Owners were informed, in a letter distributed in December 2012, our current reserves and funding of the reserves, is not sufficient. Unfortunately, no reserve study had taken place at the the time the December letter was sent out. As soon as the BOard was informed of this, they ordered a reserve study to be preformed. The study has since taken place and can be downloaded here.
The needed reserves shown in this study came as a shock to the Board, but validated the need to increase the dues. Effective June 1, 2013 the dues will increase from $120 to $130 per month. While this increase is not adequate, the Board feels it necessary to stick with the information that was provided in December and seeks input from the owners on what they feel is the best way to increase the dues moving forward.
Please contact the Board to provide your suggestions. Feedback from the community is essential, as this will help the Board make a plan for achieving the needed funding in a manner they feel will best serve the majority of the owners.