For members that are already established with the co-op, the initial monthly estimate is based on their previous 12 month average balance.
It adds 5% to the amount to cover any possible adjustments or changes.
For all monthly estimates following the initial set up, the plan takes into consideration the actual running balance (debit or credit) over the previous 12 months in addition to the current 12 month average balance.
For members that are new to the co-op and have less than 12 months of actual usage, the initial estimate will be based on the prior 12 months of usage for that service location.
The level pay budget amount will be reviewed in 6 months rather than 12 months to ensure the estimate is accurate for the new member.
The budget will be adjusted at that time, if necessary, and will then be put on the annual 12 month review schedule.
Budget Billing Expectations
- There is not a “clean up” bill after the annual review date. Any debit or credit balance will be figured into the new monthly amount.
- The member is required to pay the set budget amount every month.
- The member may not skip a monthly payment.
- If, upon your renewal anniversary, the budget amount changes, you must adjust your payments accordingly.