Good afternoon, everyone,
The Board Meeting will be held on Monday, August 14, 2023, at 6:pm at the pool.
While the Board appreciates all your comments, keep in mind, we are working from real numbers in the bank accounts.
The increase to $399 is needed to pay bills through year end.
How did we get the HOA increase?
We took the bare bones expenses from August 1, 2023, through year end, added all anticipated monthly HOA income and fell short.
This does NOT include projects turned over from last year, which will now be added to the 2024 budget:
Increased lighting and cameras in the parking lot, pool deck repairs, soffit replacements, power washing of walkways, building by building landscape replacements, pest control for trees and grass areas, and rewriting of condo documents with a full legal review.
Broward County Inspection Requirement
Our complex does have to comply with this Broward County inspection, due to its size and age. We have 90 days to comply from July 20,2023. The Board is proceeding as instructed by the letter from the city.
Insurance
Our master policy renews in March. The flood policies renew quarterly, spacing out the 13 buildings. We have one last flood payment due 2023.
Our condo documents require insurance. See attached item #17, from pages 19 and 20 of our condo documents. Flood insurance is not required but this year owners voted to maintain it. Once flood insurance is dropped it cannot be reinstated.
Our agent, Bill Weller, shops quotes through Hull & Company, a worldwide insurance wholesaler and broker. Therefore, the Board has always gotten multiple, competitive quotes. This year flood policies were switched to Neptune at a savings of $9K.
Unexpected landscape expenses
An independent arborist was engaged, at no expense, to determine the issues with 4 dead/dying trees on the property, based on owner complaints. The City of Oakland Park confirmed their recommendation to cut down the trees. Additionally, over 100 coconuts were removed from the river side of the property.
The 2024 budget will be worked next, using current real expenses and anticipated increases from our vendors. Expenses are up in every category due to inflation and legislation.
Regards, Middle River Homes BOD
