During last week’s finance budget meeting there was no mention of specific cutbacks in services or amenities, nor was there any mention of same in the monthly letters from our board president. I’m specifically referring to elimination of the ‘winter tree lighting’ and more importantly the total elimination of the ‘holiday party’ for our employees.
In conversations with a few board members, they expressed how they are being impacted by the financial markets, as I am.
There is no doubt we are living in difficult times, but should we deprive ourselves of amenities that might cost us $15-20 per year, per shareholder? I think not, because it sends a bad message to the world around us (i.e. real estate brokers), and more importantly this is our home, and we should treat ourselves in a first class manner. Do we not represent ourselves as a luxury coop community? We also expect to increase our reserves (savings) by $1,800,000 - there is an inconsistency here.
With regard to the ‘holiday party,’ this is an event that would cost each shareholder approximately $4-5 per shareholder. Once again, this gives us an opportunity to show our appreciation and behave in a classy manner to those who serve us 365 days per year. We are not a business in the true sense of the word, but a collection of homeowners (cooperators), and yes we should be business-like. What is more puzzling is we expect to generate a surplus of $709,000 in 2008 - here again we have inconsistency.
Those that worked on the budget did a very commendable job and deserve my thanks and that of the community at large. I certainly have no problem with the increase in our maintenance. I’m simply concerned that we may be placing ourselves on a ‘slippery slope’ - will we next put plastic flowers in our lobbies and arcade, cut the greens every other day, or clean our floors and windows half as much to save a few dollars? Once again, we are sending a message with our decisions.
Finally, these times do require all of us to be more prudent in the expenditure of our monies. My wife and I will spend less in certain areas of our life, but these will impact us and no one else. It is my wish that each of you not save us monies in the previously described manners. We’ll take that responsibility upon ourselves.
Thank you for your service to our community on these matters, as well as dealing with the many difficult issues that come to the boardroom.
Very truly yours, James F. Quinn
Building One - 4A
Former Board Member
Former Board President
