Financial - Fiscal Year 2026 Budget Recap
- Anthony Longo
- Sep 30
- 2 min read
Dear Kingswood Homeowners,
The KVPOA Board of Directors met in an open Special Meeting on Monday, June 30th, to review the proposed budget for FY26, which runs from October 1, 2025, through September 30, 2026. At the meeting, background on the KVPOA budget accounts was provided and the budget-development process was outlined by the Treasurer, Eric Marchand.
KVPOA maintains three budget accounts (Operating, Reserve, and Capital Improvement) and the proposed budgets for each account were discussed by the board. At the conclusion of the budget review process, the board unanimously voted to approve the proposed budget model.
A PDF version of the presentation is attached to this bulletin and homeowners are encouraged to review it for more details about the budget components and general items funded within each account. A summary of the key points is provided below.
• The FY26 budget will eliminate the special insurance billing which has been in place for the past two years ($3,700 per unit).
• Monthly dues will increase by 20%
o New monthly dues: $664 à $796 (Oct-25 through Sept-26)
• Current FY25 annual homeowner contribution (Oct-24 through Sept-25): $11,668/unit
o ($664/mo.)*(12 months) + $3,700 = $11,668
• Approved FY26 annual homeowner contribution (Oct-25 through Sept-26): $9,552/unit
o ($796/mo.)*(12 months) = $9,552
o $2,116 annual decrease (-18%) compared to FY25
o $225K in savings for insurance in FY25 will be applied to FY26 to support reduced homeowner contributions for the year
• Budget includes ~$20K increased funding for Reserve Account ($314K compared to $294K in FY25)
o The Reserve account budget includes >$100K in excess revenue to accumulate funds for future large-scale projects (e.g., roofing replacement, parking lot paving, etc.).
• No funding for (optional) Capital Improvement Fund
o Current balance = ~$176K
o We are required to have Operating and Reserve accounts, but the Capital Improvement account is an optional feature that KWV has maintained for "new enhancements" to our complex.
o If KVPOA plans new infrastructure/amenities in the future, we can resume contributions.
If you have any questions, please feel free to send them to me via email and I will be sure to get your questions answered.
Thank you,
Rich
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