LS Estates Homeowners Association, Inc.

Transcription

1 Professionally managed by October 7, 211 Dear Member, The Board of Directors of LS Estates Homeowners Association, Inc. has signed a resolution to approve the assessment rate(s) and the annual budget for the 212 fiscal year. The assessment rate(s) will increase for the 212 fiscal year. The assessment rates for the 212 fiscal year are effective as of January 1, 212 as follows: The STANDARD homeowner assessment rate for the upcoming fiscal year will be increasing to $51.98 per quarter from last year's rate of $49.5 per quarter.. Assessments are invoiced by coupons. As a reminder, you can access your account, register for the ACH assessment payment option, and access other association information using the RealManage Resident Portal at The Annual Budget for the 212 fiscal year is attached. Sincerely, LS Estates Homeowners Association, Inc. Board of Directors P.O. Box 83555, Dallas, TX 7538 P: F: service@realmanage.com

2 RealReports Annual Budget Resident Budget Package LS Estates Homeowners Association, Inc. Annual Budget for Fiscal Year 212 Prepared on: 1/7/ RealManage Holdings, Inc All Rights Reserved

3 Annual Budget Resident Budget Package Table of Contents RealManage is pleased to deliver this Annual Budget Resident Budget Package, which has been prepared for use by the Residents of the association. Report / Document Cover Letter Budget Fund Revenue and Expense Summary (side by side) Budget Fund Cash Flow Summary (side by side) Monthly Detail Revenue & Expense Budget Notes Replacement Fund Analysis Page(s) 1 Page / 3 1 Page / 4 1 Page / 5 5 Pages / 6 to 1 5 Pages / 11 to 15 1 Page / 16 Description Revenue and expense budget summary presented by fund in a side by side and consolidated format. Cash flow budget summary presented by fund in a side by side and consolidated format. Revenue and expense budget by fund detailed on a monthly basis for the upcoming fiscal year at the general ledger and subcategory level. Revenue and expense budget detail notes at the general ledger account and subcategory level used to explain the budgeted item. A detail analysis of funds currently designated in the Replacement Fund set aside, and the calculation of funds needed, to pay for future major repairs or replacement of the association s assets (unless provided by a Reserve Study).

4 Revenue and Expense Budget Summary for FY 212 Operating Fund Replacement Fund Common Property Fund Consolidated REVENUES Assessments Regular Assessments Assessment Allocation Total Assessments Other Income Total Other Income TOTAL REVENUES $115,592 $115,592 ($6,6) $6,6 $18,992 $6,6 $115,592 $18,992 $6,6 $115,592 EXPENSES Operating Expenses Direct Operating Expenses Electricity Landscape Maintenance Pool Operating Expenses Repairs and Maintenance Exterminating Taxes Telephone Trash Removal Water and Wastewater Total Direct Operating Expenses $4,66 $4,66 $9,79 $9,79 $11,55 $11,55 $7,8 $7,8 $343 $343 $161 $161 $1,253 $1,253 $2,346 $2,346 $37,822 $37,822 General and Administrative Expenses Professional Fees Bad Debts Collection Expense Homeowner Activities Homeowner Communications Insurance Management Fee Administration Total General and Administrative Expenses Total Operating Expenses Capital Expenditures (Noncapitalized) Other Expenses Depreciation TOTAL EXPENSES NET SURPLUS (DEFICIT) $1,325 $1,325 $5, $5, $5,748 $5,748 $1,427 $1,427 $995 $995 $6,546 $6,546 $23,232 $23,232 $1,379 $1,379 $63,652 $63,652 $11,474 $11,474 $6,5 $6,5 $84 $84 $17,974 $84 $18,778 $1,18 $6,6 ($84) $6,814 Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 4 of 16

5 Cash Flow Budget Summary for FY 212 Operating Fund Replacement Fund Common Property Fund Consolidated Beginning Cash Balance (All Cash Accounts) $85,422 $21,267 $16,689 Cash from Operating Activities Net Surplus (Deficit) Add Back Depreciation Expense (noncash) $1,18 $6,6 ($84) $6,814 $84 $84 Add/Subtract Projected Decrease/Increase in A/R, Prepaid Expenses and Other Assets Add/Subtract Projected Increase/Decrease in A/P, Prepaid Assessments, and Other Current Liabilities Net Cash Flow from Operating Activities $1,18 $6,6 $7,618 Cash from Investing Activities Purchase/Repair of Facilities & Equipment (Capitalized) Net Cash Flow from Investing Activities Cash from Financing Activities Loan Principal Payments Interfund Borrowing (Due To / Due From Other Funds) Fund Transfers (Permanent Transfer To / From Another Fund) Net Cash Flow from Financing Activities Net Cash Increase (Decrease) $1,18 $6,6 $7,618 Ending Cash Balance $86,44 $27,867 $114,37 Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 5 of 16

