Hello everyone. I am on a board of directors. Last year our new finance board member pointed out to us that our reserve fund and finances were way behind. We had several studies done saying that we needed work done on our balconies, pipes in the parkade, eavestroughs needed to be replaced and other work needed to be done. After many meetings and deliberations we decided to ask for a large assessment. In conjunction with our property manager we wrote a letter of explanation with an assessment notice for 30 to 40 thousand dollars. There was a huge uproar ! We decided to cut it in half and raise the condo fees. The money was really needed. However those who opposed the decision hired a lawyer. The board was hated by some and admired by others.
A very important meeting was held with lawyers from both sides. People voted and the assessment
remained. Several lessons were learned from this!! We should have had a meeting at first to explain the situation. Owners should have asked the board not yelled at them ! Now we have a building committee, a finance committee, and a management committee. People have become more involved than ever before. Communication is so important. Talk to your board.
shirley g on July 26 2018 at 08:36 AM