The 2016 budget for Jubilee Heights and Cedar Lodge has been agreed and shows a 9.1% reduction in costs compared to 2015.
The highlights include an 11.8% overall reduction in running costs, 7% reduction in security costs (our largest single item in terms of expenditure) and a 37% reduction in insurance premiums.
The ongoing employment of a handyman is reducing our general repair outgoings by 20%.
Trinity have reduced their management fee by 10%. This was negotiated by the committee and agreed to by Trinity in order to show their commitment to improving the development and our relationship. Indeed, this is this first time we have achieved a year-on-year reduction from any managing agent.
Contributions to the sinking fund will be increased, something that is important for a development of this size in order to accommodate any crucial expenditure in the near future.
We are also investing money in improving the gym, including the replacement of key items and servicing the equipment to bring it back to proper working order.
In due course, Trinity will be issuing this year’s budget for closer inspection, should you wish to see it.