By now, you should all have received notice in the mail of this year’s Budget Meeting, which is scheduled for TODAY Friday, May 29th, 2014 at 7:30PM in the 3842 Basement Meeting Room.
I kept trying to get this update out sooner, but things kept coming up.
If you have questions or comments, please prepare them beforehand and submit them to Shea Management via e-mail (bshea@sheainc.com). Please specify that it is for Grand Bel Manor Condominium. Doing so allows us to better answer your questions, and allows the meeting to end that much sooner.
This year, we are proposing a modest 2% increase in the condominium fee. As I state every year since joining the board, it is my firmly held belief that there should almost always be a very modest increase. The reasons are many, but I’ll state some of them here. The first, obviously, is to cover for inflation. The second is to help build back up our reserves, something we’ve been struggling to do since before I joined the board, and the third is to provide a buffer to prevent us from ever needing a special assessment or larger increase.
These small increases allow owners to better prepare and adjust their monthly budgets so they can pay all their bills. If we raised condo fees less frequently, but to a greater degree, more residents would struggle to find the extra money necessary on hand.
Thank you, and I look forward to see you all tonight.