Address from New Claim HOA President Tomi Owens
- Joe Johnson
- Jun 2, 2024
- 3 min read
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Greetings New Claim Owners,
Happy Holidays from the New Claim HOA Board!
Attached are next year’s budget and recently completed 2023 reserve study. Please have a look.
A warm welcome to all the new New Claimers and much gratitude for all those New Claimers who have been with us for years. Over the last two years, we have undertaken and accomplished major upgrades to the plumbing and building! Thank you to Maria and the volunteer Plumbing Task Force for organizing the bidding, scheduling and executing this massive undertaking.
Attached you will find the New Claim 2024 Budget. Overall, there is a $48,198 or a 13.2% increase to operating and reserve dues budget. This excludes the Pipe Special Assessments as many owners have paid these off in full.
Regarding this 2024 budget, I must draw your attention to two price increases:
First, the cost to provide insurance for our building has gone up significantly in the last year from $46,750 to $65,085 (an $18,335 or 39% increase). All of Park City has been designated a wild-fire zone and this extra cost has been rolled into our premium. Almost every HOA in Park City and Summit County are dealing with insurance sticker shock this year. Maria and the volunteer task force (thanks Leon!) reviewed bids from several insurance providers and the HOA Board is confident we have secured the best possible coverage.
Second, the Prospector POA fees have gone up primarily due to the Special Assessment for the district’s $1.6 million special assessment. The New Claim Condo’s annual responsibility is $18,486. The Prospector Special Assessment Ends in 2026 but until then, this cost must be included in our monthly HOA dues. This community upgrade is part of Prospector Square’s commitment to beautification and infrastructure stabilization. Here is a link for more information.
Again, please refer to the attached documents for a detailed breakdown of the 2024 Budget along with HOA dues for each unit. For those of you on ACH, the amount will automatically be adjusted. For those of you that have re-occurring payments, please adjust with your bank to reflect the new 2024 HOA dues.
Also attached is the completed reserve study for the New Claim building. Even though the study recommends the New Claim HOA increase the RESERVE line item significantly; due to the increases in insurance and the Prospector Square Special assessment, the HOA Board has decided to implement only a $8,397 (a 15% increase) in the reserves line-item budget for 2024. The building needs a healthy reserve account and we will continue to monitor the reserve account with utmost frugality.
And finally, long time board member Michelle Spencer sold her condo in November and the board lost a valuable member. We thank her for her volunteer service. Rather than hold elections, we moved to continue with four members until the annual meeting in June 2024. Please consider joining us on the New Claim board. Also in June, we need to pick a new President as terms are limited to two years. I have enjoyed my time as President and the challenge of major upgrade projects. I have agreed to remain on as an HOA Board Member. We always need good talent and new ideas on the HOA. Therefore, if you are interested, just let me know.
I look forward to the New Year in New Claim!
Tomi Owens
New Claim HOA President
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