Last night at our Annual General Meeting (AGM) owners had a in depth discussion on our recent Depreciation Report and the need to increase our Contingency Reserve Fund (CRF) over the next few years as we prepare for some major expenses (which will be paid from the CRF) that we expect to incur over the next 5 to 10 years, such as replacing our roofs and re-painting our building exteriors.
There was general consensus that it is preferable to add to the CRF by increasing monthly fees over time, rather than by imposing Levies, which can sometimes be difficult to collect.
A motion was passed to amend the 2024-25 budget by increasing each unit’s monthly fees by $50 more than what was in the proposed budget in the AGM package.
The approved 2024-25 Budget and corresponding Monthly Fee Schedule are posted on our website at: Budget
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