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December 10, 1992
Dear Fellow Owner: -
Enclosed with your envelopes, and payment coupons is a copy of the
1993 annual budget for The Lauren, A Condominium.
As you can see, we have adopted a 9.8% increase in condominium fees
for the upcoming year.
The 1993 budget does not include any major new projects, nor is there any significant increase in the day to day operational aspects of the budget.
In the last several years unanticipated management expenses, legal fees and other costs have forced us to dip into capital reserves. This has yielded a situation where our reserves are barely half of what they were five years ago. The 1993 budget reflects a realistic projection of expenses.
The budget also includes $20,000 for roof/facade repairs. This is to repair two new "bubbles" that have been discovered in the front facade of the building. These "bubbles" are bricks that are no longer securely fastened to the building and will eventually fall. In 1992, a similar "bubble" was discovered, corrected and paid for.
We have projected savings in a number of areas including less expensive medical coverage for the staff. The hiring of a non-resident manager enables us to rent out unit 212. We will continue to do our best to keep expenses down.
With this year's increase, the average condominium fee at the Lauren will be $274 which is substantially less than what our neighbors currently pay. 1992 average fees were $313 at the Newport, $337 at the Appoline, $286 at the Carriage House and $300 at the Imperial House. In reviewing these numbers we can all take some degree of comfort.
You are reminded that according to our governing documents, condo fees are due the first of the month. Monies received after the tenth (10th) must include a twenty-five dollar ($25.00) late charge, while monies received after the end of the month must include a fifty dollar ($50.00) late charge.
Thank you for your understanding and support, and with best Holiday wishes to you and yours.
Sincerely,
The Board of Directors of The Lauren, A Condominium
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