Annual Meeting -- May 12, 2016

37th annual meeting  

President's Report

Dwight Clark observed that the Lauren is in good financial health. Expenses are rising but at a lower rate than inflation. Reserves continue to increase but there are major upcoming big capital expenses. Among these are the HVAC system replacements and the elevators upgrades. The HVAC system generally is working fairly well right now so there is no immediate need to replace all the Whalen units. He noted, however, that the Lauren will replace three units which are not functioning adequately. The board recently had an airflow test conducted buildingwide, and as a result we may replace other HVAC units as needed. The elevator system will at some point in the not-too-distant future need to be replaced. The Board is considering a short-term proposal to upgrade parts of the system to keep the current system working as long as possible. With new elevator codes in the city, a full upgrade would require major structural changes including installing a generator. The board will hire a consultant to provide advice on any major modifications or problems. The landscaping is still a work in progress, but overall, most residents and the board are pleased with the changes in the past year. We have a new trash pickup company that is more efficient and lower in price. The voluntary window replacement project is underway and is more popular than anyone expected. We are replacing lights in common areas with more energy efficient LEDs, or light-emitting diodes. The expected payback is about two years. Significant work has been done on the boiler system for both heating and domestic water. The project to upgrade the bathrooms on the poolhouse floor was held up due to the very high estimates for costs, but is now back on track. Finally, a management search committee is exploring the possibilities of employing a full-service management firm. One advantage would be that we could have closer connections with consultants