The Board just voted to hire a management company for our 98 unit complex. There were two companies we were deciding between. One had a lower per unit fee than the other ($11 vs $14). When we had a Q&A time with all co-owners we mentioned dues would NOT be increased the first year as we figured we would save that amount in lower negotiated contract fees with big projects planned for the year. We ended up deciding to go with the higher monthly fee company because their other charges were lower. Now we are wondering if we can raise dues mid year by $7 or are we unable to due to the budget already being voted on at the annual meeting? Would we need to call the increase an assessment? and raise dues at the next annual meeting?
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