Proposed fee increase supports our common facilities
At the Annual General Meeting (AGM) the board will bring a motion before our membership to approve an increase of the dues to $585 per unit per year effective in 2014. The board would like to communicate the reasons behind this increase.
Labour costs in Edmonton are relatively high. Our costs to maintain our property, and administer the day-to-day operations of the association (legal, accounting, insurance fees), have increased beyond the what we can recover under our existing bylaws. The vast majority of our expenses are allocated to maintaining our common areas. Those costs have increased faster than the rate at which we are permitted to raise our fees without a motion before our membership at the AGM. We are also establishing a reserve fund to repair (or replace) the large structures (e.g., gazebo, fountains) as they age. We also are repaying a significant debt to Alldritt. Part of an agreement between our board and Alldritt provides forgiveness of a significant portion of that debt. That forgiveness would go away if we were to fall behind repaying that debt. Our members are invited to review our budget.
As a board, it is our opinion that maintaining our facilities is a vital investment to maintaining a great place to live. A 75 cent per day increase in fees is tiny when compared with the potential drop in property values that will result if we fail to maintain our facilities.
There is a Barbeque on the 15th when you are welcome to meet with the board and bring forward any questions or concerns. If you are unable to attend, we would like to hear your feedback at firstname.lastname@example.org, or in the comments section at the bottom of this page.
We will need the support of our members at the Annual General Meeting on September 17th to make quorum and pass the motion to increase the fees. Should the motion fail, the board will need to make decisions as to which maintenance tasks would be considered a priority.
If you would like to support the motion and are unable to attend the AGM, there is a proxy document that was circulated to all our members by mail. If you provide that completed document to a proxy holder, they would represent you at the meeting. If you have any questions, (or would like find someone to appoint as a proxy holder) please contact me at email@example.com