Saturday, December 21, 2019

It's More Than a $28 Increase

Welcome Unit Owners to our own forum. If you are new to this blog and have heard about maintenance increases, allow us to help clarify.

Recently the Riverfront Master Association (RMA) Board passed a budget (without a board meeting) to increase 36%. How much is that to you? On average it is $28 a unit. That is only an average.

However, your OVERALL HOA maintenance will be higher. The RMA is part of the overall HOA.

Your HOA is comprised of two budgets:Your Condo Association building's budget (either the Wind, Mint or Ivy) and the RMA (essentially the exterior).

For example, if you live in the Ivy, with the recent Ivy maintenance increase of 3%, adding in the RMA increase (4% of the Ivy budget), the total overall increase for the Ivy is 7%.

$28 RMA maint. increase + Condo Assoc. main. increase = $60-$80/month  for a 2BR at IVY.

This is important to understand.

Both the Ivy and Wind had open workshop budget meetings where unit owners can attend so you are part of the process and there is transparency.  Many unit owners do not read the association emails and therefore miss this opportunity.  IT IS VERY IMPORTANT TO READ ALL ASSOCIATION EMAILS to keep tabs of your investment and participate.

RMA manager Allan Yepez sent emails to RMA board members for an open budget workshop. It was scheduled for Oct 31 and then supposedly cancelled "due to inability to get a quorum". Other attempts were made and were unsuccessful.  Therefore RMA manager Allan Yepez  constructed the budget. Only the Ivy rep kept asking for any budget meeting to discuss it before voting.

We hope to see more unit owners at all association meetings.

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