Westfield Estates

Layton, Utah

Owner and Realtor HOA Info

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Capital Reserve Policy 

 

In anticipation of future capital project improvements and repairs, each year the Board may directly budget for, assess, collect and set aside in a Capital Project Reserve Fund up to 4.5% of the fiscal year’s operating budget. The total amount collected in that capital project reserve fund shall not exceed 200% of the fiscal year’s operating budget or $25,000, whichever is less.  Any operational savings from previous fiscal years may, at the discretion of the board of trustees, be accounted for and set aside in the Capital Project Reserve Fund up to allowed amounts.  Any overage in the allowed amounts of the Capital Project Reserve Fund shall be used within the current or subsequent fiscal year to pay for capital improvements as identified in the statutorily required capital improvements study completed by the property manager.  Or, any overage can be used to pay for operational expenditures in the current or subsequent fiscal year only in association with a direct dollar-for-dollar reduction in homeowner assessments in the fiscal year the overage will be used.  Assessment, collection and expenditure of these funds are subject to applicable state statutes and generally accepted accounting principles and procedures.

Collection Policy

If a home owner fails to pay the full assessment by December 31st or other specified date(s) as set by the Board, late fees and interest will be applied to individual home owner accounts.  Also, a 30-day notice will be sent to past due accounts reminding them to pay the assessment, late fees and interest.  If the assessment is not paid after 30 days passes from the first notice of delinquency, the account will be turned over to an attorney for collections which may result in judgments in district courts, liens, attorney's fees and other costs associated with the collections process.