Significant increase for Shared Facility

ATTENTION ALL OWNERS

SHARED FACILITY BOARD MEETING DATE HAS BEEN CHANGED AGAIN

Board meeting is rescheduled to Tuesday, July 28 at 6pm.

Earlier today, our board of Directors was informed that the Shared Facility meeting scheduled for Monday, June 20 was cancelled. Next Shared Facility meeting is re-scheduled for Monday, June 27 2015. We will keep you posted on the outcome of this meeting.

SHARED FACILITIES BOARD IS PROPOSING OVER $200.000 INCREASE TO 2015-2016 BUDGET!!!

THIS MEANS ABOUT 6% INCREASE TO YOUR MAINTENANCE FEE AS OF SEPTEMBER 2015

Our YRCC878 Board of Directors (Sasha,Kevin and Benny) are against this proposal and are fighting this decision but you as owners must raise your concerns and must also fight.

Call or email Brookfield Property Management to demand this increase not happen.
TEL: 905-886-3855
EMAIL: centralpark@rogers.com

YRCC 878 has worked too hard in 2014/15 to get our finances under control to have it all diminished by Brookfield and the Shared Facilities. Ultimately, you the owners will have to pay for this increase and have to put the pressure against the increases outlined below!!!!

Please also share this information with your friends in the townhouses and commercial shops!!!

Background Information:

In fiscal 2014-2015 the Shared Facility increased it’s budget for 13.74%. In 2015-2016 the Shared facility is planning to increase it’s budget for 18.39%. If approved, the Shared Facility increase in last two years will go up for 32.13%!

Current Shared Facility Reserve Fund 2015 is in a deficit of $49,392!

YRCC 878 alerted Brookfield Property Management, the Shared Facility Board of Directors (recorded in the April 21, 2015 meeting minutes) and Shared Facility auditor Stephen Chesney of uncontrolled expenditures of the SF reserve funds for non-budgeted reserve fund items. The auditor confirmed in writing that if the reserve fund is overspend the increase of Shared Facility contribution or special assessment will be necessary which 
ultimately will increase the owners monthly maintenance fee. As per the Shared Facility Reserve Fund study at the end of 2014-2015 fiscal year, the Shared Facility should have $101,620 in the Reserve Fund. However, because of uncontrolled spending for non-budgeted items the Shared Facility Reserve Fund is in shortfall of $49,392. Instead of contributing $50,000 for SF Reserve Fund budget in 2016 the owners will now need to pay $99.392.

Total Shared Facility Budget increase of $202,291

YRCC 878 increase will be $56,637, which means our corporation total contribution for 2016 will be staggering $304,395 which represent 1/3 of our annual budget!

Here are a couple of items with unsubstantiated significant increases from the Shared Facilities Board:

• Security System increase of 56% (from $5,000 to $7,800)
• Emergency Generator annual service 55.50% increase (from $10,180 to $15,830)
• 
Fire equipment maintenance 64.40% increase (from 14,553 to $23,925)
• Garage doors repair 38.13% increase (from$6,900 to $9,531)
• Hydro 17.97% increase (from $188,057 to $221,859)
• Gatehouse Security 9.82% increase (from $154,574 to $169,757)

Other SF Items questioned by the YRCC 878 Board:

• Superintendent Assistant $37,000
• Group insurance for Super and his assistant $9,850
- Gatehouse Security $169,757
• 
Landscaping $186,935
• 


Snow Removal (already in Landscaping contract) additional $5,000
• Telephone for Shared Facility $6,600
• 
Miscellaneous for administration (bonuses etc.) $3,526
• Temporary Staff $$4,642

YRCC 878  proposal is to revisit the budget item by item and decrease the 2016 SF budget for 3%

If the 2016 budget Shared Facility budget is accepted as proposed by Brookfield it will reflect to YRCC878 monthly maintenance increase of about 6%. Considering that our own corporation is still under 5 years Chillers purchase agreement committed by previous board (we will pay $72,000 in 2016) our owners could see significant increase of their maintenance fee for 2016.

The owners of all 3 corporation have the power to stop this unnecessary increase. Our corporation will not accept the Brookfield proposal without reduction, however, other two corporations have to act. If their boards approve the increase of 18.39% everyone at Central Park on Yonge maintenance fee will increase for about 6%.