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December 9, 1997
Dear Fellow Owner:
Enclosed are your payment coupons, showing condominium fees for 1998, and a copy of the 1998 annual budget for The Lauren, A Condominium. You will see that the Board of Directors has adopted a 3.0 percent increase in fees for 1998.
I am happy to report that the condominium has kept within the operating costs projected in the 1997 budget. The current projection indicates that we will finish 1997 with a modest operating surplus. Capital expenditures for 1997 will be substantially under the budget projection, primarily because work on the major projected capital expenditure for the year, renovation of the lobby, has not yet begun. However, we plan to begin work on lobby renovation early in 1998.
The projected budget for 1998 anticipates only small changes in most operating accounts. In the capital budget, the major anticipated expenditure is replacement of the air conditioning chiller unit, which has reached the end of its useful life. We have begun to solicit proposals for replacement of the unit in early 1998. The Board also has commissioned an updated capital reserves analysis, to be completed soon, to help us to ensure that reserves will be adequate for expected needs.
Sincerely,
Joseph R. Morris President,
Board of Directors
The Lauren, A Condominium
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