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.
