Berkshire Ridge Condominium Association – 2025 Budget

Attention: All The Berkshire Ridge Condominium Owners

Click HERE to download a copy of the 2025 Budget & Budget Letter
Click HERE to download a copy of the 2025 Census Form

On Thursday, October 10, 2024, The Berkshire Ridge Board of Directors held its annual budget planning meeting. Unfortunately, after much discussion and number crunching, we have determined that an increase in the HOA dues will be necessary. This increase is primarily due to rising costs in several key areas that are essential for the maintenance and operation of our community.

Reasons for Budget Increase:

Increased Insurance Costs:

Over the past year, Insurance premiums have seen significant increases nationwide due to a variety of factors, including natural disasters and inflation the cost of insurance for the community has significantly risen. These increases are due to higher premiums and additional coverage requirements to protect both the property and residents. As a result, we must allocate additional funds to meet these costs.

New Reserve Law Requirements:

As part of a new state regulation, the HOA must ensure that our reserve funds meet certain thresholds to maintain the property’s long-term health. These changes, while necessary for the future of the community, require additional contributions to the reserve fund. This will ensure the long-term financial stability of the community and cover future repair and replacement costs of common area facilities and infrastructure.

Water & Sewer Rate Increases:

Our utility providers have raised their customer rates for water services, which affects both common areas and individual unit usage. Accordingly, the Board has decided that an increase of four (4%) percent per unit will be enacted beginning with January 01, 2025, payment. This will raise the current inside unit maintenance fees from $438.00 to $456.00 and outside unit maintenance fees from $546.00 to $568.00 A detailed breakdown of the updated budget and the new fee structure is included with this letter.

Census Form:

In addition to the budget update, we are also asking all residents to complete and return the census to update our records and ensure that we have accurate contact information for all residents and households. This will allow us to improve communication and better serve you.

We kindly request that you complete and return the census form by January 30, 2025. Failure to return the census will result in a fine of $25.00 per day until the paperwork is submitted. You can submit the form via:

Email:
berkshireridgeoakridge@gmail.com

Mail:
mem property management
Att: Census BRCA
65 Challenger Road
Suite #320,
Ridgefield Park, NJ 07660

Online:
https://www.memproperty.com/technology/ “Census Form”

In person:
In the Clubhouse Tuesdays 9:00am-1:00pm

If you have any questions or require further clarification regarding this matter, please do not hesitate to check the website http://www.berkshire-ridge.com or contact mem property management 201-798-1080 ext. 6050

Thank you for your attention to this matter and your cooperation in maintaining the integrity of our community.