2017 Setauket Meadows Budget Presentation Presented by the Homeowners Association Board of Directors

Transcription

1 2017 Setauket Meadows Budget Presentation Presented by the Homeowners Association Board of Directors

2 Agenda 1. Setauket Meadows 2017 HOA Board of Directors Organization & Functional Responsibilities 2. HOA Board of Directors Top Ten Responsibilities 3. Setauket Meadows 2017 Calendar: Homeowners Association Meetings Improvements 5. Setauket Meadows Financial Update: 2016 Summary of Revenue & Expenses 6. Setauket Meadows Financial Update: 2017 Expense Budget Analysis 7. Setauket Meadows Homeowners Association 2017 Fee Analysis 8. Setauket Meadows Reserve Analysis and Projection

3 Setauket Meadows 2017 HOA Board of Directors Organization & Functional Responsibilities Organization: President: Joe Cerullo Treasurer: Tom Purcell Vice Presidents: Eileen Duffy George Rice Secretary: Deborah Schade

4 Joe Cerullo, President Coordinates Setauket Meadows objectives Manages & hosts HOA meetings Manages the interaction with counsel for legal issues and direction Interacts with the Treasurer on budget issues and annual audit

5 Tom Purcell, Treasurer Manages the annual budget process Manages all financial business management interaction with HPM Manages security for clubhouse and associated common areas Interacts with snow removal vendor Is the point of contact for resident violation letters and fines

6 George Rice, Vice President Manages and interacts with HPM on all construction projects Manages water intrusion issues with HPM Oversees contract management; renewal dates, etc.

7 Eileen Duffy, Vice President Manages and interacts with landscaping vendor Manages all irrigation issues with HPM Oversees clubhouse management Interacts with social committee to develop clubhouse events

8 Deborah Schade, Secretary Records minutes from HOA Meetings Coordinates community communications Involved in Beautification Project

9 Home Owner Association Board of Directors Top Ten Responsibilities Establish sound fiscal policies and maintain accurate records Develop a workable budget, keeping in mind the needs, requirements and expectations of the community Establish reserve funds Act on budget items and determine assessment rates Collect assessments Establish, publicize, and enforce rules and penalties Select an attorney, an auditor, insurance agent, management company and other professionals for the association Provide adequate insurance coverage, as required by the bylaws and local governmental agencies Inform board members of all business items that require their vote Inform members of important board decisions and transactions

10 Setauket Meadows 2017 Calendar Homeowner Association Meetings February 17,2017 Thursday 7:00 PM May 18, Thursday... 7:00 PM Audited Financial Statements Presentation August 17, 2017 Thursday..10:00 AM October 19,2017. Thursday...7:00 PM Board of Director Election November 16,2017 Thursday...7:00 PM 2018 Budget Presentation

11 2016 Improvements Beautification Project: 1. Application was made for Relief of Covenant and restrictions to allow removal and replacement of some perimeter growth. Consultants were hired to facilitate this process. 2. Application was made to highway dept. It is before the town for permission to plant along the Setauket Meadows perimeter.

12 2016 Improvements 3. Setauket Meadows in the Woods: We are working to represent our community with the developer and the town

13 2016 Improvements 4. Completed painting the Clubhouse

14 2016 Improvements 5. Power-washed all community structures and individual residences

15 2016 Improvements 6. Sealed all driveways and parking areas

16 2016 Improvements 7. New Landscaping in front of Clubhouse doors

17 2016 Improvements 8. Indoor pool was cleaned

18 2016 Improvement 9. Indoor pool room: replaced 4 ceiling fan & lights kits

19 2016 Improvements 10. Purchased additional lounge chairs and umbrellas for the outdoor pool deck.

20 2016 Improvements 11. Renewed the landscaping at the property entrance along the large right pond.

21 2016 Improvements 12. Board obtained FHA approval for the Setauket Meadows Community. Good for 2 years. FHA approved condos are condominiums which meet the mortgage insurance guidelines of the Federal Housing Administration and, therefore, are eligible for FHA mortgage financing. FHA approved condos generally feature a high concentration of owner-occupied units, a strong condo association balance sheet, and are free of litigation.

