APPROVED OPERATIONAL BUDGET & FEE SCHEDULE
Dec. 1, 2026 to Nov. 30, 2027

Budget at a Glance

CONDO FEE & LOAN SCHEDULES BY BUILDING

LETTER FROM THE GM

Dear Owners,

The Board of Directors has thoroughly reviewed the Condominium Corporation's financial position. The Board of Directors has a duty to ensure the Corporation always meets the requirements of the Corporation’s Bylaws and the Condominium Property Act; this includes ensuring we have the right programs in place to align with standard accounting practices.

On October 27, 2026, the Board of Directors unanimously approved a new budget for the fiscal year December 1, 2026 – November 30, 2027.

The new budget estimates that it will cost an additional $103,378.00 to meet the financial responsibilities of the Corporation. The new budget also has an estimated revenue of $40,725.00 that helps to offset the fee increase. As a result, it is necessary to implement a 3.67% fee increase that will cover the additional cost and continue to maintain a healthy financial position for the future. Market research continues to indicate that our condo fees remain comparable or lower than many condos in the NW that are similar in size, age, property type and amenities.

There are three categories of the budget that are out of our control and make up 59% of the annual budget.

Insurance Premiums – Decreased by $63,472 over last year. Total insurable value is $167,800,000. Even with an increase of $261,000 in property value, AJG was able to secure a lower premium for the next year due to a soft market. Insurance Premiums make up 9% of the budget.

Utilities – Our estimations are based on current and historic consumption amounts and actual costs. This budget reflects a significant increase to Water and Sewer due to the City of Calgary projections of a 19.9% increase to drinking water, a 15.2% increase to wastewater rates and a 5.8% increase to stormwater rates. The amount was calculated using the different meter sizes on the property and consumption was based off averages for the last two and half years. Electricity was decreased due to a change in contract lowering the kwH rate and the Natural Gas line item was held to ensure we do not face a shortfall if new taxes are introduced. Utilities make up 24% of the budget.

Reserve Fund Contributions – The Reserve Fund Study outlines what the amount of contributions should be. The budget reflects the 2026-2027 contribution amount. This increase adds $81,840 to the budget’s bottom line. Reserve Fund Contributions make up 26% of the budget.

New to this year’s budget is an additional line item for loan repayment. You will notice that it is located at the bottom of the budget and is added on after the operating expenses and reserve contributions have been calculated. You will also notice on your fee schedule additional columns that will show you the monthly condo fee amount, the monthly loan payment amount and the total monthly fee amount. The Board has decided to start collecting the estimated amounts that were presented during the Town Hall meeting with this year’s budget rather than doing gradual increases as the project progresses. This will allow for the Corporation to have increased flexibility for paying down the borrowed amounts.

Above, you will find a copy of the budget and fee schedule. The budget includes the description of what each line item represents and the allocation of funds. The fee schedule shows your unit number and the monthly contribution amount that you are responsible for paying.

If you are already paying your condo fees by pre-authorized payment, your condo fee amount will be automatically adjusted so there is no action required from you. If you are not currently paying by pre-authorized payments and you would like to, please contact the undersigned directly for assistance getting set up.

If you pay by post-dated cheque, please make your cheques payable to Red Haus Condominiums – CCN 0514332, starting on December 1, 2026, and either mail them or drop them off to the Red Haus office, 50 Royal Oak Plaza NW, Calgary, AB T3G 0B3.

If you have any questions or concerns, please contact the undersigned directly at manager@redhauscondos.com.

Sincerely,

Kelly Varns, General Manager
On behalf of the Board of Directors