Current Conditions

as of July 19, 2024 11:00pm
0.0 in | 73.2° F | 80.6° F | W 0.5 MPH gust to 0.5 MPH | 98.77' above sea level

From the Board Room

January 2024

LOC Communication regarding 2024 Assessment and Special Assessment

Following its annual review of Lake Oswego Corporation’s budget and expenses, the Board of Directors has approved a 2.5% increase in the 2024 annual dues assessment and revised down the second installment of the legal defense assessment to $400 per shareholder.

The special one-time legal assessment was approved last year to support the LOC’s defense of the Kramer v. City of Lake Oswego lawsuit. The original $1,200 assessment was spread over two years – 2023 and 2024 – which allowed for a review leading into the second phase of the trial, that is scheduled for April. That review led the Board to reduce the second installment of the assessment by 33% to $400 per shareholder. There is no additional assessment due for easement members who paid their installment in 2023.

The 2.5% annual dues increase is below inflation levels and below expected increases in LOC operating costs for 2024. A more modest increase was made possible by another strong year of LOC staff working to control costs.

The annual dues increase for 2024 will range from $59 to $104 per shareholder. Powerboat fees will increase by approximately $36 and non-powerboat/swim fees will increase by $5.

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, 2024.

The LOC Board is committed to prudently managing expenses while ensuring that we are funding lake operations adequately, maintaining assets and equipment properly and appropriately setting aside reserve funds for legal, dredging and long-range infrastructure.

We appreciate your support as we work to protect and preserve the special resource that we all share.

Lake Oswego Corporation Board

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