BOARD OF DIRECTORS ADOPTS 2006 BUDGET
The Board of Directors has adopted the 2006 budget which includes
maintenance increase of 2.52% effective January 1, 2006.
Your maintenance will increase between $9.97 and $15.81 depending
on the size of your apartment. The adopted budget as in past years
includes the STAR Credit and NYC Tax Abatement give-back. These give-backs
will be reflected as a special assessment in your March 2006 maintenance
bill. Please make a note of this so you will better understand your
March maintenance bill statement when it arrives. The budget also
calls for a take-back of next years $400 Tax Rebate through
a special assessment in October 2006. Again, please make a note of
this so you will not be surprised when you receive your October 2006
maintenance bill. However, depending on the actual cost of heating
fuel and the severity of the winter, the board may elect to rescind
this assessment prior to October 2006. Either way, the out-of-pocket
cost of these 3 tax give-backs to most shareholders will be $0. The
board feels this is a much better way to deal with the unprecedented
costs of fuel and taxes we have experienced this year rather than
imposing a larger permanent maintenance increase.
Most co-ops have also elected to incorporate these tax credit give-backs
into their budgets in lieu of higher maintenance in order to keep
their permanent maintenance fixed at a reduced level. The only difference
however is that unlike Glen Oaks Village, many of these neighboring
garden apartment co-ops will be increasing their maintenance by double-digit
or high single-digit % amounts. Glen Oaks continues to have the LOWEST
maintenance of any nearby garden apartment co-op and the board is
very proud of this achievement.
The budget was presented in detail at the November 9, 2005 shareholders
meeting at PS186. The meeting was attended by more than 300 fellow
shareholders who came out in the rain to see a presentation that lasted
slightly more than an hour and a half with a question and answer period
that followed. In addition to the budget, the recent co-op victories
with our NYS tax audit and the NYC property tax assessment were discussed.
We also talked about dormers, basement additions, duplexes, personnel
matters relating to staff terminations and other corporate matters.
Photos of the property and recent value-added improvements and renovations
were shown. If you didnt make it to the meeting this time, we
urge you to attend next time. In the meantime, a summary of the presentation
is available in the Financial & Tax Information section under
Current Year Budget on our website at www.glenoaksvillage.com.
On behalf of the board of directors, lets make this year Glen
Glen Oaks Village Owners, Inc.