Dear OH5 OwnersFurther to my last communication, I would like to report that with the support of committee members, we met with Absolute on a number of occasions to resolve all remaining issues. Here below is a summary of all points...
Overview
Despite making great strides into the collections of funds, which at one point was over 50% of owners not paying on time, the total debt is now currently around 6,000 euro, which is mostly down to 6 serial non payers. Click the link below to see the 6 apartments that refuse to pay, as you have a right to know and I promised to inform you.
Whilst we have kept all operations going including massively increased Electricity Bills, Pool maintenance (including a major repair last year), complex cleaning, Gardening (we have a new plan to optimize for the summer) and convinced Absolute to cover all of our extra sewage costs within the existing agreement (value of around 3,500 euro per year) due to sewage issues which we cannot afford to rectify (8,000+ euro cost), the reality of the debt and the non payers means that we cannot afford to execute necessary work on the complex to our mutual benefit.
Absolute would very much like to raise the monthly cost, so that we can tend to the necessary repairs. The reason behind this is that our cost is going up and the contingency fund of 15% is completely swallowed up by the following...
- Vastly increased Electricity costs.
- Increase in VAT by 2%.
- Non payers as reported above.
- Additional Sewage costs.
As a Committee we are reluctant to do this, as our intention was to actually decrease the cost, however the above realities is making the situation nigh impossible. Regardless, we still think that raising the monthly is not the right move at this time, so the only solution we can come up with is a combination of the following...
- To create a one off payment to execute emergency repairs.
- To additionally hold a Fund Raising Event.
Emergency Repairs
Following an inspection of OH5, we detailed the most pressing matters in this document:
OH5 Complex Repairs.
With the summer coming we need to take this action with immediate effect.
One off payment
The goal will be to create a one off payment to cover the cost of the repairs detailed in the link above.
To organize a Fund Raising Event
We have the good fortune of Committee member Costas Costa living in our Complex. He is actually a well known Magician / Comedian in Cyprus.
Lithos Bar agreed to give us a FREE venue and to charge 10 euro for entrance to experience the following...
- Costa Costa LIVE
- A Magic Act
- DJ with Retro Music for dancing.
All entrance fee proceeds will go to OH5 to conduct repairs. Our Goal is 100 people = to 1000 euro + income from a Raffle.
Conclusions
- The monthly fee will remain the same for the rest of 2012 until February 2013 at which time we will re-access. Please ensure that you account is paid up to date.
- All owners will be asked to pay a one-off fee for repairs. If any full paying member wishes to object, we ask for this in writing.
- The Fund raising Event will occur on the Sat 12th of May in Lithos Bar - we kindly ask you to support us and spread the word as much as possible (Tickets available from Lithos direct).
Thanking you in advance for your support and we welcome your feedback.
My very best regards
Grant Holmes
On behalf of the OH5 Committee
