UPDATED Jan. 29th –

The PTCA budget for the fiscal year beginning March 1st 2018 was approved by the PT Board of Directors at the January 22nd Board Meeting.

This budget, for the year of March 1st 2018 thru February 28th 2019, includes a 3.5% increase in assessments, a 3.11 increase in expenses, an expected bulk cable and internet charge of $45.61 per month, and a projected reserve contribution of $1,655,100.

At the meeting on the 22nd, Board President Michael Parrie thanked Management, Budget & Finance Committee Members Oliver Tugend and Rebecca Rossof, and his fellow Board Members for their work preparing, reviewing and editing the proposed budget. It was originally presented by Management in October. Then Management, the Committee Members and the Board reviewed each line item over three scheduled Saturday open meetings in November. In December it was approved for distribution and review by the Unit Owners, and mailed on December 26th. A Special Meeting was held for Unit Owners to ask questions and provide feedback and comments to the Board on January 8th.

It is now adopted beginning with the new fiscal year March 1st, 2018.

See below to learn more about the budget, what’s in it – AND, learn more about what your assessment dollars do at PTCA.

Please contact the office with an questions. E-mail us here.

Original Post:

What’s in the budget? What’s in the Assessments?

2018-2019 Proposed Budget Dissected

The Board of Directors met with Unit Owners, Monday Night January 8th, for a Special Meeting to talk about the proposed budget for the upcoming fiscal year and answer questions.

Board President Michael Parrie made a short presentation, highlighting the key changes, major projects, the history of assessments at Park Tower and what the key things your assessment dollars cover. (Get a copy of the presentation: Special Meeting for Budget PowerPoint 1-8-2018.)

Primary Changes:

Proposed 3.5% Increase in Assessments

Bulk Cable/Internet Charge Increases $1.24 to $45.61/month

Changes In Other Business Fees:

Washers in Laundry Room – Increase 25 cents per load for light/normal wash
Late Fee – Increase $15 from $60 to $75
Valet and Self-Park 1P and 2P – Increase $5/month from $125 to $130
Guest Coupon (Office) – Increase $1 from $8 to $9
Guest Coupon (Market) – Increase $4 from $8 to $12

Planned Capital Improvements:

HVAC System Repairs and Replacements $490,900
Plumbing System Repairs and Replacements $61,000
Riser Projects $600,000
Pool Area Door Replacements $35,000
2nd Floor Deck Planters Phase 2 $175,000
Garage Engineering Survey $25,500
Mailroom Renovations $102,000

History Of Assessments At PTCA:

80/81 – 16%, 81/82 – 14.1%, 82/83 – 14.6%, 83/84 – 8.5%, 84/85 – 0%, 85/86 – 3.8%, 86/87 – 2%, 87/88 – 2.5%, 88/89 – 0%, 89/90 – 0%, 90/91 – 8%, 91/92 – 2%, 92/93 – 4.75%, 93/94 – 5%, 94/95 – 5%, 95/96 – 5%, 96/97 – 5%, 97/98 – 4%, 98/99 – 2.5%, 99/00 – 3%, 00/01 – 2%, 01/02 – 3.5%, 02/03 – 4%, 03/04 – 1%, 04/05 – 2%, 05/06 – 3.75%, 06/07 – 6.26%, 07/08 – 8%, 08/09 – 5%, 09/10 – 5.6%, 10/11 – 3.75%, 11/12 – 1.3%, 12/13 – 3.5%, 13/14 – 3.5%, 14/15 – 3.5%, 15/16 – 3.5%, 16/17 – 3.5%, 17/18 – 3.5%, 18/19 – ? (TBD)

Average (all years)
4.55%

Average (last ten years)
3.67%

What Does PTCA’s Assessments Cover?

•Bicycle Room (subsidy)
•Cable, including Showtime
•Doorman 24/7
•Draper & Kramer onsite management team
•Guest parking (subsidy)
•Health Club (subsidy)
•Heating and air conditioning
•High speed internet and broadband
•Insurance (common property and liability)
•Landscaping and snow removal
•Laundry room
•Lobby furnishings and décor
•Lock out service
•Maintenance 24/7
•Market (subsidy)
•Hikers (car parkers) 24/7
•Otis elevator maintenance
•Real estate tax appeals (periodic)
•Receiving room / cleaners / tailor
•Reserve fund for scheduled maintenance / repairs  / emergencies
•Rooftop deck and garden
•Security equipment and personnel
•Social Committee functions
•Utilities in common areas
•Waste removal and recycling
•Water and sewer
•Window washing (exterior)
•Work orders

(list courtesy of TowerTalk contributors and Unit Owners Dan Johnston and Catherine Kestler)

Owners review period for the proposed budget ends January 22nd, when the Board is expected to vote whether to adopt the budget. If adopted, the new budget takes effect March 1, 2018.

Have questions? Feel free to e-mail them to parktowercondo@dkcondo.com, or attend the Board Meeting on Monday January 22nd, at 7:30pm in the Management Office.