Question:
I live in a 100 unit condo in NY. I was board president for 10 years.
The new board just instituted an increase of 13% in the form of an increase in monthly common charges. (9% is slated to go into reserves for roofs and roads that will need replacing in 5 to 10 years)
When asked, I advised the board to implement the increase when the project is started, since I believe that a future board is not obligated to spend the money on its intended purpose.
Our by-laws do not "lock in intended money for specific use". The condo is in very good financial shape with about $200,000 dollars in reserve funds at this point.
The new plan would give us about 4 times that amount in reserve.
Many residents are seniors and the demographics will change in the next 5 years.
What is your opinion?
Answers (7)
What are your thoughts on this topic?
Comments and postings are not legal advice, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other.