6 Budget Monthly Detail Operating Fund REVENUES Assessments Regular Assessments Full Rate (41)homeowner Assessment Allocation Assessment Allocation (422) Total Assessments Total Other Income TOTAL REVENUES Budget Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 $115,592 $9,633 $9,633 $9,633 $9,633 $9,633 $9,633 $9,633 $9,633 $9,633 $9,633 $9,633 $9,629 ($6,6) ($55) ($55) ($55) ($55) ($55) ($55) ($55) ($55) ($55) ($55) ($55) ($55) $18,992 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,79 $18,992 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,83 $9,79 EXPENSES Operating Expenses Direct Operating Expenses Electricity General (51) Landscape Maintenance Contract (521) Deed Restriction Enforcement (521) Detention / Drainage Areas (521) Pool Operating Expenses Maintenance and Chemicals (531) Repairs (531) Repairs and Maintenance General (542) Exterminating Exterminating (562) Taxes Real Property (563) Telephone Entrance Gates/Guardhouse (565) Pool (565) Water and Wastewater Water and Wastewater (571) Total Direct Operating Expenses General and Administrative Expenses $4,66 $388 $388 $388 $388 $388 $388 $388 $388 $388 $388 $388 $392 $7,884 $657 $657 $657 $657 $657 $657 $657 $657 $657 $657 $657 $657 $85 $142 $142 $142 $142 $142 $142 $975 $325 $325 $325 $1,35 $375 $375 $375 $1,75 $1,375 $1,375 $1,375 $1,375 $1,275 $625 $375 $375 $1,2 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $7,8 $3 $3 $3 $9 $9 $9 $9 $9 $9 $9 $3 $3 $343 $86 $86 $86 $86 $161 $161 $433 $36 $36 $36 $36 $36 $36 $36 $36 $36 $36 $36 $36 $82 $25 $25 $25 $25 $2,346 $196 $196 $196 $196 $196 $196 $196 $196 $196 $196 $196 $196 $37,823 $2,342 $2,52 $2,377 $3,784 $3,793 $4,118 $4,84 $3,793 $4,18 $3,193 $2,52 $2,216 Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 6 of 16

7 Budget Monthly Detail Operating Fund Professional Fees Income Tax Preparation (61) Other (61) Bad Debts Bad Debts (62) Collection Expense Collection Expense (64) Homeowner Activities Annual Meeting (611) Architectural Review (611) Social Events (611) Homeowner Communications Homeowner Communications (612) Insurance Directors and Officers (621) General, Property Liability (621) Management Fee Contract (631) Administration Administration (641) Coupons (641) Total General and Administrative Expenses Total Operating Expenses Capital Expenditures (Noncapitalized) Arbors, Kiosks or Pavilions (71) Reserve Study (71) Depreciation TOTAL EXPENSES NET SURPLUS (DEFICIT) Budget Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 $325 $325 $1, $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $837 $5, $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $413 $5,748 $479 $479 $479 $479 $479 $479 $479 $479 $479 $479 $479 $479 $15 $15 $377 $94 $94 $94 $94 $9 $2 $2 $5 $995 $995 $2,36 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $4,51 $376 $376 $376 $376 $376 $376 $376 $376 $376 $376 $376 $376 $23,232 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $1,936 $9,396 $783 $783 $783 $783 $783 $783 $783 $783 $783 $783 $783 $783 $983 $95 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $63,651 $6,38 $5,991 $5,521 $5,91 $4,996 $5,196 $5,91 $4,996 $4,996 $5,741 $4,996 $4,996 $11,474 $8,38 $8,43 $7,898 $8,875 $8,789 $9,314 $9,175 $8,789 $9,14 $8,934 $7,48 $7,212 $4,5 $4,5 $2, $2, $17,974 $1,38 $8,43 $12,398 $8,875 $8,789 $9,314 $9,175 $8,789 $9,14 $8,934 $7,48 $7,212 $1,18 ($1,297) $1,4 ($3,315) $28 $294 ($231) ($92) $294 $69 $149 $2,35 $1,867 Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 7 of 16

8 Budget Monthly Detail Replacement Fund REVENUES Assessments Regular Assessments Assessment Allocation Assessment Allocation (422) Total Assessments Total Other Income TOTAL REVENUES Budget Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 $6,6 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $6,6 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $6,6 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 EXPENSES Operating Expenses Direct Operating Expenses Electricity Landscape Maintenance Pool Operating Expenses Repairs and Maintenance Exterminating Taxes Telephone Water and Wastewater Total Direct Operating Expenses General and Administrative Expenses Professional Fees Bad Debts Collection Expense Homeowner Activities Homeowner Communications Insurance Management Fee Administration Total General and Administrative Expenses Total Operating Expenses Capital Expenditures (Noncapitalized) Depreciation TOTAL EXPENSES Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 8 of 16

