The following are excerpts from the Treasurers Report presented at the Annual Meeting:
To repeat items covered in an earlier handout, in the past few years, the cost to pursue homeowners who either pay their homeowners dues late or do not pay their dues at all has increased greatly. This has had a significant impact on the amount of our Annual Budget, and therefore everyone’s monthly homeowners dues. This cost has taken the form not only of time (letters sent out, together with letters + fines), but also greater than before attorney fees due to the increased amount of filing fees for collection charges (the filing of a lien), foreclosure charges, sheriff's sale charges, and the attending correspondence and paperwork involved.In 2005, the budgeted amount for this problem reached a historic high of $5,000. However, the number of homeowners who either paid their dues late or not at all increased dramatically throughout 2005. The result is that we depleted this line item of $7,500 by the end of the year 2005.
As had been mentioned in handouts distributed in 2005, Kenthill Townhomes has been averaging over 20 units whose accounts are delinquent over 90 days. The result of this is that our Budget has continually run a monthly deficit of approximately $9,000.00. It was stated in a handout that in October, for example, the figure was $9,644.00.
However, the number of delinquencies over 90 days has continued to steadily increase since then and into 2006. For the period ending March 27, 2006 we now have a monthly deficit of $12,445.
