UPDATED February 23rd

REMINDER – As Approved At The January 8th Board Of Directors Meeting, The Budget For The PTCA 2024/2025 Fiscal Year Takes Effect March 1st

Owners and parkers will notice adjustments to their March statements to reflect the 4% increase in assessments and their respective increases for parking. See more detail below, regarding the new budget and helpful information about making your assessment payments.

Owners who park or have renters who park in the garage, the new monthly license fees taking effect are as follows:

PARKING

Monthly indoor parking license fees requiring a minimum six- month agreement:

1P Valet                                       $160

1P Motorcycle                             $90

1P and 2P Self-Park                  $160

1P Day Parking                          $208

1P and 2P Premium                  $175

1P and 2P Tandem                    $260 ($130 per car)

ORIGINAL POST February 2nd

As Approved At The January 8th Board Of Directors Meeting, The Budget For The PTCA 2024/2025 Fiscal Year Takes Effect March 1st

Owners and parkers will notice adjustments to their March statements to reflect the 4% increase in assessments and their respective increases for parking.

IF YOU MAKE AUTOMATIC PAYMENTS, particularly if you make payments through your own bank, please remember to adjust the dollar amounts accordingly. If you still pay by personal check, there are options that can save you time by signing up to make electronic payments through the Habitat Company:

Updated Assessment Payment Basics 2024

We are strongly encouraging Owners to switch to electronic options, particularly because of the worsening USPS issues we have observed in recent year. The mail is just no longer reliable, AT ALL. If you have any questions about setting up electronic payments or your assessment account, feel free to e-mail our bookkeeper dbravman@habitat.com.

As reported in the original notice from Board President Michael Parrie, sent in December, a proposed annual budget for the fiscal year March 1, 2024 to February 28, 2025, was presented by Management team, and reviewed and edited by the Budget and Finance Commission and the Board of Directors.  This draft was reviewed line item by line item, on three consecutive Saturdays in November.

A primary reason for the increase is that building insurance rates continue to go up.  In fact, over half of a million dollars of our budget is now attributed to insurance costs.  In addition, water and other utilities, property taxes, union payroll (Local 1 and 727), and inflation that has impacted materials and supplies such as metals, electronics, and chemicals. Inflation has also impacted what we need to contribute to the Reserve Fund for future capital repairs and replacements. The Board is planning to engage Reserve Advisors, Inc., to update our Reserve Study and make sure that we are continuing to fund the reserve in a way that avoids special assessments.

Aside from assessments,  fees and rates for ancillary services will be adjusted.  Following are the budgeted changes:

LAUNDRY ROOM RATES

PARKING GARAGE RATES:

OTHER FEES AND CHARGES

Our team is already laying the groundwork for planned improvements and capital repairs. As most Owners and Residents know, the Hallway Remodeling Project is underway, and the Elevator Cab Improvements budgeted for 2023/2024 are in the planning stages.  For 2024/2025, some of the planned reserve projects include:

The proposed annual reserve contribution increases $87,100, to $2,066,800. This is very consistent with recommendations in the Reserve Study and was closely considered as our team worked to determine what is needed at this time. 

For a copy of the approved budget, PTCA Approved Budget 2024.2025.

Also, you can review the Roundup Report from the January 8th Board Meeting, and the Special Meeting Of Unit Owners where the Budget was discussed:

https://www.ptcondo.com/post-meeting-roundup-report-january-8th/