Financial Information
Financial information for the Summit at South Mountain community, including budgets, reserve funding, assessment updates, operating expenses, and other financial matters affecting the Association.
October 1, 2026 Open Board Meeting
October 1, 2026 Open Board Meeting Update
The Summit at South Mountain Board held an open meeting to review and approve the 2027 Association budget and several Board resolutions.
The Board approved the 2027 budget, including an increase in monthly assessments from $80 to $96 beginning January 1, 2027. The increase will help support ongoing community operating expenses, maintenance, reserves, and anticipated repair needs.
The Board also approved resolutions addressing Board and management authority, including procedures for setting meeting agendas and limited discretionary and emergency spending authority. Certain expenditures will continue to require Board approval and ratification during an open meeting.
Community Improvements
The Board also discussed recently installed trees and landscaping improvements. Additional attention will be given to the placement and distribution of new landscaping throughout the community.
FrontSteps Community Portal
Homeowners are encouraged to register for FrontSteps, the Association’s management portal. FrontSteps allows homeowners to access financial information, make payments, receive Association information, and help reduce mailing and administrative costs.
The Summit at South Mountain community website will continue to provide neighborhood news, community updates, projects, and other homeowner information.
Looking Ahead
The Board will continue working on community maintenance, infrastructure needs, landscaping improvements, financial planning, and ways to improve communication and homeowner participation.
Official meeting minutes will be made available after they are reviewed and approved by the Board.
Reserve Study (June 2026)
The Association completed an updated Reserve Study to evaluate the remaining useful life and replacement costs of major community assets including perimeter walls, fencing, playground equipment, landscape improvements, irrigation infrastructure, mailboxes, and common-area amenities.
Highlights
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Reserve Components Evaluated: $637,400
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Current Reserve Fund Balance: $247,849
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Fully Funded Balance: $468,167
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Current Funding Level: 52.9% Funded
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Reserve Fund Status: Fair (per the reserve study)
The full Reserve Study is available to homeowners upon request through our Community Manager.
Reserve Study Highlights
June 2026
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Operating cash: $2,661
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Reserve assets: $241,326
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Total assets: $243,987
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YTD operating expenses: $123,344
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YTD operating loss: $31,443
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YTD over budget: $21,271
Delinquency Update
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Aged owner balances: $77,260
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Delinquent assessments: $42,372
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Collections through Homeowner Care: $3,037
Water & Sewer was $10,004 and was identified as the significant cost driver for the month.
The complete packet is available to homeowners upon request through our Community Manager.
May 2026
• Cash Operating Assets at $12,696, down from $29,719 last month
• Cash Reserve Assets at $239,226, up from $237,929 last month
• Total Assets at $251,923, down from $267,648 last month
• Total Operating Expenses at $98,585 YTD
o Current Monthly Income: $ 14,825
o Current Monthly Expense: $ 33,294
o Net Operating loss for Month: $ (18,468)
o Net Operating loss for Year: $ (22,254)
o Over Budget for Month: $ (18,196)
o Over Budget for Year: $ (10,880)
Recent Costs:
• 9055 - Tree Trimming/ Tree Maintenance $12,362
• 9610 - Lawn Maint. & Landscaping $9,926
• 8920 - Water & Sewer $4,555
Delinquency Status Report
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Aged Owner Balances at $75,838
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Delinquent Assessments $41,728
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Homeowner Care collected $1,928; (Return on Cost 278%)
The complete packet is available to homeowners upon request through our Community Manager.
April 2026
Financial Summary
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Cash Operating Assets: $32,983, up from $28,650 last month
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Cash Reserve Assets: $237,929, up from $236,228 last month
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Total Assets: $270,913, up from $264,878 last month
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Total Operating Expenses: $10,393, down from $16,107 last month
Operating Results
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Current Monthly Income: $15,630
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Current Monthly Expense: $10,393
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Net Operating Income for Month: $5,236
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Net Operating Income (Loss) for Year: ($3,785)
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Under Budget for Month: $21,059
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Under Budget for Year: $6,610
Delinquency Status Report
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Aged Owner Balances: $73,294
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Delinquent Assessments: $40,466
The complete packet is available to homeowners upon request through our Community Manager.
March 2026 Highlights
Operating cash: $28,650
Reserve funds: $236,228
Total assets: $264,878
March income: $14,948
March expenses: $16,107
Water & sewer: $1,369 over budget for March
Aged owner balances: $71,728
Delinquent assessments: $39,308