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December 10, 2004 Dear
Fellow Owner:
Dear Fellow Owner: I am pleased to report that The Lauren has had another good year and remains in a sound financial condition. Rentals and sales are holding up and The Lauren remains a sought-after address. This year we have replaced the fencing around the parking lot and added tree boxes along the 20tI Street frontage, the former has greatly increased security and both have added aesthetically to the concept of the Lauren being a Premium Condominium. Less visibly, we have commissioned a full survey of the building mechanical systems, primarily as they relate to heating, cooling and ventilation. This will be ongoing into next year and already we are feeling the benefits of increased control over the systems. Further improvements will follow to maximize the potential and longevity of the system. Looking forward, other capital items, in addition to the mechanical systems work, may include studies of the fire alarm and electrical systems; a more user-friendly front door and entry system, and a staged replacement of some of the pumps. The Lauren is fortunate in that successive Boards have been prudent in the allocation of realistic amounts to the reserve fund. Your current Board is also committed to this policy, and I should remark that the exemplary standard of Lauren maintenance is a significant factor in the life expectancies of many elements of the building. Operating expenses for 2005 are projected to increase. Energy prices have risen substantially: However, the increase will not be as great as it would have been, thanks to some measures already introduced under our mechanical study, which have increased energy efficiency. Staff costs will rise in line with the expected Federal Government pay increase, which we use as a convenient benchmark. The contribution to the reserve fund will be $161,184 in line with the Reserve Study. The enclosed budget is provided for your information. You will see that it calls for an increase of 4% in the Condominium fee for 2005. Your Board views this as a sensible figure, which will both maintain the Lauren level of service and ensure the Lauren’s deserved reputation as a premium place to live, both now and in the future. The Board would like to wish you all a wonderful holiday season and a very happy New Year. Sincerely,
Derek M. Drummie |
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