Also, on January 26th, the meeting night will begin with the Special Meeting to Review the proposed 2015/2016 budget and the Special Meeting to review proposed changes to the Rules and Regulations. Notices have been mailed to all owners with more information, including the proposed budget and a comprehensive list of proposed amendments to the rules.
As always, please feel free to e-mail the office if you have any questions. If you have questions about the proposed budget or rules amendments, and can not attend the meetings on the 26th, please e-mail them to us and we will get back to you with responses.
Once meeting Agendas have been drafted, they will be posted!
Regarding the proposed budget, following is a message from the Board President:
“Dear Fellow Owners,
Enclosed for your review is the proposed budget for the fiscal year March 1, 2015 to February 29, 2016, as presented by the Budget and Finance Committee and approved for distribution by the Board of Directors. It was initially prepared by our managing agent and reviewed and amended by the Budget and Finance Committee. Under consideration is a 3.5% increase in assessments, a $0.25 increase in laundry rates, an increase of $5.00 per vehicle for valet, self-park, tandem and day parking, and an increase in health club membership rates.
The proposed budget increases annual income by $153,400 for total income of $5,775,900. This is needed to meet our total anticipated expenses of $5,775,900. Annual operating expenses are expected to increase $104,300 for total non-reserve expenses of $4,369,500. Utilities (gas, electric and water) generated $85,800 of this increase. The proposed annual reserve contribution is increased $49,100 to $1,406,400.
This proposal represents Management’s and the Committee’s best efforts to anticipate the expected general expenses for the coming year, and future reserve needs to operate and maintain the building responsibly and efficiently. Management, the Board and the Budget and Finance Committee have continued focusing on increasing our annual budgeted contribution to the reserve, with the goal of meeting forecasted physical and structural needs for the building. A professional reserve study was just completed and demonstrates the Association is contributing at a sufficient rate to meet such needs, without a Special Assessment for many years to come.
We are presently projecting reserve expenses for the year of approximately $1,011,350. Replacement of the primary drain and riser loops in the lobby ceiling are needed, with initial estimates of $850,000. In coming years we are planning to continue phased replacement of our hot water risers and plumbing lines and insulation in the garage, replacement of the main roof on top of the tower, replacement of the pool liners for both the indoor and outdoor pools, and tuck-pointing of the masonry on the building’s lower level exterior. With these and other coming physical needs, the focus on a healthy contribution to the reserve fund has been key to stewarding the financial and structural health of Park Tower.
Please join us at a Special Meeting to discuss the proposed budget on Monday January 26th at 7:30 p.m. in the 2nd floor Party Room. We will consider it for adoption at a Board Meeting following the Special Meeting. All owners are welcome and strongly encouraged to attend and participate in the discussion.
Park Tower Condominium Association”