Budget & Finance

Brambleton Community Association maintains a responsible and strong financial position through its budget, investments, reserve study and financial best practices for homeowner associations. The financial state of the Association is confirmed by monthly financial reports and an annual audit.

Budget

The BCA Board has the responsibility to adopt and manage an annual budget. This budget is a financial plan for the community and that provides an estimate of community’s income and expenses throughout a fiscal year. The budget covers the operational, capital and reserve aspects of the Association; and will set the assessments for that period.

Drafting the annual budget by staff begins in June of each year. The various advisory committees, consisting of residents, provide input, requests and review throughout the budget development process. The Financial Advisory Committee will make a final budget recommendation at their September meeting; that the Board will consider for adoption in October.


Reserve Study

A replacement reserve study is a technical and financial analysis of the community-owned assets within Brambleton. This study will anticipate and prepare the Association financially for future repair and replacement costs. This study is required by the Commonwealth every 5 years.

Investments

Brambleton’s reserve study requires the Association to set aside funds for the future repair and replacement of major assets. These funds are invested in CDs and other secure investments with the primary goal to protect the principal to assure for future financial stability.

Financial Reports

FirstService Residential provides various financial reports for review by staff, members of the Financial Advisory Committee and Board of Directors. These reports are also available to all owners and residents of Brambleton. Residents can view financial reports and other documents in the FSR Connect Portal.

Annual Audit

The Association engages an independent accounting firm for the purposes of performing an annual audit. The draft audit is reviewed by staff and the Committee; and forwarded to the Board for adoption. Residents can view audits and other financial documents in the FSR Connect Portal.