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Each of my buildings have a different expectation for the maitenance.
We are raising maintenance in most by 2% to cover regular inflationary costs.
Some buildings we agreed to keep it the same and announced to the shareholders that the board would review the budget again in May/June to reassess the need for an increase. That is the minimum that should be done at this point, you should never reduce maintenance. If your in that great of shape where the excess is too much and you feel the need to give back, return it in the way of an increased service.
~AR
I was advised this week by our managing agent that the city has increased tax rates retroactively 1.44% starting in January 2010 (for July -December) which means a 2.88% increase for the Jan - June 2010 period (1.44% for the past period and 1.44% for the current period).
Has anyone heard about water/sewer rates yet? I was planning on a general 8.5% increase starting in July 2010 unless someone has heard anything more specific.
Water bill is proposed to increase by 10% in July; I doubt this will be pared down given the budget shortfalls of NY City and NY State.
We are budgeting an increase of 7% for real-estate taxes, based on increased value estimates.
Also look out for increased electric costs and for those with large staff requirements, MTA salary surcharge, along with union requirements and pension surcharge.
Hope this helps.
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What surprises me in this chain is that no one has mentioned real estate taxes which likely represent the largest single line item in your budget.
Real estate taxes represent more than 50% of our budget. Our auditors are advising us to expect both a increase in the tax rate AND the assessed valuation on July 1 which could add 3% to 7% to your tax bill. Add to that the likelihood of a NYC mid-year increase (January 1) and you get a significant number without even considering the other line items of your budget.
Those of you budgeting for a negligible increase or no increase at all should discuss it with your accountants and sharpen your pencils!
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