Financially speaking, 2009 was another very good year for Meadow Hill. While our year-end numbers are not yet final, we expect to finish the year right on budget, even after paying for a water main break in December. During the year, we grew our reserves by $86,000, giving us a year-end position of about $330,000. All the funds are in laddered CDs spread across three different banks. Additionally, we recently completed a reserve study which has helped us target the use for these funds. Our 2010 budget is flat, meaning our condo fees for 2010 will once again remain the same for the new year. As an FYI, for the eight year period of 1/1/2003 through 12/31/2010, our monthly fees have increased a mere 4.5% in total, versus CPI and Social Security increases of well over 20%. I personally believe that our strong financial position enhances Meadow Hill’s market appeal.
Wishing you all a very Happy New Year!
– Lincoln May