CTC Board: April Update

Dear fellow Neighbors,

Effective July 1, 2023, the rental rates for the fiscal year 2023-2024 reflect a 7-10% annual increase.

Rental Rates 2023-2024

Rental Rate Schedule Effective July 1, 2023 - June 30, 2024.

FY 2023-2024	One Bedroom		Two Bedroom		Three Bedroom
	Garden Level	Upper Level	Split Level	Phase IV	Phase IV
Member Rate	$839	$839	$1130	$1154	$1426
% Increase	7%	7%	8%	10%	10%
$ Increase	$55	$55	$84	$105	$130

As of July 1, 2023, the Fiscal Year 2023-24 Rental Rates came into effect with a rent increase of 7-10% depending on the type of unit. This year is the second year that will show a differentiation between Garden Level (first floor) and Upper Level (second floor) in One-Bedroom buildings, as well as between the models of Two-Bedroom units - Split Level and Phase IV.

Board of Directors approved the budget for the Fiscal Year 2023-2024 in January 2023, which is projected to result in a loss due to substantial increases in various areas such as utilities, supplies expense, insurance, and university requirements. As a result, the rent increase is necessary to offset the projected budget loss of $17,000 for the upcoming year. The primary areas of increase are as follows:

1. Utilities: The budget for utilities has been raised to offset unexpected increases in the Fiscal Year 2022-2023, where under budgeting occurred.
2. Supplies Expense: The expense associated with maintaining older buildings is expected to rise, which will increase the supplies expense.
3. Insurance: The budget for insurance has been raised to make up for under budgeting in the past year, and it is expected to rise by 5.66%.
4. University Requirements: The budget for university requirements has been increased by 4%, which aligns with the expected increase for upcoming years.

CTC will take necessary steps to mitigate the projected loss while maintaining the quality of services offered and achieve its financial goals for the Fiscal Year 2023-2024.

Sincerely,

Manlin Cui, Board Representative