January 2023
LOC Communication regarding 2023 Assessment and Special Assessment
Following its annual review of Lake Oswego Corporation’s budget and expenses, the Board of Directors has approved a 3.5% increase in the annual assessment to help offset rising costs due to inflation, as well as a special assessment to cover ongoing legal expenses with the current lawsuit.
The special assessment to fund legal fees for the current lawsuit will be $600 a year for the next two years for shareholders and a one-time assessment of $100 in 2023 only for easement members.
Jeff Ward provided a comprehensive update of current litigation in his “Message from the Lake Manager” that was emailed on December 19th. Feedback from shareholders and easement members indicates strong support for LOC’s ongoing defense of the Kramer v. City of Lake Oswego lawsuit.
The annual dues increase of 3.5% is directly linked to historic inflation over the past year, which has affected LOC operating expenses, including fuel, insurance, and repair and maintenance. The LOC staff has managed to control expense increases, which allows the Board to keep the annual increase well below the year-over-year increase in inflation.
The annual dues increase will range from $80 to $141 per shareholder. Power boat fees will increase by approximately $41 and non-power boat/swim fees will increase by $7.
The special assessment for legal costs will be included in the annual invoice that the LOC sends this month and is due by February 28, 2023.
The LOC Board is committed to managing expenses carefully while ensuring that we are funding lake operations adequately, maintaining assets and equipment properly and reserving appropriately for legal, dredging and long-range infrastructure programs.
We appreciate your support as we work to protect and preserve the spectacular resource that we all share.
Lake Oswego Corporation Board