March 24, 2023 -- The Park Row Board of Directors is pleased to announce that it has adopted its budget for 2023/2024 with NO INCREASE in common charges to homeowners. 

 

The Board began crafting the budget in early February and had five meetings during which each revenue and expense line was carefully scrutinized. In addition to the 0% increase in common charges, the adopted budget increases the amount allocated to the Capital Reserve Fund to $30,000/month (up from $26,313/month), the largest monthly commitment to Park Row’s future needs in our history.

 

“I’m thrilled that the cost saving measures that the Board undertook throughout the past year have resulted in our being able to freeze common charges at last year’s rate,” said Board President Tom Malanga. “By securing savings in our contracts for landscaping, snow removal, irrigation, fertilization, gutter cleaning, and security, the Board has been able to focus our resources on other needs while also passing along these savings to our members.”

Notable highlights and specifics from the budget include:

 

• Snow Removal contract budget reduced from $200,000 to $141,212
• Security Guard Services contract budget reduced from $123,000 to $93,000
• Landscaping Services contract budget reduced from $226,239 to $194,439
• Water service reduced from $175,000 to $150,000
• Legal fees reduced from $45,000 to $25,000
• Rental income reduced from $80,613 to $0 (no HOA-owned rentals currently)
• Playground budget increased from $3,000 to $10,000
• Annual contribution to Capital Reserve Fund increased from $315,756 to $360,000

“It’s so exciting that we are able to increase the amount we are saving for our Capital Reserve Fund without increasing common charges or having a special assessment,” said Board Treasurer Amanda Breig. “Our Reserve Fund is at its highest level ever and we are going to be spending a lot of money on siding this year, so increasing our monthly contribution is a vital component of this budget.”

 

Board Secretary Vita Tesoro agrees.

 

“We did a lot this year to improve services and reduce costs. The siding pilot project on Clubhouse Circle was a huge undertaking and a big success last year and now we are going to be expanding to 8 more buildings on Smith Street, Sprucewood Blvd, Summerfield Circle, Sunwood Circle, Maple Wing Drive and Maple Wing Blvd,” said Tesoro. “We are committed to doing more improvements while being mindful of our members’ pocketbooks.”