2023 Annual Dues Question

[Akck]

I’m reviewing our statement and I’m attaching a screenshot of our 100 point contract for Riviera.



Annual dues for Riviera were posted as $8.5049/point. So, you’d think for this contract, I’d see $850.49 somewhere in the right hand column. If you ignore the tax adjustment in the top entry, my balance is $900.96, which equates to $9.0096/point. I looked at last year’s dues and couldn’t get the numbers to equate to the posted dues number, but I also had some adjustment, so I let it go. Does anyone have an explanation why the numbers don’t match the posted dues per point?

 

[drusba]

The usual reason that the actual annual bill is either higher or lower than the amount you derive from the per point amount shown in the annual dues voted on at the early December meeting has to do with 2022 property taxes. For the 2022 year, you previously paid the taxes that were estimated for the year in December 2021 and the total actual taxes that was owed is determined in December 2022. The difference between actual taxes owed and the estimate you paid is then added (if more than you paid in the year) or subtracted (if you overpaid) to the bill for the new year (2023).

Your bill reflects you underpaid total actual property taxes for 2022 by $119.85. Also shown is that you have a deduction coming to you for 2023 dues because you apparently overpaid the total dues other than property taxes for the 2022 year by $69.38 (possibly you overpaid or some other part of the dues paid was adjusted to a lower number). Thus, the total adjustment to be made to your 2023 dues adopted at the early December meeting is to add the difference between the two: $50.47, making your total dues for 2023 equal $900.96.

As to how this operates, one thing you can review is the annual Notice of Meeting that you received in November laying out the dues to be voted on at the annual meeting and charged for the upcoming year. At one point, it declares that the dues set out in the Notice will not go up in the year, but an exception to that guarantee is property taxes, and on the last page of the notice, you will see a section that explains that property taxes are only an estimate and the actual amount you are responsible for as to the upcoming year may differ, and the difference, whether up or down, will be reflected in the dues payable in the following year.

 

[Akck]

I think I figured it out. If you take the balance after the tax adjustment ($781.12), and add back the adjustment of $69.38, you get $850.50 which about matches the $8.5049/point from the annual notice. The $69.38 is not related to any payment I’ve made, so I assume it’s related to an adjustment from DVCM.

 

[Skicks35]

I had the exact same question when I noticed that my VGF amounts were not equaling 400 x 7.3332 (surprisingly less), but if you click on the "View Statement" button in the Dues Overview screen, it shows you the exact breakdown, including how any variances are calculated. These then become credits/debits to 2023 dues. And as drusba explains above, it comes from a discrepancy between the estimated prop taxes and the actual prop taxes.

 

[kandlsutton]

So, if I were tracking cost/pt for my points, wouldn’t the tax adjustment lower/raise the previous years actual dues?
Since $69.38 was overpaid in taxes, the actual tax portion of the 2022 dues was $0.6938/pt too high. Riviera”s 2022 dues were $8.384 per point at assessment and with the adjustment, the 2022 actual dues paid would be $7.6902/point.
Seems like I’m missing something…

 

[Sandisw]

So, if I were tracking cost/pt for my points, wouldn’t the tax adjustment lower/raise the previous years actual dues?
Since $69.38 was overpaid in taxes, the actual tax portion of the 2022 dues was $0.6938/pt too high. Riviera”s 2022 dues were $8.384 per point at assessment and with the adjustment, the 2022 actual dues paid would be $7.6902/point.
Seems like I’m missing something…

It comes back as a credit toward the 2023 dues, and not applied backboard.

If you look at the actual statement it will show how they apply it.

 

[kandlsutton]

I understand that it gets applied to the 2023 dues. But the actual dues cost/rate is different that what is published due to the adjustment. I am trying to track the true costs incurred.

 

[Sandisw]

I understand that it gets applied to the 2023 dues. But the actual dues cost/rate is different that what is published due to the adjustment. I am trying to track the true costs incurred.

Got it! Then yes, you would deduct the credit from what the estimate was for 2022 and it gives you the actual dues that occurred.