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juliepet

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Elevator upgrades required by State (very expensive)

In three years we are facing a bill of $160,000 for required upgrades. Money has been reserved in the past for certain upgrades to elevators, but we did not expect the extent being required.

Do we have to call it a "Special Assessment" and assess for the total of $160,000 in next year's budget, or can we special assess to the reserve generally to account for all upcoming reserves?


In 3 years' time we would have the money, but our reserve would be depleted.
11/5/2007, 2:58 pm  
 


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