Paying future

Homeowners should reflect on the high cost of expenditures for our 30 year old condominium complex for the year 2007 so far. We are in what could be termed a “re-building phase” of our condominium complex that was built in the 1970’s, dealing with issues (and their related costs) long put off by previous homeowners and the Boards they elected. Total funds for January 1, 2007 were $101,087. Total funds for May 29, 2007 were $75,132. Expenditures have outpaced income for the many reasons mentioned in previous posts, and are also impacted by the high demand for window repairs, new entry doors, window screens, and screen doors and also by the continuing problem of a number of homeowners that do not pay their homeowner dues. The dollar amount for non payment of dues averages yearly at about $15,000. This figure does not include attorney fees. [In 2006, the month to month high was over $20,000; this dropped significantly to around $10,000, immediately following the passage of the new, revised Rules & Regulations, which raised the late fee from $10 to $25].