Notice of Special Assessment
November 10, 2015
Dear Homeowner,
As you may already know our Ledgewood Hills community faced several large unforeseen and unbudgeted expenses this past year that significantly strained the Association's budget. Great care and due diligence is always taken in the preparation of our annual budgets. However, this year not all expenses were able to be foreseen as the real world, and mother-nature, did not cooperate with our 2015 spending plan.
There were several contributing factors leading to the unanticipated shortfall. The largest contributing factor was the winter storm damage to the Association's roofs and decks, coupled with the removal of the large amounts of snow from the roofs throughout our community. The total cost for winter storm damage is estimated at $83,010.00. The second contributing factor was finding greater wood rot than could be seen during the walk-around that generated the repair estimate. Often what you see on the outside hides deterioration on the inside, as was the case this year; and we are committed to repairing what we find. More siding and trim replacement was needed during this year's Phase IV's prepaint carpentry along with more exterior and interior repairs than were expected. The extra cost was $58,697.00. The remaining balance stems from our contingency line item totaling $10,391.00.
As the year progressed we took actions to control other expenses and decrease costs. Because we create an annual budget that is without "fat", our operating budget unfortunately cannot absorb these unforeseen expenses.
After carefully considering all options, and with the recommendation of the Finance Committee, the Board of Directors voted for a onetime special assessment that will allow us to fund our anticipated shortfall in the amount of $152,098.00, or $405.00 per homeowner. This assessment is due December 31, 2015 payable in full by February 29, 2016.
We assure you that we on the Board regret this assessment. After all, like you, we are homeowners at Ledgewood Hills and have a vested interest in our community. We are working hard on next year's budget to make it sufficient to cover the needs of the Ledgewood Hills community.
Note: Please make checks payable to Ledgewood Hills Condominium Association and mail to Ledgewood Hills Condominium Association, c/o Foxfire Property Management, PO Box 1438, Concord, NH 03302 or drop in the mailbox on the front of the Clubhouse by February 29, 2016.
November 10, 2015
Dear Homeowner,
As you may already know our Ledgewood Hills community faced several large unforeseen and unbudgeted expenses this past year that significantly strained the Association's budget. Great care and due diligence is always taken in the preparation of our annual budgets. However, this year not all expenses were able to be foreseen as the real world, and mother-nature, did not cooperate with our 2015 spending plan.
There were several contributing factors leading to the unanticipated shortfall. The largest contributing factor was the winter storm damage to the Association's roofs and decks, coupled with the removal of the large amounts of snow from the roofs throughout our community. The total cost for winter storm damage is estimated at $83,010.00. The second contributing factor was finding greater wood rot than could be seen during the walk-around that generated the repair estimate. Often what you see on the outside hides deterioration on the inside, as was the case this year; and we are committed to repairing what we find. More siding and trim replacement was needed during this year's Phase IV's prepaint carpentry along with more exterior and interior repairs than were expected. The extra cost was $58,697.00. The remaining balance stems from our contingency line item totaling $10,391.00.
As the year progressed we took actions to control other expenses and decrease costs. Because we create an annual budget that is without "fat", our operating budget unfortunately cannot absorb these unforeseen expenses.
After carefully considering all options, and with the recommendation of the Finance Committee, the Board of Directors voted for a onetime special assessment that will allow us to fund our anticipated shortfall in the amount of $152,098.00, or $405.00 per homeowner. This assessment is due December 31, 2015 payable in full by February 29, 2016.
We assure you that we on the Board regret this assessment. After all, like you, we are homeowners at Ledgewood Hills and have a vested interest in our community. We are working hard on next year's budget to make it sufficient to cover the needs of the Ledgewood Hills community.
Note: Please make checks payable to Ledgewood Hills Condominium Association and mail to Ledgewood Hills Condominium Association, c/o Foxfire Property Management, PO Box 1438, Concord, NH 03302 or drop in the mailbox on the front of the Clubhouse by February 29, 2016.