This year’s budget for the Silver Valley Condo Association is larger than the 2016 budget by $23,185.00, an annual increase of 11%, which will be accompanied by a corresponding 11% increase in monthly fees in 2017. A copy will be mailed to each owner; and you may download a copy now.
Association members have recently voted again to waive fully funding of our Reserve Fund, by a substantial majority. Unfortunately, we can no longer ignore ongoing preventive maintenance and repairs, and the staged replacement of several capital assets that continue to deteriorate.
The 2014-15 assessment went a long way to repair our core capital asset concerns, but new challenges remain, including: hillside erosion; common element maintenance; spot repairs to original concrete sections that have failed since the last major street project in 2014; retaining wall replacement; and the ongoing cost of tree maintenance, stoop repairs, light post maintenance, chimney cap replacement, among others.
Our website contains all data regarding our short and long term needs, and associated costs to address them. The 2016 Reserve Study Update enumerates capital issues requiring our attention; it is available for download here: 2016 Reserve Study Update.
Board of Directors
Silver Valley Condominium Association, Inc.