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December 17, 2008 Dear Lauren Owners, In the last fiscal quarter of each calendar year, your condo board meets with other interested owners and Manager Walter Krolman to develop a new budget for the following year. We have sat down and deliberated carefully, balancing the needs for conservative spending, capital improvements, setting aside funds for a major overhaul of our heating and air-conditioning system a few years down the road, and the demands of increasing costs encountered across the spectrum. Our new budget for 2009 includes an increase in condo fees of 5.86 percent. We have increased rental fees for parking spaces and the condo-owned unit; raised the cost of laundry machines (by 25 cents); and cut costs where we could, in order to hold the increase of fees to a minimum. You should receive new coupons from Simmons Management to accompany your condo fee payments in a week or so. At the same time, the board is preparing two major capital improvement projects: the replacement of our rooftop boiler and hot-water heaters; and the redecoration of interior spaces, primarily the hallways and carpeting in public spaces. In the case of the heating units on the roof, we are pleased that the new units will be much more efficient than the existing infrastructure; we expect to use far less gas, which is environmentally sound, and pay less in fuel costs at the same time. According to our engineering consultant, the savings should pay for the new equipment in about six years. As to redecoration, the board is determined to upgrade conditions in the carpeting and wallpaper, striving to keep the building the premium place it has been and should be. For the quality of life of those living in the building, and for the appearance of the facilities to those wishing to rent their units, the board is eager to maintain a first-class home in top condition. These improvements will be paid for with funds already set aside and allocated for the projects. The board meets monthly and welcomes participation of all owners and residents. If you have suggestions or concerns, compliments or criticisms, we welcome them.
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