ANNUAL BUDGET MEETING
MINUTES
MONDAY, NOVEMBER 7, 2022
The meeting was called to order at 7:05 PM. Izzy Mereos was absent, but 4 of the 5 Board members (Teresa Vilar “Tere”, Bonnie Ramos, Lina Blanco, and Al Gross), along with Manager Belinda Behar, were present, therefore, a quorum was met. Additionally, Alma Manrique, our accountant, was also present. A motion was passed to waive the reading of the minutes from the previous meeting.
On the agenda was the adoption of the new budget for 2023.
The floor was given to Alma to review the budget details.
Management fees are rising by 4% in 2023. Regulations are coming in 2024 where condo associations will be required to do reserve studies and maintain reserve accounts. Some of the items responsible for the rise include Security Services (to pay for the guards posted in the lobby) and Insurance. In Alma’s opinion, the 4% increase is not that high compared to what she has seen at other buildings.
Additionally, the Association is looking to hire an additional maintenance person.
A motion was made to adopt the Budget for 2023. The motion was seconded. All were in favor and the motion was passed.
The coupons for the monthly maintenance payments should be mailed in early December. Anyone with automatic withdrawals will need to update the amount being taken from their accounts.
A motion was then made to adjourn the meeting. The motion was seconded. All were in favor and the motion was passed. The meeting was adjourned at 7:25 PM.
