TROUT VALLEY – Both the village and the homeowners association to which all of Trout Valley’s 220 homes belong are in the black, but they are looking ahead to establish long-range financial planning.
The homeowners association and the village met Monday night to discuss a 10-year plan and examine resource management. At the moment, the village does not impose property taxes, and association dues are $1,000 a home per year.
Village President Bob Baker said none of the options discussed were urgent, but property taxes or increased association dues might be necessary in coming years.
“If you look at the costs of asphalt from 2001 to 2006, I think the price increased 25 percent, and from 2006 to today, it’s increased another 25 percent,” Baker said. “All costs are going up, and we as a village take a strong stance – we don’t like to tax; we like to be as minimal as possible. In these times, it could be a tough challenge.”
Association President Mike Pesch said the meeting Monday night presented a comprehensive picture of the financial state of the village and the association.
“It was the first time we had a meeting like this where we had so much information,” Pesch said. “The residents that were in attendance were very appreciative of the fact that we now know what kind of costs and so forth we may have to incur.”
Because of infrastructure maintenance and replacement, Pesch said it was clear that there would have to be financial measures taken in the next few years.
“Basically, the general feeling was that we’re going to have to find ultimately more revenues for the village, the association,” Pesch said. “I think everyone realized there are costs out there that are going to affect the association that are going to need to be addressed; so I think [residents] were very positive about it.”
Baker said the village would discuss the matter again at its June meeting.
“We have been proud of the fact that we’ve never had property tax,” Baker said. “Even now, that’s the extreme. I don’t think we're there yet; it’s a consideration.”