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Canyon Lake property owners can expect an increase in dues May 1

Canyon Lake property owners can expect an increase in their annual assessments, effective May 1.

By a unanimous vote, the Canyon Lake POA Board of Directors on Tuesday approved increasing the annual assessment by $17 per month, bumping up the current annual assessment of $3,816 ($318 per month) to 4,020 ($335 per month).

Homeowners have the flexibility to pay the annual assessment in full or opt for monthly installments. Those who pay monthly will incur an installment charge of $5 or $10 per month, depending on the payment method.

The board also approved a 5% increase to all POA fees, such as green fees and memberships, equestrian boarding fees, ACC permits, room rentals, etc.

In addition, the board approved the Operating Budget as part of the Annual Budget for the fiscal year beginning May 1, 2024, and authorized the expenditure of the reserve funds.

The fiscal impact of the Operating Budget is a net subsidy of $14,327,318. The budgeted contributions are $2,775,000 to the Repair and Replacement Reserve, $1,700,000 to the Road Reserve (which is in addition to the funds from the sale of the fire station), and $500,000 to the Capital Improvement Fund.

“The increase to the Operating Budget is driven by three factors: cost of living, community patrol contract, and food costs,” President Bill Van Vleet said. “The cost of living is up 5% and driving up our costs, we have a new community patrol contract that has increased from last year, and the restaurant costs are up because the cost of food is up 25% and we are expanding the hours of operation at the lodge. The impact on the operating budget is a 6% increase, which is resulting in a 5.3% increase in dues.”

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