Meridian Condominium

Welcome to Meridian Condominium

Live The Good Life

NOTICE OF BOARD OF DIRECTORS MEETING OF

MERIDIAN CONDOMINIUM ASSOCIATION OF BREVARD, INC.

 TO ALL MEMBERS: 

A Board of Directors Meeting will be held on Wednesday, November 24, 2021 in The Atlantic Room at The Meridian, 6131/6160 Messina Lane, Cocoa Beach, Florida. This meeting will occur after the Annual Budget Meeting but no earlier than 2 p.m. All members are welcome and will be given appropriate opportunities to be heard. Social distancing will be observed.

 Agenda:

  1. Call to order. 
  2. Establish quorum. 
  3. Adoption of minutes from previous meeting(s). 
  4. Old business for discussion and possible action:
    1. Alternative request by Rick O’Neil for installation of a single window set in unit B304. This would involve approval of an additional window standard. Additional information and board consideration are required if the request is not for a style that is preapproved.

 New business for discussion and possible action: none. 

  1. Discussion and questions on topics for which no formal action may be taken. 
  2. Adjournment. 

Dated: November 22, 2021 

MERIDIAN CONDOMINIUM ASSOCIATION OF BREVARD, INC.

By: Steve Stockton, President

Dear Owners,

You will find The Meridian’s 2022 budget proposal from your Board in the resident budget folder. Please look it over and contact Keys Management or any Board member with any comments or questions. The Board is planning a final discussion of this draft budget at the Board Meeting on Wednesday, November 24 at 1 p.m. in the Atlantic Room. At that time, the Board could vote to adopt the budget as presented or could first make appropriate modifications.

The 2021 monthly assessment has been $698 per month. Under the proposed 2022 budget, the monthly fee would rise to $755. This 8% increase is significantly higher than in recent years; like everywhere, we are faced with inflationary pressures for items like utilities, insurance, materials, and labor. In fact, the Board was initially concerned that the fee increase could be much higher, but careful analysis and working with our contractors has helped limit costs.

The “expenses” section illustrates how costs are increasing. One of the most significant is insurance. In June of last year, we were hit with an unexpected 52.1% increase in our property insurance premium. Even though we had budgeted for much less, the Association was able to avoid a mid-year increase in our monthly fee. This year, a further increase of about 49% is estimated.

The Meridian has never made a claim on our property coverage, yet we are seeing huge increases because of casualties in other areas – not only in the United States, but also the World. We are lumped in the risk pool with natural disasters like wildfires, earthquakes, and hurricanes in other places. Through global reinsurance, we may even see an impact from volcanos.

Recent announcements by the federal government indicate that federal flood insurance subsidies in coastal areas may be reduced. Taxpayers have always shared in the losses from floods, but there is now some interest in making the property owners responsible for more of the cost. However, the premium for the separate “excess” flood coverage we obtain from a commercial carrier has been stable to date.

The cost of our property and excess flood insurance does depend on an appraisal of our buildings’ replacement cost, which we obtain every three years. Since 2018, the estimated cost to replace our buildings has increased by almost $7 million to $39.1 million (about 22%). The result is that we are both paying a higher premium rate and paying on an inflated valuation.

Again, your Board is making efforts to minimize expenses, balanced with having sufficient funds to keep The Meridian a well-maintained, premium property. A comparison of our monthly fees to other upscale properties shows that we are well within a range that includes some properties charging as much as $1000.

The Board welcomes your comments and questions. Also, we invite you to attend the annual budget meeting if you are able. Thank you for your interest and support for our common home.

 

Your Meridian Board of Directors

- Get The Latest -

Residents

If you are a resident of our community. Use the link below to login

Login

Need access?

Do you need to gain access to the site and are a community resident?.

Contact Us

Realtors

Use the link below for more information on this community.

Read more
Welcome DemoHome
    • Location

      Meridian Condominium
      Cocoa Beach, FL 32931
    • Contact us