Update on Association Dues for 2025 Calendar Year

Dear Members of the Mirror Lake Property Owners Association,

The Board of Directors of the Mirror Lake Property Owners Association has approved the 2025 budget. Beginning January 2025 the assessment per household (per unit) is increasing to $381.91 per unit per quarter. This is about $28.83 difference per month.

Why are the 2025 Association Dues Increasing?

The increase in dues is driven by several key factors, including:

Inflation and rising costs: Utilities, insurance premiums were a major factor in the increase.
Community maintenance and repairs: the Hurricane damage from October 2024 estimated approximately $25,000 in damages
Legal Expenses: The ongoing legal situation against the builder of the community has moved to a more involved state increasing legal fees.
Reserve fund contributions: Ensuring adequate reserves for future repairs, replacement and enhancements are required for major items throughout the community.

How is the budget determined?

The budget-setting process involves:

Annual Financial Review: The board of directors review current expenses, contracts, and projected costs.
Community Feedback: Residents' input is considered to align spending with community priorities.
Vendor Contract Negotiations: We strive to secure the best value for services provided. We regularly work with our vendors to renegotiate pricing and reevaluate agreements as necessary.
Board Approval: The final budget is reviewed and approved by the Board of Directors.

Q&A

How does the HOA use my assessment dues?

What happens if the budget is not sufficient?

Can the HOA reduce spending instead of increasing dues?

How can I review the HOA budget?

We understand that any increase in dues may be challenging, and we are committed to transparency and responsible financial stewardship. Our goal this year was to rebuild and recover from the hurricane season of 2024 as well as hire for improvements in the community. We are working to determine how we can prevent and improve the way our community handles water runoff, landscaping and community engagement in 2025. We will continue to keep you updated on our progress as we move through 2025.

Thank you for your understanding and continued support in making Mirror Lake a wonderful place to live.

Should you have any questions pr concerns you can reach out to our general mailbox at HOAGeneral@mirrorlakeseffner.com.

Sincerely,

Vincent

President, Mirror Lake Property Owners Association

Association Board of Directors, Officers and Committee members are NOT permitted to make decisions, call for/to action, vote and/or hold a quorum via email, instant message or online forum posting. All Association business must be made during an official meeting and notice sent to community members at least 48 hours prior to the meeting date. Email and Instant Message is for general discussion only. All communications are monitored and should be considered viewable to the public. All online communications are subject to the Mirror Lake Seffner Terms of Use and Privacy Policy.