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News Article

11/17/2015 - 2015 Condo Budget Meeting

The mailing, announcing the date of the 2015 annual condo budget meeting has been mailed to all condo unit owners.

The Annual Budget Meetings will be held on Tuesday, December 1st, 2015 at 7:30 p.m. in the Green Cay Village Clubhouse.

At the first meeting, the Board of Directors will consider and adopt the proposed budget for 2016 with full reserves.

At the second meeting, the membership will vote to fully or partially fund reserves or to waive the funding of reserves in the adopted budget.

As for the proposed condo budget for 2016, there are three options that only differ in how the reserves are funded.

  • No Reserves - includes no funding for reserves.
     
  • Partial Reserves - includes funding for reserve items due to be completed in 2017, 2018, and 2020.
     
  • Full Reserves - fully funds all reserve items through 2041.

Effect of Reserve Options on Monthly Maintenance Fees

  Type B
/Month
Type B2
/Month
  Type C
/Month
Increase
%
2015 No Reserves $275 $270 $335 Base
2016 No Reserves $282 $278 $344 2.7%
2016 Partial Reserves $297 $292 $362 8.1%
2016 Full Reserves $319 $314 $389 16.1%

Example: If you own a typical two bedroom unit, your monthly assessment will increase from $270/month to $278 per month - no big deal - if the majority votes for "No Reserves".

On the other hand, if the majority votes for "Partial Reserves", your monthly assessment will increase from $270/month to $292 per month.

And finally, if the majority votes for "Full Reserves" or if nobody votes, your monthly assessment will increase from $270/month to $314 per month - Ouch!

The condo board recommends that you vote for “Partial Reserves” or “No Reserves” with the understanding that a vote for “No Reserves” will require that the reserve items for 2017, 2018, and 2020 be funded by special assessments in those years.

Special Annual  Assessment If No Full or Partial Reserves

Item Year Amount Type B Type B2 Type C
Paint Corridors & Floors 2017 $50,514 $294 $289 $358
Seal Coat Parking Lot 2018 $21,939 $128 $126 $156
2nd Paint  Outside 2020 $81,703 $476 $468 $580

Example: If you own a typical two bedroom unit and the majority votes for "No Reserves", come 2017, your unit will have to pay an an additional $289, spread over 12 months for the painting of the corridors and floors.

And in 2018, an additional $128 spread over 12 months to pay for Seal coating of the parking lot.

Etc. for 2020.

Attendance at both of these meetings is open to all condo unit owners. But if you can’t attend, please take a few minutes to look over the that has been mailed to you and then vote on reserves online or by mail, fax, or email.

Editorial comment: Boiled down, the reserves question is, do you want to pay now or pay later? Either way the needed maintenance will be done. So the choice is yours - vote "Partial Reserves" and pay now or vote "No Reserves" and pay later.


Peter Schulz - Editor - Email CM

 
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