The following is an excerpt from the letter written to homeowners dated November 4, 2006:
We have also included in the 2007 Budget the estimated cost to continue the inspection/repair of dry rot project, the estimated cost to continue the replacement of entry doors/screen doors project, and the continued commitment to have two roofs installed each year (until all 15 building are completed). In September of 2006, homeowners received a copy of the Executive Summary of the Reserve Study for Kenthill Townhomes that included a listing of 29 major line items which the writers of the study deemed as those which the Association should consider beginning funding. It should be noted that with the exception of the continuing repairs to the wood siding and the ongoing commitment to replace two roofs every year, no monies are presently being set aside to fund these listed items. The Net To Reserves line on the 2007 Budget (bottom of page), the line from which these major expense items are typically taken [and not normal monthly maintenance expenses (the Operating Budget)] only rises by $420.In order to address these needs and meet the above stated objectives, the 2007 Budget includes an approximate 10% increase, effective January 1, 2007. The coupons are included in this mailing – please start using the new coupons as of January 1, 2007.
Sincerely,
The Kenthill Board of Directors
The following is an excerpt from the letter written to homeowners dated November 4, 2007:
We have included in the 2008 Budget the continued commitment to have two roofs installed each year (until all 15 buildings are completed) as well as the installation of gutters & downspouts at these buildings. As covered at the 2007 Annual Meeting, the Board has discussed plans to begin the replacement of all the windows in all the buildings (some already have been replaced by individual unit owners in past years), one building a year, until all 15 buildings are completed, at the conclusion of the Roofing Project. However, these plans have been put on hold, as significant dry rot discoveries and their related repairs have taken precedence.
In 2006, homeowners received a copy of the Executive Summary of the Reserve Study for Kenthill Townhomes that included a listing of 29 major line items that the writers of the study deemed as those which the Association should consider beginning funding. It should be noted that with the exception of the continuing repairs to the wood siding and the ongoing commitment to replace two roofs every year, no monies are presently being set aside to fund these listed items. The Net To Reserves line on the 2008 Budget, the line from which these major expense items are typically taken [and not normal monthly maintenance expenses (the Operating Budget)] must at some point begin to increase to meet these other challenges. In the coming years the Association will have to begin to enlarge the amount on this line in order to set aside monies for the funding of major projects (one of which will be the next painting project).
In order to address these needs and meet the above stated objectives, the 2008 Budget includes an approximate 10% increase, effective January 1, 2008. Coupons and envelopes will be mailed out at a later date. Please begin using the new coupons as of January 1, 2008.
Sincerely,
The Kenthill Board of Directors
