Fee Increase

We have been saving for a complete roof replacement and currently have about $15,000 in our reserve account.  We expect the roofs to cost between $30,000 and $33,000.  Our current rate of saving is allowing us to accumulate about $3,000 per year and we are being told that the life expectancy of our roof is down to 2 to 5 years.  We feel like the best course of action is to plan to replace all roofing in 2021. A $15 per month increase will allow us to raise approximately $9,000 over 3 years, which, added to the $9,000 we anticipate saving at the current rate and the existing $15,000 in reserves will give us about $33,000 to work with in the fall of 2021. This assumes that we have no expensive emergencies during this time.
When we replace the roof, our reserves will be totally wiped out, but our operating budget, which averages about $17,500 throughout the year, should remain unaffected unless there are unexpected expenses.  We anticipate that we will leave this increase in place after the roof replacement to allow us to rebuild reserves for other projects that will inevitably need attention in the future.  If there are surprises or emergencies that exceed our reserves after the roof replacement, we will have to consider a special assessment or an additional increase at that time.  We are conscientious of those on a fixed income, and our goal is to make our community a safe, attractive and comfortable place to live for the lowest cost possible.
To meet these costs and commitments, starting August 1, 2018, the Board of Directors, pursuant to the Declaration of Covenants, Conditions and Restrictions (CC&Rs) hereby authorizes an increase in the per unit monthly assessment of $15. This will increase the monthly assessment to $135 per month.
Recorded Fee Increase Notice