This is an excerpt from a letter that was sent to Kenthill Townhomes homeowners on November 28, 2001:
"Enclosed you will find a copy of the approved 2002 Budget for Kenthill Townhomes. The Board has spent the last several months carefully reviewing our financial position. We know that utilities costs will increase this year: electricity will increase 15% and other utility increases are unknown at this time. We have a significant amount of delinquent units which affects the operating cash flow. Collection and legal action has been taken against these owners. We have also included in our 2002 budget the cost to complete the painting project and any unforeseen dry rot repairs per the accepted proposal.
"The 2002 Budget includes an approximate 5% increase, effective January 1, 2002. The coupon books should be mailed in time for your January 2002 payment.
