No Cents

At an All Members Meeting held on January 20, 2014 a Proposed Budget for 2014-2015 was passed. When I asserted that legal fees would certainly be more than the $1,500. allotted for same, a Director piped up, 'Not with these lawyers' - meaning, I suppose, that the Board of Directors intended to charge back any and all legal fees to targeted members.

Unit Maintenance & Repair budget line was $2,400., but our Maintenance Contractor's budget was $34,800. - an incongruity there.

Property Management went up from $61,500. to $63,000. in 2014.

Our Financial Audited Statements presented (and passed) at our July 20, 2014 meeting stated that our legal fees are expected to be $15,692., General Unit Repairs are slated at $41,292.

Property Management was actually $62,559. in 2013.

Bad debt recovery came in at a loss in 2013 at $11,141., expected to rise to $16,262. in 2014. These are the real legal costs to the co-op, not the airy-fairy budgeted line of $1,500.

The Property Manager upheld a Priority Chart presented at our January and July meetings.  It states that 3 of 60 back decks in Phase I have been completed.  We do not have 60 back decks in Phase I - we have 9.  Nevertheless $10,000. is budgeted for Phase I and $15,000. for Phase II for 2014-15. Balconies are budgeted at $15,600. And the list goes on.

Vacancy losses for 2013 were $34,212. and are expected to rise to $42,979. in 2014.

The co-op is now stating that they have no money. The Proposed Budget passed on January 20, 2014, together with the Priority Chart puts the blame squarely on the shoulders of our very highly paid Property Manager, who clearly has no expertise in financial matters whatsoever.