Our recent experience with the road damage caused by the collapsed drains has once again demonstrated the importance of building and maintaining sufficient cash reserves. Given continued increases in pricing for road repairs and other services, the present subscription level of £55 is now simply not enough to cover annual maintenance costs, let alone emergency work, and indeed we came close to running out of funds to pay for the drainage repairs mentioned
above, with only £2,531 remaining in hand at the year end.
To assess the subscription now required, we have both taken advice on estimated future repair costs and also reviewed the annual subscriptions in other unadopted or private roads in Chislehurst and Bromley, many of which are very significantly higher than ours.
Taking into account these elements, the Committee proposes a significant increase in the subscription level to £95 for 2023/24. This is still below the levels of other roads and works out at £1.83 per week per household. We do not take this action lightly and indeed further future increases cannot be ruled out. But if we wish to ensure that the road remains in a condition acceptable to us all, it is essential that we build sufficient reserves to do so.
Given this and possible future increases, the Committee has considered whether to ask Bromley Council to adopt the road, thereby relieving residents from the costs of maintenance. Any such cost would be allocated to and charged on individual households. We are requesting more information from Bromley Council on this matter, but in the meantime the resident subscription model will remain.
Demands for 2023/24 will be issued after the AGM and the Committee asks all residents to please pay their subscriptions promptly.