The following is a reproduction of a memo dated 20 December 2016, distributed by management to all shareholders.
2016 yearly recap and look forward to 2017
In 2016 we completed the garage roof deck with the landscape designer we selected, Christian Duvenois. We are all very excited about our wonderful new space! The gym was also redesigned with new equipment in the past year.
2017 budget and maintenance
In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by a modest 2%.
In addition, the current capital assessment will continue as 10% of the monthly maintenance. This makes the total increase of 2.2% total cost per shareholder for the year 2017.
The assessment continues our goal of 10% to meet Federal Banking Regulations. Those regulations require us to maintain at least 10% of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10% goal over the last few years in order to meet these regulations. The 10% assessment is not temporary, it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the windows, repairs in the garage and pending improvements to the roof.
The Board of Directors, the staff and Management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2017!