The Lauren Condominium Association

December 9, 2011

Dear Fellow Lauren Owners: 

Our new budget for 2012 defines not only what we spend throughout the year, but also your condo fees. The 2012 budget is enclosed for your review. Your fees will increase next year by 1.2 percent—the third-lowest increase in the past 20 years. The chart at the bottom of this page shows the new fees for your unit or units and for parking spaces.

There are three key messages that I would like to convey with regard to the increase for next year and the state of the Lauren financials as a whole.

First, this year we continued our strategic investments in our building to make sure that the Lauren continues to be a special place to live. We installed a fourth new hot-water heater in our boiler room on the roof to ensure that all residents can have sufficiently hot water during peak usage on winter mornings. We finished the renovation of the front office, and are working on restructuring the front doors to make entry and exit much easier—through at least one sliding door. We had the building checked after the earthquake this past summer and were relieved to find no structural damage. The renovations and maintenance of infrastructure may be seen as investments in comfort, appearance, and functionality for the present as well as for the future.

Second, I hope you will agree that the building remains tasteful and well maintained, thanks to the hard work of our staff. We have kept our operational standards without letting their costs spiral out of control.

Third, we continue to plan carefully with an eye to the future. The majority of the increase in fees this year reflects our need to continue contributing monthly to the dedicated heating/air-conditioning (HVAC) reserve fund, which we are building over the years to ensure that we will not need a special assessment at such time that the whole HVAC system requires replacement. At present, that dedicated fund stands at close to $500,000.We’re aiming to build it to $2 million. Despite historically low interest rates eroding the returns we once expected, we remain close to our reserve schedule established four years ago.

You will soon receive new payment coupons from Simmons Management Group. If you send your fees by check, please make sure that the appropriate coupon accompanies your check, so that your payment will be properly credited to your account. Fees are due the first of the month and must be credited by the tenth of the month to avoid a late fee. Your board consists of Amy Bertha, Elizabeth VanderPutten, Dwight Clark, John Filice, and me. We welcome your attendance at the monthly board meetings, as well as suggestions or comments at any time to make our home an even better place to live.