At the January 23rd Board Meeting, the budget was adopted for the fiscal year March 1, 2017 to February 28, 2018.

It was adopted as presented to Unit Owners in the original notice mailed on December 23rd, 2016. To review a copy of the budget, click here. As approved, the changes will result in an 3.5% increase in assessments.

Following is a summary of key projected operating income and expense totals:

1. Projected Operating Expenses Total $5,103,800
2. Projected Reserve Contribution Totals $1,577,000
3. Projected Reserve Expenses Total $2,058,000
4. Total Assessment Income $4,915,900 (3.5% Increase)
5. Total Other Income $1,764,900 (13.5% Increase)

Some key adjustments which make up Other Income:

1. Washers in Laundry Room – Increases 25¢ per load for light/normal wash, 15¢ for medium soil and 30¢ additional for heavy soil
2. Lockouts – Increase $10 (from $40 to $50)
3. Move In Fee – Increases $30 (from $520 to $550)
4. Transfer Fee (Move within Park Tower units) – Increases $55 (from $95 to $150)
5.  Additional Occupant Move In/Move Out – Increase $5 (from $245 to $250)
6. Party Room Reservation – Increase $50 (from $100 to $150)
7. Bike Room Storage – Increase $10 (from $50 to $60)
8. Elevator Reservations (construction/large deliveries) – Increase $12.50/hr (from $37.50/hr to $50/hr)
9. Work Order Labor Charge – Increase $10/half hr (from $40/half hr to $50/half hr); Plumber $55/half hr
10. Parking Charges (Valet and Self-Park 1P and 2P) – Increase $5/month (from $120 to $125)
11. Parking Charges (Reserved Premium) – Increase $5/month (from $135 to $140)
12. Parking Charges (Day) – Increase $10/month (from $146 to $156)
13. 14-Day Parking Pass – New option for $100 (not available before)
14. Basic Cable/Internet Assessment – Increase from $43.18 to $44.37/month.

As always, feel free to contact the office if you have any questions. E-mail Us Anytime!