The 2020 Budget
$1,000,000 in additional revenue
for the cooperative. Nearly
$300,000 of that will go toward real
estate taxes, which is the Towers’
largest operating expense (42%).
Real estate tax estimates are based
upon actual tax rates and assessments,
resulting in the forecasted
Another major increase will be
seen in labor costs, which are budgeted
to increase by approximately
$640,000 as a result of contractual
union mandates. Labor accounts
for the Towers’ second highest
operating expense; together, real
estate taxes and labor combined
account for over two-thirds (67%)
of NST’s operating expenses.
Net-net, the 2020 operating
budget calls for approximately
$1.05 million in excess revenues
THE RESERVE FUND
NST ended 2019 with a reserve
fund balance of approximately
$12.55 million. Taking into account
funds currently set aside for possible
VIP Room and Arcade/Hallway
renovations, the 2020 balance is
projected to increase by $180,000.
LONG TERM PLANNING
North Shore Towers’ underlying
mortgage matures in 2022.
As such, discussions will begin
over the next year and into 2021
to determine the best course of
action with regard to refinancing.
Interest rates will be monitored,
and shareholders will be advised
of the Board’s progress as discussions
Photos by Dawn Steinberg
The Bottom Line for
Maintenance is being increased by 2%, which translates to a maintenance
fee of $7.10 per share, allocated to both apartments and parking
The mandatory Country Club membership is being increased by
$60 to $1,110.
Sponsored golf memberships are being increased to $4,500 for first
year members and to $5,000 for returning members.
The 50 cent per-share assessment that was instituted in 2018 is
January 2020 ¢ NORTH SHORE TOWERS COURIER 9