A. Annual Budget: The Lake Property Owners' Association of Lake Zurich (the "LPOA") must submit to the Village, on or before March 15 each year, its detailed budget for maintenance and protection of the lake of Lake Zurich during the upcoming boating season, including matters such as weed control; fish stocking; police services; insurance costs; supplies, postage, and third party administrative costs related to the Lake Watercraft Maintenance and Use Permit Program; and a reserve fund for extraordinary maintenance.
B. Uniform Fee: For each boating season the LPOA will establish a fee structure that is reasonably related to the costs of the budgeted maintenance and protection activities for that season.
C. Financial Reviews: The Village, from time to time, may conduct a limited financial review to confirm the actual costs and expenses incurred, and expenditures made, by the LPOA for maintenance and protection services for the lake of Lake Zurich. The Village will provide the LPOA a written notice of a financial review, and the LPOA within ten (10) business days, or another date agreed to by the Village and the LPOA, must provide receipts and other relevant records to Village representatives, to verify that the permit fee structure is consistent with the actual and necessary expenditures.
D. Extraordinary Maintenance Reserve Fund: The budget submitted under subsection A of this section may include, and an increment of the fees established under subsection B of this section may be related to, creation and maintenance of a Maintenance Reserve Fund. The Maintenance Reserve Fund may not exceed fifteen percent (15%) of the lake maintenance and protection services' portion of that budget. The LPOA may apply money from the Maintenance Reserve Fund to the costs of extraordinary maintenance activities for the lake of Lake Zurich not included in the LPOA's annual budget. No extraordinary maintenance activity may be undertaken without the prior approval of the LPOA Board in accordance with its chart and bylaws and acceptance of that activity by the Village. (Ord. 2017-7-208, 7-17-2017)