annual meeting

[susan purcell]

Dear Unit Owners,

We are writing to share some important information about an upcoming condo fee increase and assessment that were announced at the 3/4 TBR condo association meeting on 4/23. The notes from the meeting are also included below.

Condo Fee Increase

3/4 TBR condo fees will increase by 15% effective June 1, 2025.

Assessment

The association has also approved an assessment equal to four months of condo fees.  This will be paid by doubling the condo fee for June, July, August and September 2025.  

Bills

Ann-Marie will be sending letters to all unit holders detailing their specific fees and the total cost of the assessment for each unit.  Paying the full assessment in advance would be a great help to meet near term project funding needs.

Background/Rationale

The association remains in good financial health (a budget review is below). The condo fee increase reflects the rising costs of maintenance, and moves us closer to the norm for similar Somerville associations (which can be as high as $4.80 per square foot, versus our current $3.27). 

The assessment is necessary to cover unanticipated cost overages related to capital improvements undertaken over the last year, and to position us for necessary work in the coming year.

Meeting Notes

Ann-Marie gave an overview of financials. Our 2024 revenue came in on budget, and $7100 was contributed to reserves.  Expenses were slightly under budget due to lower than expected costs for snow removal and unscheduled repairs. Our operating balance ended the fiscal year with $1,001. However, our reserve account ended the year lower than planned, at $5.9K versus the $14.5K anticipated. This was due to unexpected complexity in dealing with various projects including leak mitigation, foundation work, and gutters. 

We expect more repairs in the coming year due to our ageing woodframe building and known issues including persistent leaks in some units. We also will experience higher insurance costs, which are rising everywhere. Some other ongoing budget items such as landscaping will also see slightly higher costs.  The planned assessment will restore and enhance our operating funds and reserve account, and allow us to budget $26K for capital improvement work in the coming year. This includes urgent work to our asphalt walkways, currently a safety liability due to root intrusion and general wear.

There was discussion among the attendees about the fee increase and assessment. Blair noted that it is our choice as an association -- whether to adapt higher condo fees with planned regular increases, and thus fund a larger capital account, or continue in the current strategy of running leaner, with lower fees relative to similar associations, but putting us in need of more frequent assessments.  Anyone having an opinion on this issue is welcome to share their views with the trustees.  We also discussed the idea of developing a longer term capital improvement plan to better anticipate costs in the more distant future.

The meeting was adjourned.  

Amy Conklin

Patty Washienko

Susie Purcell

[Joan Marks]

We have not received the letter detailing the condo fees and the total cost of the assessment for our unit.

Is this something we can get to verify what we are supposed to pay?

Thanks

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[Susie Purcell]

Just emailed her!  

Susie

Sent from my iPhone

On Jun 17, 2025, at 1:55 PM, Joan Marks <jlma...@gmail.com> wrote:



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