Your elected Homeowners Association Board of
Directors has voted to increase the BOA
Fees for 2017. The monthly fees starting January 1, 2017 are as follows:
Fees for 2017. The monthly fees starting January 1, 2017 are as follows:
All Units
Phase I
Phase I
BOA Fees - $226.00 per month
$ 5.00 per month - reimbursement towards cost
of electricity for
laundry facilities.
laundry facilities.
The increase includes a higher contribution to
Reserves as recommended by the Reserve
Fund Study completed during the summer. This increase represents the first
recommended increase in Reserves as we move to achieve 75 funding in our Reserves.
The study recommends an annual increase of 3 in future years.
Fund Study completed during the summer. This increase represents the first
recommended increase in Reserves as we move to achieve 75 funding in our Reserves.
The study recommends an annual increase of 3 in future years.
While the budget for 2017 reflects the
reductions in Cable TV Services as anticipated by
securing new services, these savings have been allocated to cover both the additional
Reserve Fund contribution and increases in several expense line items that have been
experiencing pressure over the past few years most notably Maintenance and Repair
Plumbing, Maintenance and Repair Landscape, Maintenance and Repair Pool and Spa and
Water Gas Sewer and Garbage. The overall increase in HOA Fees of $7.00 represents an
increase of 3.2 which is well below the maximum allowed by the CC&Rs.
securing new services, these savings have been allocated to cover both the additional
Reserve Fund contribution and increases in several expense line items that have been
experiencing pressure over the past few years most notably Maintenance and Repair
Plumbing, Maintenance and Repair Landscape, Maintenance and Repair Pool and Spa and
Water Gas Sewer and Garbage. The overall increase in HOA Fees of $7.00 represents an
increase of 3.2 which is well below the maximum allowed by the CC&Rs.
The increase for 2017 follows two years when
there was no increase. The distribution of
the HOA Fees for 2017 represents the following change in allocation
the HOA Fees for 2017 represents the following change in allocation
Operating Fees
Reserve Fund
Reserve Fund
2017 2016 2015 2014
$152.47 $159.54 $147.00 $141.00
73.53 59.46 72.00 78.00
$152.47 $159.54 $147.00 $141.00
73.53 59.46 72.00 78.00
The Board will be reviewing the Component List
of assets as identified in the Reserve Fund
Study and scheduling the repair/replacement of assets as recommended in the study and
the existing schedule that has been developed over the past several years. Details of the
work schedule wiD be finalized and acted upon as we move forward during the coming
months.
Study and scheduling the repair/replacement of assets as recommended in the study and
the existing schedule that has been developed over the past several years. Details of the
work schedule wiD be finalized and acted upon as we move forward during the coming
months.
The Reserve Fund Study report is available in
the office for any owner who would like a
copy. However, I recommend that you get a digital copy (PDF format) rather than have
the office print/copy the full 150 plus pages.
copy. However, I recommend that you get a digital copy (PDF format) rather than have
the office print/copy the full 150 plus pages.
Owners are encouraged to observe situations
around our complex and offer suggestions for
major repair/replacement of any asset. This will ensure that the Board considers all
options when developing our annual works plan.
major repair/replacement of any asset. This will ensure that the Board considers all
options when developing our annual works plan.
You are reminded that aU BOA fees are
due tile first of each month. There is a late
payment charge of $15.00 for payments received after the 15th of the month. This will
automatically be charged to your account each month until payment is received. We
encourage all owners to provide postdated cheques for the twelve months as a convenience
to yourself and the office. Checks should be made payable to "V A W HOA" and your Unit
number should be shown on checks. Alternatively, you can investigate tile possibility of
making automatic payment each month with your financial institution.
payment charge of $15.00 for payments received after the 15th of the month. This will
automatically be charged to your account each month until payment is received. We
encourage all owners to provide postdated cheques for the twelve months as a convenience
to yourself and the office. Checks should be made payable to "V A W HOA" and your Unit
number should be shown on checks. Alternatively, you can investigate tile possibility of
making automatic payment each month with your financial institution.
Further communications will be forthcoming regarding both Information and Annual
General Meetings.
General Meetings.
Sincerely,
Martin Hayward, President
Homeowners' Association
Board of Directors
