I am writing this message after the Board of Trustees has just met with our accountant and afterward finalized the budget for fiscal year 2024.
In the August edition of the Pride, I wrote that no increase in the maintenance fee would be necessary in association with the pool. And, that is true as the payments for the pool will come from our operating account. That means it is a budgetary expense paid in the normal course of business. Now the aforementioned accountant has been telling the Board for many years now that we need to put hundreds of thousands of dollars into our reserve account. The reserve account pays for things that require fixing or be replaced. We are mandated to provide reserves for the future. We have fallen short in this reserve account because we haven’t had enough funds to place into this account and the cost of living and inflations is kicking us all in the butt. As I’m sure you are all aware we have had only two increases in our maintenance fees since the early 2000’s totaling $20. As a result, we have the awful task of raising the maintenance fee to $165 for the year 2024.
We will present the budget in our residents meeting in December. We urge you to attend as we present the numbers to the residents.
That being said we the Board hope your Thanksgiving was wonderful and look forward to a joyous Christmas and Chanukah and a happy new year.