How High Will Reston Assessments Rise?

Reston Association annual assessments may climb above the $600 mark soon.

The Reston Association Board of Directors is working on three possible budget proposals for 2014-2015.

At Thursday's meeting, the board, which has been working on the budget process since last spring,  looked at the options.

Click here to read all related documents related to the budget process.

RA assessments were $590 in 2013 - up from $399 a decade ago. Reston Association is facing a crucial time in the life of its facilities. 

As the infrastructure, recreational facilities and other assets age, more money must be spent on their upkeep, repair and replacement.

The following budget options, based on whether RA takes out a loan or not, were presented to the board on Thursday:

• Budget Option 1 – Reflects the operating revenues and expenses, along with the capital expenditures required for the upkeep of existing Capital Assets. This option funds the Repair & Replacement Reserve, at approximately $2.4 million in 2014 and 2015 as recommended by the Fiscal Committee. The projected Annual Assessment levels would be $646 in 2014 and $647 in 2015. This option provides no extra dollars for any new budget initiatives.
  
  
• Budget Option 2 – Assumes all of the operating revenues and expenses, along with the capital expenditures required for the upkeep of existing Capital Assets as presented in Option 1 above; however, this option does include a loan of $2.0 million to offset expenses, provide lower Annual Assessment levels of $615 in 2014 and $635 in 2015 thereby providing $1,045,843 in additional funds for new budget initiatives.
  
  
• Budget Option 3 – Assumes all of the operating revenues and expenses, along with the capital expenditures required for the upkeep of existing Capital Assets as presented in Option 1 above; however, this option does include a loan of $2.5 million to offset expenses, provide lower Annual Assessment levels of $615 in 2014 and $635 in 2015 thereby providing $1,534,593 in additional funds for new budget initiatives.

The board is expected to adopt a budget in November.  

Which would you rather see? A loan or higher assessments? Tell us in the comments.