Budget Information
The annual budget is presented to the membership for approval at the annual Designated Dues Meeting which is normally held in October of the preceding year.
At this general meeting, members vote on approval of the budget. Of course, only members in good standing may attend the General Meetings and are entitled to vote.
There are two General Meetings held the second and fourth quarters of each year within the first thirty days of their respective quarters. All meetings are held at the Barry Lakes Clubhouse and notice of all such meeting is published prior to the general meeting in the quarterly newsletter. Your name will be added to the mailing list for future newsletters and other correspondence.
Reserve Study
A New Jersey Community Reserve Study is a comprehensive financial and physical analysis of a community's common areas, mandated by law for many associations, to ensure adequate funding for future repairs and replacements.
Reserve Studies help determine how much money needs to be set aside to cover the cost of maintaining and eventually replacing major components like roofs, roads, and amenities. This study helps HOAs and condo associations avoid special assessments and maintain property values by planning for future expenses.