12/16/21 – The budget for operating The Vaux in 2022 was adopted at the Board of Directors meeting on 11/18/21.
The cost of servicing and maintaining our beautiful condominiums is rising. In spite of mindful prudence on the part of our finance committee, the new budget forecasts an increase of approximately $135,000 over expenditures for 2021. If you add up the numbers, that puts our annual operating costs over the one-million-dollar mark for the first time in The Vaux's 15-year history.
Where will the money go? Major drivers of increased expenses are markedly higher prices for maintenance, municipal services (water, sewer, trash), property management, and especially the need to front-load our reserve fund to meet major future repairs (like elevator refurbishment and roof replacement) without incurring big owner assessments.
Members of thevaux.com can see budget details here . . .