At 175 East Delaware Place, the financial picture is showing cracks. For the second year in a row, the board has approved a budget that defers millions in reserve contributions rather than addressing true funding needs. While assessments increased just 3.25%, nearly 14% of the required funding was waived — leaving an effective gap of 17%.
Our forensic review of five years of actual financials (FY2018-19 through FY2023-24) reveals the real story:
- 📈 Expenses are growing more than twice as fast as assessment revenue.
- 🚨 Reserve waivers total $1.35M this year alone, creating long-term liability.
- ⚖️ Governance concerns: repeated waivers may place the association at risk of non-compliance with its own declaration.
- 🔍 Notable trends include skyrocketing pool repair costs (+57.3% CAGR) and insurance premiums (+14.5% CAGR).
Short-term relief from minimal increases comes at a cost: special assessments, deferred maintenance, and governance risks. Owners deserve clear, timely, and transparent financial reporting.
