President's Letter: AGM 2018
I’d like to thank you for reading your AGM package and for being active members of our collective home.
This year I am up for re-election, and I truly hope to continue serving you as a Director in the future, just as I have for the past 4 years. It has been an absolute honour thanks to the people that I’ve had the pleasure of working with: The Board (Ryan and Kevin), City Sites Property Management, TSCC Staff, our Contractors, and of course, the wonderful Residents who so often make my elevator rides more fun and interactive!
Maintenance Fees | Lawsuits
As in previous years, the budget is highly cost-effective, sustaining maintenance and including some improvements requested by residents. The last increase represents obligatory contributions to the Reserve Fund, an increase for the rising costs of goods and services and the minimum wage increase, and costs for some major unexpected repairs.
The Board continues attempting to recover costs from the Developer and other contractors, but is happy to report that we’ve successfully collected funds due the Developer’s mistakes in handling Property Taxes during Owners’ Interim Period, and that these funds were refunded to the Original Owners who applied for their rebate before the deadline.
Comparing Our Maintenance Fees:
How do our maintenance fees compare
to the rest of Toronto's Condos?
Below Average: $0.52 - $0.67 /sq.ft
Our current cost (per sq.ft): $0.63
Average: $0.68 - $0.78 /sq.ft
Above Average: $0.79 - $0.92 /sq.ft
Very High: $0.93 and up.
How is Our Board Saving Us Money?
Efficiency | Free “Elbow Grease”|
Every year, we make the building more energy-efficient (through on-going lighting retrofits, several rebates offered by the City, and by installing a Building Automation System) in order to lower our most expensive costs: utilities such as hydro, water, and gas. We have already begun to see the savings and stability with our bills!
We’ve also eliminated some costs by volunteering our own time and labour so we can accomplish several projects and goals within a very limited and economical budget.
As in previous years, I continue running the informative, user-friendly, and cost-efficient website that I created in 2015. In fact, the website (and specifically, the Blog section that I’ve regularly maintained) has been featured in the news! I’ve also continued to plan refurbishments and betterments, and source products for our Amenities so that our common elements can reflect the luxurious building that we all expect and deserve- without unnecessarily driving up maintenance fees- all due to my “elbow grease”!
Ryan has continued the phased improvements of the gym, by gathering bids and planning out the equipment and space using the surveys that we asked Residents to complete. Ultimately, we're happy to partake in this work because we love our home and community, and know that contractors can't beat our "free"!
I look forward to seeing owners at the AGM! Please do not hesitate to email me at Directors@EmeraldCityOne.com if you have any questions or concerns.
All the best,
Andreea Birloncea, President
of the Board of Directors of TSCC 2368.