Budget
The proposed budget was presented at the meeting. Although certain elements have changed slightly from last year, the most important factor is that the monthly fee will remain at $185. We have benefitted from a mild winter and a reduced number of water line breaks. Hopefully we continue to have good luck with the weather and the pipes during the rest of the year. Whenever we spend less than budgeted, any unspent funds are added to the Long Term Reserve.
One critical thing that continues to impact Riverbend significantly is our Bad Debt and Delinquency issue. We have a number of abandoned units within Riverbend. There several others that are occupied but the owners are in bankruptcy proceedings. In addition to the units continued deterioration, the owners have not been paying their monthly assessments. The Association has accrued nearly $45,000 in unpaid assessments at this point.
We are pressing our lawyers to try and recover as much of these unpaid assessments as quickly as they can. Such actions also increase our legal bills. If this continues much longer, we will need to increase the monthly assessment. At this time, roughly ninety per cent of the homeowners are paying one hundred per cent of the bills.
November 2009 Newsletter Contents
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