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TO:                     ALL HOMEOWNERS
FROM:              THE BOARD OF DIRECTORS
DATE:                October 23, 2024

NOTICE OF BUDGET MEETING

Notice is hereby given that the BUDGET MEETING of Magnolia Bay Townhomes Association, Inc. will be held:

Wednesday November 13, 2024, at 6.30pm at
1445 West SR 434, Suite 300, Longwood, FL 32714 (Watson Plaza)

• Enclosed is a copy of the Proposed 2025 Budget for adoption at this meeting.
• You will note this budget proposes a substantial increase of $50 monthly from $150.00 to $200.00 per unit, per month.
• Payment coupon books will be mailed directly from Truist Bank early December.

*****    The Board of Directors meeting will also be convened on this date.

Although we all desire costs to remain the same and the Board has strived to do so over the past several years, it has become a necessity to increase the dues after absorbing many years of escalating costs while maintaining a level budget. The increase of $10 was not adequate, so we now need to “catch up” on the deficit sustained for a major part of this year, caused mainly by increases in:

• Insurance – Florida insurance increases have been daunting, affecting every community’s budget, and the industry predicts relief is not in sight.
• Materials and maintenance – personnel and supplies – doubled, more so since Covid.
• Storms – this has been an active storm season bringing down trees and branches. Costs to remove debris each time exceeded the budgeted line items.
• Pressure washingof the exterior of buildings, sidewalks and curbs are done annually, but due to the intense rains, the sidewalks and gutter cleaning need to be done more frequently, not only due to aesthetics but for safety.

Therefore, to avoid special assessments, the BOD feels it is crucial to fund the budget adequately in order to efficiently maintain the property.   To honor their fiduciary duty to you as owners, they are proposing a $50 monthly increase.

We look forward to seeing you at the Meeting Nov 13, 2024.

Please do not hesitate to contact me or your BOD with any questions.

Patricia Kotiah,  Property Manager
407-451-3039  kotiahp@hotmail.com.       PO Box 608810, Orlando, FL 32860

The BOD meeting has been rescheduled for Monday October 14th 2024 at 6.30pm

Due to Hurricane Milton, the BOD meeting scheduled for Wednesday Oct 9th at 6.30pm has been postponed

We will post the new date. Thank you all.