Hello Villas Residents.

 

The purpose of this message is to show to the residents the current financial condition of Villas. The Board reviews the finances monthly and does its best to ensure adherence to the budget.

 

The Villas of Wake Forest finances are healthy.

 

Cash and Liquidity: The operating cash account balance as of 9/30/26 is $—,—-. The balance in the North State bank reserve account is $—-,—-. The balance of the Fidelity investment account is $234,096.

 

The Fidelity account is currently invested in a money market account earning a rate of 3.5%. As rates have increased recently we are exploring safe short term CD investments that will earn us even more interest on our reserves.

 

Income Statement: Expenses are favorable to budget by $—,—- which will most likely catch back up in the months ahead.

 

At the community meeting I explained that Shelley Welch and I were meeting with the Town of Wake Forest about the annual Stormwater fee that had been included in your Wake County tax bill in years past. At the meeting the town informed us that they were going to continue this billing process and would be sending each Villas residents a separate billing notice soon since this was not included with your 2026 Wake County property tax statement that was mailed earlier this year.

 

If you have further questions once you receive this separate billing please call the Town of Wake Forest.

 

The 2027 budget has been prepared and approved by the board. As was discussed in the community meeting most operating expenses have increased at least 3% and just our insurance costs alone increased by roughly $25,000 but our coverage is much more comprehensive.

 

A mailing will be sent to you soon from York Properties explaining the budget and expected dues increases by condo model.

 

COA Financial Statements can be found at the following link:

 

Residents MUST sign in to this website to view this webpage.

 

 

Please let me know if you have any questions or comments.

 

Chris Jones - contact info link

(Villas Board Treasurer)