22 2016 Improvement 13. Replaced and added new solar lights to fences around the ponds

23 2016 Improvements 14. Clubhouse Fireplace hearth cleaned and upgraded

24 2016 Improvement 15. New upper window blind in Billiard Room

25 2016 Improvements 16. Applied for property tax grievance to keep our taxes as low as possible

26 Setauket Meadows Financial Update 2016 Summary of Revenue & Expenses Est. Full Year 2016 Budget Variance Revenue: HOA Fees 891, ,000 0 Initiation Fees 5,940 5,490 Interest Income 1,489 1,600 (111) Other 1,425 1,500 (75) Total Income $899,854 $894,100 $5,754

27 EXPENSES: Est. Full Year 2016 Budget Variance Cablevision 138, ,000 (6,000) Utilities 112, ,000 (1,000) Landscaping 126, ,000 (4,000) Condo Ins. 94,000 88,000 (6,000) STP 70,000 73,000 3,000 Repairs & Maint. 73,000 52,000 (21,000) Water Intrusion 24,000 30, Alarm Monitoring 37, Garbage Removal 28,000 30, HPM Fees 33,000 32,000 (1,000)

28 EXPENSES (cont.): Est. Full Year 2016 Budget Variance Snow Removal 33,000 35,000 2,000 Pool Maintenance 29,000 31,000 2,000 Clubhouse Clean 13,000 16,000 3,000 Professional Fees 8,000 6,000 (2,000) Contingency 0 21,000 21,000 Goose Control 6,000 6,000 0 Misc./Other 13,000 12,100 (900) HOA Reserve Fund 60,000 60,000 0 Total Exp. & Fund $897,000 $894,100 $(2,900) Net Income/Loss $2,854 0 $2,854

29 Setauket Meadows 2017 Financial Update Our fiscal responsibility is to maintain our beautiful & valuable community

30 Setauket Meadows 2017 Expense Budget EXPENSES: 2017 Budget 2016 Estimate Variance Cablevision $145,000 $138,000 ($7,000) Utilities 112, ,000 $0 Landscaping 126, ,000 $0 Condo Ins. 94,000 94,000 $0 STP 70,000 70,000 $0 Repairs & Maintenance 75,000 73,000 ($2,000) Water Intrusion 40,000 24,000 ($16,000) Alarm Monitoring 27,000 37,000 10,000 Garbage Removal 28,000 28,000 $0 HPM Fees 34,000 33,000 ($1,000) Snow removal 35,000 33,000 ($2,000)

31 Setauket Meadows 2017 Expense Budget cont. EXPENSES (cont.) 2017 Budget 2016 Estimate Variance Pool Maintenance 29,000 29,000 $0 Clubhouse Clean 13,000 13,000 $0 Professional Fees 10,000 8,000 ($2,000) Goose Control 6,000 6,000 $0 Contingency 20,000 0 ($20,000) Misc. 12,000 13,000 $1,000 HOA Reserve Fund 60,000 60,000 $0 Total Exp. & Fund $936,000 $897,000 ($39,000) Monthly HOA Fees $520 $495 ($25)

32 Setauket Meadows 2017 Homeowner Association Fee Analysis Budget Est. Actual Increase Expense $731,000 $699,000 ($32,000) HOA Reserves $60,000 $60,000 0 Cablevision $145,000 $138,000 ($7,000) Total $936,000 $897,000 ($39,000) Monthly Fees Expense $ $ ($21.00) HOA Reserves $33.00 $ Cablevision $81.00 $77.00 ($4.00) Total Fees $ $ ($25.00) *HOA Fee calculation: Total Expense/150 Units/12 months = monthly HOA fee

33 Setauket Meadow Reserve Analysis & Projections As of October 31, 2016 STP Reserve Fixed Amount with NO increases or decreases $52,500 HOA Reserve Balance - $171,500 - Projected November and December increases ($5,000 X 2) $10,000 Total Projected HOA Reserve as of December 31, 2016 $181,500

34 Presentation by Deborah Schade, Setauket Meadows HOA Board Secretary Special Thanks to: Joe Schade and Rich DiCecio for photo contributions Ray Dawson for technical assistance in showing the presentation on TV and on the Setauket Website