EDGEWATER ISLE SOUTH OWNERS ASSOCIATION
Pargett Association Management
|PO Box 871
November 30, 2007
Edgewater Isle South
San Mateo CA 94404
Edgewater Isle South Owners Association 2008 Budget
Enclosed is the
Operating Budget for the South Owners Association for the fiscal year starting
January 1, 2008. You will note that your monthly homeowner dues for 2008
will be as follows:
Unit Type 1: $312.16*
Unit Type 2: $326.29*
Unit Type 3: $325.27*
Unit Type 4: $355.07*
Unit Type 5: $367.13*
Board proposes a 0% increase in the amount of the regular assessment in 2008, pending the members'
approval of a special
assessment to supplement operating expenses. If this special assessment is not
approved, regular assessments will need to be increased by approximately 19%
per unit in 2008.
*Master Association assessments in the amount of $125.00
per unit/month, and Commercial Master Association assessments in the amount of
$2.05 per unit/month will be added to your South Association assessments.
Your attention is called to the following salient points in the budget:
1. Dues for Fiscal Year
2007 are projected to be insufficient to cover this year's operating costs by
2. In 2008, we
anticipate only slight increases in most budget categories, with the exception of the following
• Legal • Copies & Postage
• Insurance • Landscape - Trees
• Taxes • Fire Extinguishers
3. During 2008, $122,046
will be contributed to the Replacement Reserve Fund, a slight increase compared
to $119,653 in 2007.
4. The Board is
proposing two special assessments for 2008 in the combined amounts of
$247,733 to pay for Unit 1 and Unit 4 deck drainage repairs and anticipated
shortfalls in the 2007 and 2008 operating budgets. Enclosed with this budget is
further information and your ballot to vote on this very important issue.
Included with the
budget are your annual disclosures, including: a copy of the Reserves Study;
Assessment and Reserve Fund Disclosure Summary; Insurance coverage summaries;
Notice regarding Assessments & Foreclosure; the Association's Assessment
Collection Policy; Alternate Dispute Resolution (ADR) Rights Summary; the
Policy ("Meet & Confer");
Notice of Members Right to Minutes; Notice of Members Right to Secondary Address for
Collection Notices: and Rules & Policies.
The Board meets monthly and all members are welcome to attend. Information regarding the
meeting dates and location is available from the management company by calling:
Board meeting minutes are available to any member for a reasonable copy charge.
Please keep these
budgets and attachments with other documents pertaining to the ownership of
your unit at Edgewater Isle. A copy of the budget may be required should you
refinance or sell your unit.
Board of Directors
Edgewater Isle South