payments. A delinquency notice is sent out when a payment is not received by the 15th of the month, and a late fee of $10 is charged to the account. If there is no response to the third notice, the account is turned over to counsel for collection and is subject to collection fees. The board of directors has the authority to suspend the privileges of owners who are delinquent in paying assessments.   How Your Monthly Assessment Dollars are Spent Based on 2002 Budget Major Budget Categories Percentage Dollars General Maintenance 16.9% $25.37 Common Area Maintenance 23.3% $34.99 Townhouse Maintenance (See Note 1) 21.0% $31.47 Reserve Fund 3.7% $5.57 Property Management 18.7% $28.07 Security 4.6% $6.97 Trash 5.5% $8.21 Utilities (See Note 2) 2.5% $3.72 Pools 3.8% $5.63 Total Monthly Assessment 100.00% $150.00 Notes: 1. See Section 7.1 for items included 2. Includes electricity for common area lighting, pool operations and office operations.
Second Victorian Village 10500 Hammerly Houston, Texas 77043 713 / 467-3550 HOME  |  Village Map  |  < Resident Handbook  |  Original Floorplans Resources  |  Board of Directors  |  Committees  |  Meeting Minutes Contact the Webmaster  |  Contact Second Victorian Village