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Hi All,
Its budget season and I wanted to know are you increasing your maintenance, adding assessments or reducing amenities and scaling down services.
We are discussing our visions for the building and how we will get our building to the next level but it won’t be cheap and in this envoirment who wants to pay more. So I would be curious what other co-ops and condos are doing?
We are experiencing cost increases from staff, insurance, energy, water, and real estate taxes, yet we still need to implement a fuel conversion, finish our elevator upgrade, and develop capital repairs including plumbing and façade work… let’s see what happens, but looking to hear feedback.
Some suggestions that have come up include only moving from #6 to #4 as opposed to actually moving to #2 and Nat Gas; defer plumbing and other work that is not critical.
But in the end it will increase our long term costs and contribute to the wear and tear on our building.
What is your building doing?
Thanks in advance.
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W e decided to split fuel costs off from the rest of operations due to the fluctuation in costs and therefore are creating a core increase of x%, and an adjustable rate x% tied to fuel costs. IT's not a monthly variable rate it is an annual adjustable so we don't keep compounding it year after year.
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