BUDGET, RESERVE STUDY AND ASSESSMENT INCREASE

The Annual Disclosures were mailed out on May 19, 2023. The packet of information includes the 2023-2024 Budget, the updated Reserve Study, Collection Policy, Insurance information, the Fine Policy and the Summary of Architectural Procedures.

The Lido has a fiscal year-end of June 30^th. Which means, the Budget and Reserve Study must be reviewed and updated prior to June 30^th every year. With the new fiscal year for the Association, the Board of Directors have reviewed the operating budget with the goal of providing efficient operations and funding adequate reserves to meet long-term maintenance requirements. Based on this review, the Board has determined that in order to maintain the monthly maintenance costs, including contract increases and utility increases, as well as the financial integrity of the Association and to meet the ongoing maintenance costs of the property a six percent (6%) increase in assessments will be effective July 1, 2023. As of July 1, 2023, the new assessment amount will be $520.  

If you have set up auto-pay through the Resident Portal, the new assessment amount will be automatically updated, as of July 1, 2023. If you have auto-pay set up through your banking institution, please contact them and ensure the payment amount is updated, prior to July 1, 2023.

Sincerely,

Nikki Bekish, General Manager, The Lido

On Behalf of the Board of Directors