BUDGET FY2024
Greetings neighbors and Happy Holidays,
As everyone across the country is aware, the cost of goods, services, utilities, and labor has increased significantly over the last 18 months. The Cobblestones is also feeling the effect and this increase is now reflected in our 2024 Budget therefore, the Executive Board must recommend increasing the monthly dues by approximately 7%, making it official at the December 20th meeting.
Despite the current financial climate, we hope that you will find this increase reasonable, as The Board will continue to work on negotiating great work at affordable rates, just like we’ve done since January 2022 and we hope that all members will continue to prioritize this fee so we can continue to grow this community’s investment.
Starting on January 1st, 2024 monthly fees are:
TWO BEDROOM UNIT:
Was: $267.27 …. Increases by: $18.71 … New Monthly Fee: $285.71
THREE BEDROOM UNIT:
Was: $299.84 …. Increases by: $21.00 … New Monthly Fee: $320.84
At this time, we see no need for Special Assessment, barring any emergency or catastrophic event. Our reserves (rainy-day fund) is still strong and the increase in General Maintenance spending should be sufficient.
If you are enrolled in bill pay at your bank, or autopay, please make sure the necessary updates are made prior to January 1st 2024.
Thank you for your time and interest in this matter.
The Executive Board
| COBBLESTONES @ CHESTNUT HILL FY2024 PROPOSED BUDGET | |||||
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| INCOME | |||||
| Condo Dues | 198,326.52 | 218,159.22 | 218,159.22 | 218,159.22 | 232,915.20 |
| Legal Fee/Reimbursement | 1,500.00 | 1,500.00 | 1,500.00 | 1,500.00 | 1,500.00 |
| Interest Income | 615.06 | 615.06 | 50.00 | 50.00 | 1,000.00 |
| Late Fee | 2,100.00 | 2,100.00 | 2,100.00 | 2,100.00 | 2,100.00 |
| TOTAL INCOME | 202,541.58 | 222,374.28 | 221,809.22 | 221,809.22 | 237,515.20 |
| EXPENSE | |||||
| PROFESSIONAL FEES | |||||
| Legal | 1,800.00 | 1,800.00 | 1,800.00 | 1,800.00 | 1,800.00 |
| Tax Return/Account | 400.00 | 400.00 | 400.00 | 400.00 | 400.00 |
| Maintenance Management | 500.00 | 500.00 | 500.00 | 400.00 | 400.00 |
| Management Fees | 17,559.96 | 17,559.96 | 17,559.96 | 17,000.00 | 17,000.00 |
| TOTAL PROFESSIONAL FEES | 20,259.96 | 20,259.96 | 20,259.96 | 19,600.00 | 19,600.00 |
| REPAIRS | |||||
| General Maintenance | 6,500.00 | 6,500.00 | 7,500.00 | 7,500.00 | 17,100.00 |
| Plumbing | 500.00 | 1,500.00 | 1,500.00 | 1,000.00 | 1,000.00 |
| Roof Repair | 7,200.00 | 12,000.00 | 7,500.00 | 7,500.00 | 7,500.00 |
| Building Exterior | 6,500.00 | 8,000.00 | 8,000.00 | 11,000.00 | 10,000.00 |
| Electrical | 500.00 | 750.00 | 1,250.00 | 750.00 | 750.00 |
| Snow Removal | 850.00 | 850.00 | 850.00 | 12,000.00 | 15,000.00 |
| Snow Contract | 12,096.00 | 12,355.00 | 12,355.00 | – | – |
| Landscaping | 1,000.00 | 1,000.00 | 1,000.00 | 500.00 | 500.00 |
| Landscaping Contract | 31,606.80 | 33017,78 | 33,017.78 | 27,000.00 | 27,000.00 |
| Trash Removal | 10,200.00 | 10,200.00 | 10,710.00 | 13,300.00 | 16,800.00 |
| TOTAL REPAIRS | 76,952.80 | 86,172.78 | 83,682.78 | 80,550.00 | 95,650.00 |
| INSURANCE AND TAXES | |||||
| Insurance | 30,500.00 | 34,000.00 | 32,758.00 | 46,488.00 | 48,000.00 |
| TOTAL INSURANCE AND TAXES | 30,500.00 | 34,000.00 | 32,758.00 | 46,488.00 | 48,000.00 |
| UTILITIES | |||||
| Electricity | 2,561.00 | 2,800.00 | 2,700.00 | 2,300.00 | 2,300.00 |
| Water | 48,000.00 | 50,000.00 | 60,000.00 | 40,000.00 | 45,000.00 |
| TOTAL UTILITIES | 50,561.00 | 52,800.00 | 62,700.00 | 42,300.00 | 47,300.00 |
| OTHER | |||||
| Meeting Space and Supplies | – | – | – | 500.00 | 150.00 |
| Postage | 350.00 | 200.00 | 200.00 | 271.22 | 20.00 |
| Reserve Contribution | 23,917.81 | 28,941.54 | 22,773.54 | 32,000.00 | 22,000.00 |
| TOTAL OTHER | 24,267.81 | 29,141.54 | 22,973.54 | 32,771.22 | 22,170.00 |
| TOTAL BUDGETED EXPENSES | 202,541.57 | 222,374.28 | 222,374.28 | 221,709.22 | 232,720.00 |
| Total Budgeted Income | 202,541.58 | 222,374.28 | 221,809.22 | 221,809.22 | 237,575.20 |
| Total Budgeted Expense | 202,541.57 | 222,374.28 | 222,374.28 | 221,709.22 | 232,820.00 |
| Net Operating Income | 0.01 | 0.00 | (565.06) | 100.00 | 4,755.20 |