Glen Oaks Village News

BOARD OF DIRECTORS ADOPTS 2006 BUDGET

The Board of Directors has adopted the 2006 budget which includes a monthly 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 year’s $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 didn’t 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, let’s make this year Glen Oaks’s best!

Bob Friedrich

President

Glen Oaks Village Owners, Inc.

 

Glen Oaks! Fine Folks!

 

70-33 260th Street Glen Oaks, NY 11004 718-347-2337 www.GLENOAKSVILLAGE.com
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