Residents of New Brighton are reminded that annual New Brighton Residents Association Fees are due as of April 1, 2018. The NBRA is a not-for-profit organization which manages assets owned by the Association, for the benefit of New Brighton residents. An encumbrance is registered on all property titles in New Brighton in favour of your Association to ensure annual payments are provided in accordance with the Articles of Association. Membership is mandatory and applies to each and every property owner in New Brighton. Following an extensive and comprehensive review of the 2018/19 budget, the NBRA Board of Directors has decided to increase annual fees by a minimal amount of 0.93%. In consideration of the current economy, the NBRA Board of Directors has devised a realistic budget to reduce operating expenses where possible while still providing high quality service and added value to all New Brighton Residents. This minimal increase of 0.93% for the 2018/19 fiscal year will assist with the financial impact of carbon tax increases, changes to Alberta Labour Laws, and required minimum wage increases. It is also noteworthy, that approximately $56,121 is forecasted to be contributed as the fifth installment to the NBRA Reserve Fund. Benefits of membership support facilities like the New Brighton Club, a social and recreational centre for use by New Brighton residents. Annual association fees also support NBRA events, activities, and the New Brighton Connect website. The New Brighton Residents Association also owns and maintains the Bell Tower amenity and pond fountains, the New Brighton Club, and entry features. To offer further clarification on the fees, please view the image below, or click HERE to view a copy of the 2018/19 budget.
2018/2019 NBRA FEES
Single Family Homes- $326 + GST = $342.30
Multi-Family Homes- $244.50 + GST = $256.73
METHODS OF PAYMENT
CHEQUE, DEBIT, and/or CREDIT CARD - 9:00am-10:00pm Monday to Sunday; OR
Residents are also reminded that all delinquent accounts paid after April 30, 2018 are subject to interest charges of prime plus 5% per annum and other charges related to the collection of these fees. Please click HERE to view the NBRA Collection Procedures. All further questions regarding annual fee payment can be directed to the General Manager at 403-781-6608.
NBRA RESERVE FUND
A Reserve Fund Study provides an inventory and 25-year estimated future replacement/repair costs for all property owned, managed, or otherwise the responsibility of an organization. Typically, the reserve fund is used for items that do not occur annually, as these be would be considered operating expenses. The replacement schedule in combination with the estimated costs is then used to recommend annual contribution levels to a reserve fund to cover future expenses. In June 2014, Clear Path Engineering was contracted to complete an extensive Reserve Fund Study to assist the NBRA in developing an effective plan to establish a reserve fund. Commencing the 2014/2015 fiscal year, the NBRA contributed the majority of their net cash surplus to establish a reserve fund. The following is the recommended funding plan for the NBRA:
|Fiscal Year||Suggested Contribution|
|FY 2014/2015||$100, 000|
|FY 2015/2016||$102, 000|
|FY 2016/2017||$104, 040|
|FY 2017/2018||$106, 121|