fo~:lt;av pa~~ Treasurer

Transcription

1 de la Bahia Condominium Association 2600 So. Kanner Hwy Stuart, FL TEL December 15,2010 Dear de la Bahia Neighbor: Attached is your copy of the de la Bahia operating budget for This budget was approved by the Board of Directors at the board meeting held December 14, 2010 Based on increased costs especially for the new Comcast five year contract which has increased our annual cable TV costs by $29,057 and insurance costs which have increased $17,470 over the 2010 budget, the basic maintenance fee for each apartment in 2011 will be set at the following levels. For those of you paying the hurricane loan on monthly installments, your payments would be proportionately higher as shown below. BASIC FEE PLUS MONTHL Y LOAN APARTMENT SIZE BASIC MO. FEE PAYMENT IF APPLICABLE 2 BR and 2 bath $270 $ BR and 1.5 bath $210 $ BR and 1 bath $174 $ If you own a dock, your fee would be $6 per month higher Sincerely, fo~:lt;av pa~~ Treasurer de la Bahia Condominium Association _._ _._------_ _.. --.~---,----- ' _. ---_

2 Paul 'Vallier 12114/201011:25 AM 2011 OPERATING BUDGET PROPOSAL DE LA BAHIA ASSOCIATION REV S' CALCULATION FOR MONTHLY MGT FEE FOR EACH APARTMENT SIZE EXPENSE $791,145 Budget Dock income $16,632 Reserve Int. Inc $400 Misc income $1,800 re-roof debt svc payment Int income, ooeratina Less Cable income PASS THRU $652 $97,736 Offset prior year Plus expense (over)- ($21,619) or under-run sub-total $695,545 <-I.E. SIGNIFICANT CHANGES IN Cable contract incr... $29K 2. Insur incr $17K 3. Provision for pool repairs $10K 4. Provision for Main! Part Timer ~ TOTAL: MAJOR INCREASES $59K Paul Vallier AMT WE NEED TO RAISE FROM BASIC MO MGT FEE Apt type % by apt Alloc of Mgt Fee less Mo Cable fee 2011 New Mo Budget cable for 303 units Fee MoFee rounded off MONTHLY WHERE APPLICABLE, FEE WITH Added fee for monthy LOAN DEBT debt service for $600K SERVICE loan INCUDED 2 and % $ $ $26.88 $ $270 $36.72 $ and 11/2 31.9% $222,018 $ $26.88 $ $210 $27.63 $ and 1/2 25.7% $178,894 $ $26.88 $ $174 $22.26 $ ADD $6 I MONTH FOR DOCKS e:condodei8bahletreasurerjobbud~ts Dec1,2010 Prepared by; PAul Vallier Printed: t 211~1201 0

3 ref CUM Sub- REF 2010 ACTUALS Chart of Account Item Acct# BUDGET thru SEP 30, 2010 PROJECTED 2010 Year end PROPOSED INCOME Assessment Income (Maint. Fees) $644,333 $483,22~ $644,333 $695, Dock Assessments (in/out) $16,632 $12,47~ $16,63<1 $16, Cable service Income (in out) $69,064 $51,79~ $69,161 $97,736 Roof Assessment Income 4040 from mo-payment owners $53,664 $51,194 $53,6~ $51,000 (in-out) losss Ihru to Balance Sheet 4100 Interest Inc. Reserves $0 $100 $ Interest Inc. - Operating $652 $108 $65;.1 $ Late Fees. $0 $17~ Misc Income (incl.(1) time 4120 $22.7K Corneast Sign on $1,838 $23,935 $23,935 $1,800 Bonus) SUB-TOTAL INCOME (2010 incl.(1) time Comeast $227K $786,183 $622,90f $808,477 $863,76~ bonus) TOTAL INCOME (without Hurric Loan pass-thru $732,519 $754,813 $812,764 which goes to bal sht) 18 EXPENSES 19 Administration Professional Exp (Incl $3.100 Submer. Land lease) $13,000 $6,127 $6,727 $10, Office Expense $6,000 $7,6n $8,427 $6, Bank Service Charges $500 $43 $57 $ OfficePayroll $20,640 $19,043 $24,203 $20, Work mans comp $2,000 $1,16 $1,556 $2, Payroll Taxes $3,800 $3,16~ $4,219 $4, Federal. State Income Taxes $1,000 $80 $106 $500 Utilities 5100 Water $48,000 $40,506 $51,90E $52, Sewer $66,000 $51,22{ $64,827 $65, Electric $30,000 $15,9~ $21,285 $22, Telephone $3,700 $2,727 $3,636 $3, Cable TV Expense $68,679 $51,871 $69,161 $97,736 Maintenance Maintenance salaries hrs 112 mos $34,204 $22,541 $ $ nrs I 4 mas) Pc OF c c;'w:cndo~ Deo 1, 2OtO -.erjob'b:jdpets Prepared by. Paul Vailief Printed:

