Association’s FY22 Draft Budget

The Association’s fiscal year runs May 1 – April 30. Annually, in early spring, the Board of Directors is responsible for developing and approving the operating budget for the upcoming fiscal year. The COVID-19 pandemic is expected to continue to have an impact on the association’s operations in FY22. CA’s finances and operations were negatively impacted by the pandemic. As a result, per CA’s approved FY22 operating budget, the association’s FY22 Annual Charge Share distribution remains less than what was received in FY20. Although conditions have been improving recently and restrictions on gatherings are being relaxed, it is difficult to know what the future holds. The pandemic severely impacted the association’s ability to generate revenue through social and meeting rentals, classes, and leases. Given the unknowns, the association’s draft budget reflects a conservative approach to generating lease and rental income. However, with increased facility usage come increased expenditures for utilities, repairs and maintenance, and janitorial services. Newsletter advertising revenue declined in FY21 as businesses looked to minimize and re-direct their advertising expenditures. Personnel related costs continue to be the association’s greatest expense. The pandemic forced the association to lay off staff, reduce the hours of daytime staff, and eliminate one part-time administrative position. As business begins to return, the association needs to have personnel in place to accommodate growing yet unpredictable needs. The association hopes to return to offering community events and programs more like those of pre-pandemic times. Some virtual events offered by the association have been well received and are likely to continue.

The Board of Directors will fine tune the budget over the course of the next month. Residents who have comments
or questions about the FY22 budget are encouraged to submit their input by attending the virtual Board meetings,
reaching out to members of the Board of Directors, or contacting the Village Manager at manager@villageofriverhill.org or 410-531-1749.

Click to view the Draft FY22 Operating Budget.

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