Hanover Lakes
Hanover Lakes
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Budgets

2024 Budget

Income

Assessments

$662,184

Anticipated annual income from quarterly dues.


Administrative Expenses

Annual Corporate Report/Fees/Licenses

$150

Annual Corporate reports, fees, licenses, etc. 

CPA Services

$4,000

Annual CPA Audit and Federal Tax Returns 

Website Expenses

$360

For Mailchimp Services (e-mail Marketing) used by Evergreen

Legal

$10,000

Legal fees for Collections and Violations and as-need legal services 

Community Management

$68,880

Cost paid to our management company

Bad Debt

$1,800

Allowance for Bad Debt - Estimate for the amount of receivables that may be uncollectable 

Office Supplies

$9,750

Various office supplies and postage including pool cards, Coupon booklets, Welcome Packet etc. 

Insurance

$49,000

Directors & Officers, General Liability, etc.

Holiday Decorations

$2,000

Holiday Decorations and events (Easter, Thanksgiving, Christmas) 

Reserve Study

$2,800

Association Reserve Study - Reserve Study performed  every 2-3 years.


Common Area Maintenance

Landscape contract

$99,000

HOA common mow, weed, edge,fertilizer, pest control

Landscape Replacement

$39,000

Annuals Changeout & Landscape replacement and repairs. Common areas and playground mulch replenishment. 

Irrigation Repairs

$5,200

Irrigation repairs beyond contract scope 

General Maintenance

$7,000

Maintenance repairs of common area 

Amenity Maintenance

$21,000

Maintenance repairs of Amenity. Added service agreement for biannual cleaning of play feature.

Pool Maintenance/Janitorial

$40,000

3x a week service for pool and janitorial. Included 7 days  a week for summer months 

Pool Furniture Maintenance

$5,100

Repairs and Maintenance of broken pool  furniture, replacement pool furniture 

Pool Permits/Licenses

$375

Annual Pool Permit Fee

Pressure Washing

$9,900

Pressure washing of common area elements (Boat Lift, docks, Cabana, sidewalks, curbs, mailbox kiosk, monuments)

Pest Control

$4,000

Pest control/Termite bond services for amenities.  Increased to monthly services and rodent services 

Pet Station

$4,000

Twice weekly cleanup of pet stations 

Boat Lift Maintenance

$20,000

Maintenance repairs and quarterly inspections of boat  lift 

Water Sampling Reporting

$3,400

Bi-Annual water sampling in compliance with state/county 


Utility Expenses

Electric - Common Areas

$4,000

Electric services for common area, including main  entrance, monument, lift stations 

Electric - Streetlights

$86,600

Electric - Boat Lift

$1,200

Electric - Pool/Amenity

$12,500

Internet

$5,000

Internet Services for Pool & Boat Lift Monitoring

Water & Sewer

$20,000

Water services for pool/cabana, boat lift 

Water & Sewer-Irrigation (Reclaimed)

$15,796

Reclaimed water & sewer -primarily for irrigation 


Reserves

The reserve fund is essentially a savings account. It is where the HOA saves money for more costly repairs and replacements.

Reserve: Pool Cabana Bathroom Remodel

$1,530

Capital improvement to pool cabana bathroom 

Reserve: Pool Cabana Roof

$3,508

Capital improvements to roof of cabana 

Reserve: Pool Equipment/Furniture/Decking

$37,600

Capital improvement pool equipment/furniture 

Reserve: Tot Lot/Accessory Structure

$6,135

Capital Improvement to tot lot/playground

Reserve: Boat Lift Repairs

$9,781

Capital Improvement to Boat lift

Reserve: Boat Ramp

$3,213

Capital Improvement to Boat Ramp

Reserve: Wall/Landscape Buffer

$6,120

Capital improvement to wall/landscaper buffers 

Reserve: Vinyl/Aluminum Fencing

$22,950

Capital improvements to viny aluminum fencing 

Reserve: General

$16,762

Capital Improvement General Reserve Funds

Reserve: Dock Repairs/Maintenance

$20,076

Capital Improvements to the dock

Approved & Signed by Tony Iorio (7/28/23)

Previous Budgets

2019 Budget - Hanover Lakes (pdf)

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2020 Budget - Hanover Lakes (pdf)

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2021 Budget - Hanover Lakes (pdf)

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2022 Budget - Hanover Lakes (pdf)

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2023 Budget - Hanover Lakes (pdf)

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2024 Budget - Hanover Lakes (pdf)

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