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Lenox Park
Welcome to Lenox Park of Novi, Michigan
Today Is...
January 28, 2023
Today's Holiday:  Lego Day
Click on the holiday and history links for more information.

Budget Bits - January
Posted on Jan 21st, 2023
By Mike Bossio, Treasurer
From the December 31 Balance Sheet, our end of the year 2022 Operating Fund was $143,877.60, which is $2,839.12 greater than the November 30 balance of $141,038.48. We did have Landscape expenditures for Tree maintenance and Landscape Replacement of $59,376.30 which exceeded our yearly budget of $43,000 by $16,376.30. Landscape Expenses Actual Total exceeded Landscape Expenses Budget by $10,138.60. Our Repair and Maintenance expenditures totaled $194,686.75 which exceeded our R and M budget of $182,586 by $12,100.75. Income Actual exceeded Income Budget by $5,916.38. 
The December 31 Reserve Fund was $1,198,099.77, which was $18,499.36 greater than the November 30 balance of $1,179,600.41. We did deposit our planned amount of $17.046.16 and earned interest of $2,413.12.
ANTICIPATED YEAR END RESERVES DISCUSSION: Based on the Reserve Advisors 2018 Reserve Study, the estimated end-of-year 2022 Anticipated Reserve total was $1,357,451. Our actual end-of-year 2022 Reserve total was $1,198,099.77, a shortfall of $159,352. This yields an achievement rate of 88.3%, and compares to our HOA target achievement rate of 80.0%. Please note that the 2018 study did not anticipate and hence did not include an expenditure for the Irrigation Pond Project which totaled $176,700. This project was approved in 2020 (completed in 2022) to significantly reduce and/or eliminate the rust in our landscape water, and thereby significantly reduce and/or eliminate the appearance of rust on our buildings, sidewalks, walkways and driveways. Please note that the cost for the project was paid out of the Reserve Fund.
I am satisfied with our financial position overall and our 2023 CY starting position. I will continue to update you monthly. 

   Upcoming Events   
February BOD Meeting
Friday, February 24th, 10:00 am

Gene Malymeik
40777 Lenox Park Dr.
Novi, MI 48377

Update - December Financial Report
By Webmaster on January 21, 2023
To review the December 2022 Financial Report, go to the Financial Matters page of the website.
Update - Christmas Decorations
By Webmaster on January 6, 2023
Check out the 2022 12 Decorating for Christmas photo album on the Photo Album page of the website. Thanks to those who helped us sparkle during the holidays.
Snow Removal Policy
By Gayle C. Hinman on December 16, 2022
The revised LP Snow Removal Policy is now posted in the condo documents.

LP Board of Directors