(Note: If you are an owner in The East Market phase 1, you should have also received this information in written form by this time.) The phase 1 board has recently approved the 2006-07 budget. Thanks to savings achieved by the board and management, the deficit of $43,000 at the beginning of the 2005-06 year is on track to be reduced to $29,500 by the end of the current fiscal year (September 30, 2006). Utility costs in 2005-06 (i.e. hydro, water and gas) increased by about 8% from the previous year. These rates are beyond the control of the Corporation and a similar increase has been projected for 2006-07. To continue to reduce the deficit and to accomodate rising utility costs, 2006-07 condominium fees will be increased by 3% from 2005-06 fees. We are very pleased with this, as this increase is not far from the rate of inflation. We remind you that you have the option of automatic bank debit for payment of condominium fees. If you are on the automatic bank debit option, your fees will continue to be deducted from your account on October 1, 2006, but in the new amount as listed on page two. If you wish to pay your fees by cheque, please forward a series of post-dated cheques from October 1, 2006 to September 30, 2007, payable to OCSCC 668, and mail to: OCSCC 668 c/o Condominium Managemetn Group 335 Catherine Street Suite 200 Ottawa, ON K1R 5T4
