We have added a number line items to this year’s budget. I had some questions about the budget that I am waiting to hear from our property manager. I have heard back from our Property Manager. Please see the comments below.
We have an increase in HOA fees from last year. This is due to the number of additional maintenance projects we have slatted for next year and for writing off bad debt. This year we are being very conservative with the line item. We are assuming a certain amount of HOA non-payment from those who might foreclosure in this economy.
When the budget was mailed out last week, we were applying for a loan to finance a large portion of the carpet removal and staining. However, we were denied by the bank. I do not think we are able to remove the carpet and stain the floors. I would like to keep an extra line item in the budget so we can save additional monies for the floors in next year’s budget. We will still apply the $75k from our reserves to the carpet removal. If we save money this year and apply the $75k from the reserves then we can take a loan out for a smaller portion of the upgrade. The total cost is about $235k.
Here are some of my questions. Once I get an answer from our property manager about these questions, I will post the answers on our new website. We have a new forum dedicated to your questions. What are your questions? Do you ever feel like you don’t have a voice? Well, I’ve created an online community where you can share your opinions, ask questions and meet your neighbors. If we can build a better sense of community then I truly think we will enjoy living at Park North infinitely more.
I have asked for transparency for the staff budget line. I got this. We can discuss this during the meetings or on a one to one. I don’t feel comfortable posting people’s salaries on here.
Legal Fees went from $10k to $82k for collections. Why such an increase? Still waiting to understand this one more.
Bad debit collections went from $1k to $30k. This is assuming people do not pay their HOA dues. Is there any overlap over the legal fees? Still waiting for further clarification.
Building repairs- $20,500. Is this enough? We said no to a lot of repairs last year due to lack of funds. Are we sure we are budgeting enough? I want to know if we have money budgeted to repair the pool furniture.
Exterior door/lock replacement $6500 to $15k. Can I see what the plan is for this? Which doors will be replaced? At what cost? Some of this cost was absorbed in other repairs. This might be a little buffer for us.
Security enhancements/door locks. Is there any overlap with the item above?
Building engineering study was $14k in ’08. I thought this was supposed to be $5k. Isn’t that what we approved? Why the increase? Need further clarification.
I didn’t see painting in this budget. I asked if we taking the money out of the reserves or if the line item was missed. I think it’s coming out of reserves, but I want to be sure.
If you have any questions about a line item in the budget then feel free to ask them on our new website.
Have you had a chance to visit our new website? Why join our new community??? Well…
This new online community will allow us to:
- Receive announcement emails about the building such as towing rules, water shutoff, etc.
- Sell stuff to each other
- Find out how HOA dues are being spent (budgets)
- Stay informed about maintenance projects
- Welcome new residents
- Meet fellow residents
- Have open discussions about maintenance projects, budgets, property mgmt, etc.
- Plan community events
- Post local events for free
- Drastically improve communication
- Promote local business and receive discounts for residents
What you have to do:
Sign up for a free profile by going to http://parknorth.ning.com and bookmark the website. Create a profile page and upload a photo of yourself. By adding photos this will help to build a sense of community, plus, it makes it easier to say hello at meetings and in the hallways.
This online community can be used to sell stuff, promote your own business to residents, get updates about maintenance projects, meet your neighbors and read meeting minute notes from board meetings.
We have discussed removing the carpet in the hallways and staining the concrete. We have already posted photos of what the stained concrete will look like in the forum area. Check it out and add a comment to the forum. We encourage you to get involved in the online community by creating your own groups and/or forums, plus, you can participate in the many groups/forums already created. These forums are a great place to make maintenance suggestions. Management and all board members have already created profiles. Reach out to them directly and say hello- I have two profiles- one for Park North and one as myself, Renee. Plus, you can post local events for free.
Sign up and see how easy it is to use! http://parknorth.ning.com. We look forward to having your join our online community!