The Lochmere Board Treasurer works closely with the HOA management company (HRW), and Committee Chairmen to prepare the annual operating budget and present it at the homeowners' meeting each fall. Lochmere homeowners are welcome to comment on the proposed budget for the upcoming fiscal year (January - December) at that fall meeting.
For resident's review and information, the 2021, the 2020, and the 2020-2021 Operating Budget comparison as well as the Lochmere Reserve Study Funding Plan are listed as Attachments below. Remember that you must be logged in as a Resident to access the attachments.
Once annual budgets are approved, each committee then has full authority to spend up to their respective budgeted amounts, exercising best judgement and oversight of the goods and services purchased. Reserve Items must be approved by the Lochmere Board of Directors.
Monthly expenditures are tracked by the Management company, at the direction of the Board of Directors and/or the committees responsible.