Posted by andyS on July 22, 2007, 6:09 pm, in reply to "Re: some maths on service charges"

I am pretty sure that all of this has been covered both in a letter and on here. I'll pick up a few points. The rest you can address at the AGM or by back-tracking through the plethora of other answers on here. 1. Reserve funds Yes. All blocks have them and they are designed to cover contingencies. As explained in the letter, we have over-run our contingency estimates (which are based upon the experiences of us, our anticipated costs, our surveyor and managing agent's thoughts). As such, it is financially prudent to re-build the reserves. We could either do this now or run a liability into next year. We chose to do it now. The two unanticipated costs have both run into three figures per flat. Gym works have hit everyone in the pocket. Wheelhouse roof has hit Wheelhouse residents. Various more minor over-runs have occurred too but it is those two things that have bitten hardest. 2. "Everyone is keeping very quiet" If you would view the number of posts on here by myself, Claire, Charles and Gareth, I would suggest otherwise. Everything has been covered in a letter. 3. "acting in the interest of BW" We don't use this as a defence to incompetence, merely to state that no-one who makes a decision has a financial interest outside of BW that can benefit by a decision made by the board. Whilst people could claim that a third party decision-maker does have interests, we categorically do not. If you think that I am using it as an excuse, then I am sorry that you feel that way. If you think that I am a liar and a thief then please say so on here. 4. "investment in BW" Yes...we have all made one and that is why we act in the best financial interests of the company. It would be negligent and imprudent to do otherwise. 5. "who messed up last year" As far as I can see, there has been no "messing up". We have had unanticipated costs. Partly caused by residents; partly caused by circumstances. Both of these we are trying to overcome in a sensible way without being reactionary. As I have stated before, if you have a continued issue and want to see everyone involved in one place, please join us at the AGM.

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