Suspension of R&R Fund Contributions to help reduce our monthly Maintenance expenses

Suspension of R&R Fund Contributions to help reduce our monthly Maintenance expenses

Started
March 31, 2020
Petition to
Galaxy Residents
Signatures: 77Next Goal: 100
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Why this petition matters

Started by Sai Pun

This petition is only for Owners of condominiums at Galaxy Towers in NJ. Please put your name along with your Tower / Unit Number in the comments when you sign this petition. Please do not sign the petition if you are a tenant. 

Dear Galaxy Owners, 

The recent outbreak of COVID19 is having a drastic negative economic impact on our economy. Coronavirus has pushed the global economy into a recession of historic proportions. As a result companies have started laying off people and cutting expenses to help reduce costs. Unemployment has already starting to increase exponentially and as per a recent report from Goldman Sachs, the US GDP will decrease by 4% or more this year. (see link below)

We as owners need to get ahead and urgently start evaluating our monthly expenses at the Galaxy. We need to reduce our galaxy maintenance bills and invest only in projects that are absolutely necessary. One area that we should suspend  is the contributions we are making to our reserve funds. Currently, we are all contributing over 20% of our monthly bills to the reserve account that has over $4.1M in reserve cash, as per the Board minutes from January that can be found on building link.

This petition is for us to have the Galaxy board urgently suspend the reserve payments and suspend / cancel all projects that are not critical for the building.

Thank you. 

 

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Signatures: 77Next Goal: 100
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Decision Makers

  • Galaxy Residents