The Board is always interested in ways to save HOA money, to keep assessments low.
Often homeowners ask "where is all my money going?" and "what are my assessments spent on?" Here's a pie-chart to help answer this question, visually (based on the current 2009 Budget):
Please tell us:
What do you want the Board to consider when building the 2010 Budget?
I'm curious about exploring the option of taking on additional financial responsibilities of our individual units. This would include things like replacing the roofs, shingles, repairing siding, etc. Perhaps we could maintain our current dues and figure out what the reserves could cover with that kind of savings, or we could eliminate or diminish that reserve category and make all of these types of responsibilities those of individual owners. It might at least be worth exploring.
ReplyDeleteDear Anonymous: Thank you for your comment. You'll be glad to know that the board is making progress with our aggressive efforts to reduce HOA expenses. Unfortunately, eliminating or reducing the reserve fund is not a responsible (or legal) option available to us. As long as Mt. Si Cottages remains a Condominium Association, we have commonly-owned common elements (e.g. roofs, siding, parking lots, etc), and both responsible management and the law require everyone to share the cost for common element maintenance equally.
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