4 ref CUM Sub- REF 2010 ACTUALS Chart of Account Item Acct# BUDGET thru SEP 30, 2010 PROJECTED 2010 Year end PROPOSED Rubbish Removal $21,000 $12,428 $15,72S $16, Maintenance supplies $2,500 $1,03;.1 $1,376 51, General Mainl (other) $7,000 $7,19-4 $9,59;.1 $10,000 Building Painting (paint bldgs in est cost $23,000 $22,875 $22,875 $24,300 of $3,6751 bldg =$ Clubhouse & Pool Maint. Club house & Pool Main!. contracts Clubhouse and Pool Suoolies Landscaping Landscape Maintenance Contract Tree Trim; tree replace; Fertilizers etc wi Lesco Landscaping supplies and stock $12,000 $13,664 $16,62-4 $12,000 $4,500 $2,63E $3,211 $3,600 $46,000 $31,7404 $40,94-4 $45,432 $6,000 $7,376 $7,576 $7,500 $10,000 $8,987 $9,387 $10,000 Insurance 5300 (2011 Flood +$10K; Gen Uab $213,421 $194,391 $224,600 $230,891 +$3.2K over 2010 budget) Depreciation 5340 Interest Expense not real Expense owner loan owner loan Owner loan Owner loan expense expense expense expense Miscellaneous Expense $400 -$H (515 $400 BAD DEBT WRITE-OFF 5361 (Delinquent owner $19,000 $19,()()(J $16,OO~ payments) 8 Payroll expenses $25~ $337 $ Transfer to Dock Reserves $16,776 $12,474 $16,63~ $16,776 Transfer to regular Reserves 8999 (incl $22,725 comcast-s.,., Sign on bonus) ~ - -- $82,298 $132,455 $81,088 NOTE: RoofLoanpass thru fromowners Transfer Roof Loan goesdirectlyfrom IncomestatementTO payments to Pay Loan the Balance Sheet Sub-total Operating Expense $788,670 $619,473 $776,432 $791,145 Additional Collection to offset % budget over-run $21,619 Operating Budget. $812,764 F 2 OF 2 C:'OlnOo~'t..-urwjob~ ~1,20'O P~btf:PatlVaM Pfin):d 12/112010

5 print date: 12114/201 0 FILEnM1E OWN. SUMRY REV BUD PeulVallier 2011 RESERVE REQUIREMENT CALCULATION Rev 5 Estimated # 2011 ANNUAL Balance Estimated of "Years to RESERVE alloc. ACTUAL Projected Res Estimated needed to life of Asset go" before needed to Reserve Reserve Bal Balance ON Amount$$ fully fund line when new replacement support full Acet. RESERVE CATEGORY 5eDt /31/10 when needed item (vears) Is needed funding Transfer from Operating fund for reaular Reserves 3014 Tram.fer to Dock Reserve from Operating Income ($1,270) $2,924 $16,000 $16, Equipment, Major Repairl Replacement (example: lift or well numos) Pavement resurface (NOT SEALCOAn $19,546 $19,671 $20,000 $ $82 $46,579 $52,381 $144,000 $91, $18, FUTURE Roof Repalrt Replacement $147,181 $157,178 $2,400,000 $2,242, $40, Roof Replacement debt service INOTINCLUDEDIN TOTALBELOW: $51,000 (Princlpte and Interest) THISAMOUNTIS BOOKEDINTOBALSIiI I in-out transfer 3049 Sea Wall repairs $30,521 $30,898 $40,000 $9, $1, Paint Club-House, Z bldg, & Perimeter wall (other bldgs handled wtthin yearly oper. Budget) $20,524 $20,560 $15,000 ($5,560) 5 3 fully funded 3064 Dredging (Enough $ ~ to remove $24yd3) $61,221 $62,941 $100,000 $37,os $7, Club-House and Pool major repair S34089 incl Corneas! $40,809 $60,000 $20, $10,000 $22.725) $4,355 $31,975 $34,475 $34,475 $0 $0 Building and Perimeter wall major $6,778 $6,934 $20,000 $13, repair (concrete etc) DOOR REJ>LACEMENTt MAJOR ELEC OR OTHER REPAIRS 3899 RESERVE INTEREST $180 $273 ($273) TOTAL $366,439 $426,119 $2,833,475 $2,408,438 $81088 Dredging note based on quote obtained Spring 2010 Paul Vallier rev 5: :10 AM