Our new budget for 2013 defines not only what we spend throughout the year, but also your condo fees. The 2013 budget is enclosed for your review. Your condo fees will increase next year by 1.5 percent. The chart at the bottom of this page shows the new fees for your unit or units and for parking spaces.

There are three points I would like to make 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 premium place to live. We widened the front entrance; installed a new, wider outer door; and added a sliding inner door operated with an electronic fob, rather than a key. I think there’s agreement among residents that entering and leaving the building is now much easier and more comfortable, especially when we’re encumbered by packages or luggage. Over the summer, we had major preventive maintenance to the outer brickwork as well as strengthening of the brick facade in many places, correcting weaknesses that date to construction in 1974. Our head of maintenance, Cacho Salinas, undertook the start of major relandscaping, with a new, refreshing airy look especially at the north end of our narrow garden. We replaced all the washers and dryers in the laundry room with brand-new rented equipment and instituted a card-only method of payment, which does away with the inconvenience and risks of accepting coins. Visitors to the roof garden can enjoy several new chaises longues, which replaced ones that we had retired. And we have installed wi-fi for everyone’s use on the roof and in the lobby. 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 $750,000. 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. We applied a surplus of $22,000 from this year to next year’s budget.

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.

Cordially,

Roger B. Hirschland 
President, Board of Directors