This year’s budgeting process was very comprehensive with help from residents, advisory committees, management and the Board of Directors. Three open meetings were held and resident feedback encouraged. As announced in the open board meeting on October 30th, after reviewing the 2018 proposed budget, the Board of Directors approved an increase of $4.00 per unit per month or 1.6%. The new monthly assessment is $259.00, effective January 1, 2018. The Board of Directors continues to be committed to properly funding both the Operating and Replacement Funds.
The 2018 total $259.00 monthly assessment includes $211.51 allocated to the Operating Fund and $47.49 allocated to the Replacement Fund.
The amount of the increase is less than current inflation and is sufficient to cover the 2018 Budget. There is no anticipation of the need for any special assessments for the repair, replacement or restoration of any major component in the reserve study. A copy of the detailed 2018 Operating Budget and Reserve study will be available soon on the website at www.scshca.com.