Maintenance Increase

     The maintenance fee for The Landings has not increased in 9 years. The Board of Managers has been dedicated to minimizing costs all these years while maintaining a fully functioning, beautiful property. Unfortunately, time has finally caught up with us, and changes need to be made.  

     The Board has sought the advice and guidance of our accountants and lawyers regarding this situation. We have been advised that serious attention must be given to the current budget, especially the reserve.

     Over the last six months there has been a large spike in expenses due to necessary changes in carpentry contractors, irrigation, landscaping suppliers, plumbers and electricians The Board is nearing completion of its due diligence in investigating new service contracts with the goal of reducing expenditures, selecting quality contractors and vendors with reasonable and competitive fees.  Despite our best efforts in this regard, operating expenses have increased dramatically. 

     Due to this past year’s large capital expenditures for the fire alarm system, tree trimming, parking lot, roof, deck repairs, dock/sea wall repair, gazebo replacement, and additional piping, our reserve, or cash on hand, has been substantially depleted. Our accountants have advised us that the account should be at least 1 to 1.5 percent of the annual budget. In their professional opinion, we must quickly replenish our present $114,000 reserve to at least $300,000 in order to fund needed capital improvements, as well as any emergency expenditures. These funds must be available for major repairs, renovations and refurbishment projects needed over the coming years to ensure that our buildings are properly maintained, something that is essential to our safety and security, our quality of life and the protection of our investments as owners. It is solely for this reason that we are implementing a new fee structure.

     The increase of reserves and operating expenses will be implemented in two ways:

(1)  the monthly maintenance fee will increase to $595 per month, and 

(2)   a 12 month assessment of $285 per month will be implemented.

The new fee structure will begin on March 1, 2020.

     The new cash on hand fee schedule spreads the contributions out over twelve months.   After discussions with our accountants, the Board decided that this was a prudent, responsible, fair and equitable approach to solving our financial requirements. .Above all, it is a sound fiscal policy and enables The Landings to be prepared for emergencies and preserve and maintain the existing facilities.  

The Board of Managers