Here is a list of possible savings to the association that were mentioned by board members during the March meeting. I made this list by adding up the different projects and issues and their cost, as described by the board during the meeting. On the other hand, I have not made a list of spending INCREASES. There have been a few of those mentioned at board meetings; for example, a "reserve study". I'll post those later, once the numbers are known.
Total possible annual savings of the items listed below= $37,950. This, over a 20 year period, which is about the life of the roofs, would yield a total savings of $759,000 in today's dollars (no adjustment for inflation). That's a lot of money, enough to do the roofs on at least 15 buildings in the year 2029! Imagine, with NO assessment increases, we could save sufficient funds to do 15 buildings. Amazing! Of course, this money could "burn a hole" in the pocket of future boards, and they could spend it.
To actually accomplish these savings, the board would have to vote on specific actions, and unit owners would also have to agree and possibly alter some of their behaviour. So let your board know what you think!
- A possible $13,300 savings each year, if architectural shingles are used during the forthcoming roofing project, and roof life is extended by 5 years.
- A possible $84,000 savings by having Unit "B" owners pay for replacement of roof windows, at a cost of $1,000 each. This would reduce the cost to the association for this project by about 8%. "B" unit owners would see a temporary assessment increase. Savings each year, over 20 years ($84,000 / 20) = $4,200.
- Changing the painting schedule from once each 5 years, to once each 6 years. Possible annual savings = $14,450.
- Voluntary elimination of feeding of critters, birds and other wildlife at BLMH. Possible savings each year, by eliminating the need to trap of animals = $6,000.
If you have any other ideas, let your board know! Or, let me know and I'll publish them here and pass them along.
" the "B" unit owners would assume the cost of the windows and they would not see a savings for this item.
ReplyDeleteDoesn't seem too fair :(
Well, it is consistent with the current rules, which state that the windows are the property of the unit owners. So too are the garage doors, by the way.
ReplyDeleteHowever, if insulation is installed, the "B" unit owners would see an energy savings. As I wrote, that would offset part of the cost of the windows. While the board appears to be really divided on the issue of insulation, there doesn't seem to be much resistance to having the "B" unit owners pay for new roof windows.
By the way, the New York Times had an article on the fall of natural gas prices and the glut on the gas market. This will influence our natural gas costs for the next year, or perhaps longer. I put some info in my post of March 10: http://briarcliffelakes.blogspot.com/2009/03/nicor-gas-on-budget-plan.html
Not a big deal, but it's just going to be another ~80 a month in assessments (if the costs turns out to be $1,000) over a year, on top of BLMH's currently above average assessments.
ReplyDeleteWhat concerned me about this, has been the apparant lack of debate or opposition by the board at the two meetings in which this has been discussed. I do understand the rules, but there was a lot of debate about a 5% assessment increase for 2009 and our Communications Director wanted to vote that increase down. However, an estimated increase of somewhere between 27% and 33% for a year for a "B" unit owner, did not even get a raised eyebrow. I haven't been able to figure that out!
ReplyDeleteAs for your statement aobut our "above average assessments", I haven't researched that, but I suspect that for many years they were "below average". I have researched that and I'll be posting the results here, very soon.
Thanks for doing the research, I look forward to the posting. I always wondered what the breakdown would look like, as well as the history of BLMH's assessments. However, I do know that they are very high at their current rate (300+). I know many people who have town homes in 'good' locations as well as a few friends currently looking to buy (and comparing assessments is something that they are doing). Most assessments that I've ever heard from them are at minimum, ~$100 less than what you pay at BLMH. While we do have beautiful common grounds that must be upkept, perhaps more than most places, we are still paying a lot of assessments. And to my knowledge, I don't know of any other 'extra' amenities that we are getting more so than other town home communities that would justify this extra cost.
ReplyDelete