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?