As the Board and the Budget Committee anticipated and explained at their last meetings, we have continued to refine both the Proposed Operating and Reserve Budgets for 2021, taking into consideration not just the additional information we’ve been able to gather during that time, but also addressing the strong desire of our Board and many of our owners to mitigate the impact on our owners during these difficult times.
Additional details will be provided at Thursday’s Board Meeting, but Management is now recommending a 2021 Budget that is 6.92% above the 2020 Budget (see Budget via link below). This significant decrease from the 26.8% contemplated at the time of the Mailing is the result of a trimmed Operating Budget and the elimination of the increase in the Reserve Assessment, as result of reducing the roof total cost and shifting other Capex items such as the corridor renovation to 2022. We wish to express our thanks to our engineers and vendors finding a more effective solution to the replacement of our roofs that will not require the replacement of the underlying lightweight concrete.
We have trimmed the budget with careful consideration of the consequences of each of these decisions. We believe that this revised budget will allow us to maintain services we’ve been providing, though not expand them as previously considered, and still be compliant to the needs and costs imposed by the pandemic.
Also attached is the overview of the 2021 Budget which will be reviewed at Thursday’s Budget Meeting. We hope you find it helpful. Thank you to each of the Board Members who have worked with management over the past month to refine this budget, with the benefit of comments and suggestions that have been made by several of our owners.