The Fairmont Homes Board met tonight to review the 2023 budget and monthly
You'll be getting notice of the full minutes of that meeting. However, since
most of you were not there and the increase is larger than it has been
historically, we wanted to explain what's going on.
1. We had to spend more than we expected on concrete and landscaping
extras like tree removal in 2022. That means we contributed $15,000
less to the Reserve this year than we'd planned.
2. We are experiencing generationally high inflation of 8-9% with no clear end
sight. That means all the maintenance services we hire are projected to
increase a fair amount next year.
3. Our recently updated Reserve Study - the study that projects what we need
to save for major property improvements - only considered inflation at a
maximum of 5%. At that rate, it recommends a 2023 monthly assessment of
about $350/month. (With 8-9% inflation it should be quite a bit higher.)
The Board felt this was too much of an increase to take on all at once, So:
4. We voted to increase the monthly assessment 10% to $291/mo. This is
beginning January of 2023.
5. We will be sticking to our 2023 budget for landscaping, concrete and general
maintenance very carefully. Once we have spent the planned money on those
items, any additional work will have to wait for 2024 to be budgeted.
6. This time next year, we'll re-evaluate the inflation and budgetary situation
to see if another larger increase is needed.
You cannot reply to this list directly.
Contact our management company directly with any concerns:
Tom Dase Management, LLC
1420 Renaissance Dr. Suite 102
Park Ridge, IL 60068
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