August 20, 2008 – At Thursday’s board of directors meeting, the MTCA Finance Committee will propose a budget for next year that calls for spending $4.3 million, raising assessments, and doubling the budget for legal expenses.

Meeting last week, the committee approved recommending to the board a four percent increase in assessments.

The board will also consider increasing the late fee from $50 to $75. The fee would be the same for a studio, one-bedroom, or two-bedroom unit. Illinois law allows associations to charge a late fee, as long as it is reasonable, applies to all unit owners, and is not a penalty.

One idea being considered to reduce late payments is to allow unit owners to pay assessments by credit card.

The budget for legal expenses is being increased considerably to $40,000. General legal fees this year were budgeted at $20,000. In 2007, the budget was $15,000.

By law, the budget has to be ready by the end of the year. If the board approves the proposed budget on Thursday, copies will be mailed to unit owners, who will have 30 days to comment.