9 Budget Monthly Detail Replacement Fund NET SURPLUS (DEFICIT) Budget Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 $6,6 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 $55 Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 9 of 16

10 Budget Monthly Detail Common Property Fund REVENUES Assessments Assessment Allocation Total Assessments TOTAL REVENUES EXPENSES Operating Expenses Direct Operating Expenses Electricity Landscape Maintenance Pool Operating Expenses Repairs and Maintenance Exterminating Taxes Telephone Water and Wastewater Total Direct Operating Expenses General and Administrative Expenses Professional Fees Bad Debts Collection Expense Homeowner Activities Homeowner Communications Insurance Management Fee Administration Total General and Administrative Expenses Total Operating Expenses Capital Expenditures (Noncapitalized) Depreciation Depreciation (591) TOTAL EXPENSES NET SURPLUS (DEFICIT) Budget Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 $84 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $84 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 ($84) ($67) ($67) ($67) ($67) ($67) ($67) ($67) ($67) ($67) ($67) ($67) ($67) Final Printed on 1/7/211 Annual Budget Resident Budget Package Page 1 of 16

11 Fund: Operating Fund LS Estates Homeowners Association, Inc. Revenue and Expense Detail Notes REVENUES Assessments Regular Assessments Full Rate:Homeowner (41) Annual Budget: $115,592 Based on 556 homeowner units paying $51.98 per quarter which is a 5% increase over 211 assessments. Assessment Allocation Assessment Allocation (422) Annual Budget: ($6,6) Replacement fund annual deposit to limit the need for special assessments on future major repairs. Total Assessments Annual Budget: $18,992 Total Other Income Annual Budget: TOTAL REVENUES Annual Budget: $18,992 EXPENSES Operating Expenses Direct Operating Expenses Electricity General (51) Annual Budget: $4,66 Based on the TTM plus 5%. Landscape Maintenance Contract (521) Annual Budget: $7,884 Based on current contract with Proscapes for common area landscape maintenance. Deed Restriction Enforcement (521) Annual Budget: $85 1 Force mows per year $85 per mowing. Detention / Drainage Areas (521) Annual Budget: $975 Based on 3 mows per year at $325. per mowing. Pool Operating Expenses Maintenance and Chemicals (531) Annual Budget: $1,35 Contract with Hines $325 during off season, $775 during pool season. 3 visits per week. Estimated tax and chemicals each month. Repairs (531) Annual Budget: $1,2 Expense allocated for minor pool repairs (i.e. new light bulbs, etc.). Repairs and Maintenance General (542) Annual Budget: $7,8 Maintenance expense for weekly porter service during pool season. During off season porter service will be cut in half. Exterminating Exterminating (562) Annual Budget: $343 Pool area quarterly extermination. Taxes Real Property (563) Annual Budget: $161 Property tax for common areas. Printed on 1/7/211 Annual Budget Resident Budget Package Page 11 of 16

12 Telephone Entrance Gates/Guardhouse (565) Annual Budget: $433 Telephone Service provided by Centruy link for a phone line for the card reader at pool entrance gate. Pool (565) Annual Budget: $82 Expense allocated for 911 Emergency pool phone monitoring service. Based on current contract with Kings III. Water and Wastewater Water and Wastewater (571) Annual Budget: $2,346 Based on trailing twelve months for water and wastewater usage for the irrigation and pool plus 5%. Includes trash as well now throught the City of Hutto. Total Direct Operating Expenses Annual Budget: $37,823 General and Administrative Expenses Professional Fees Income Tax Preparation (61) Annual Budget: $325 Income Tax and Franchise Tax preparation by CPA Wheeler, Fairman and Kelley. Other (61) Annual Budget: $1, Expense for attorney fees for collection of assessments Bad Debts Bad Debts (62) Annual Budget: $5, Bad Debt write off for foreclosures and bankrupt owners. Collection Expense Collection Expense (64) Annual Budget: $5,748 Based on Management Agreement. Homeowner Activities Annual Meeting (611) Annual Budget: $15 Annual Meeting will not be held at park pavilion. Drinks and snacks provided for homeowners. Architectural Review (611) Annual Budget: $377 Expense for HOAARC at $29 per month. Billed quarterly Social Events (611) Annual Budget: $9 Social events for the community. The Social Committee will pick which events they would like to have. Homeowner Communications Homeowner Communications (612) Annual Budget: $995 Contract through eneighbors for HOA website and homeowner communication. Insurance Directors and Officers (621) Annual Budget: $2,36 Based on 6/1/11 thru 6/1/12 premium of $1939 for D&O plus 5%. General, Property & Liability (621) Annual Budget: $4,51 Based on 4/1/11 thru 4/1/12 $4295 for Package Policy plus 5%. Management Fee Contract (631) Annual Budget: $23,232 Based on Management Agreement. Administration Administration (641) Annual Budget: $9,396 Based on Management Agreement. Includes basic admin fee, misc, and printing costs. Coupons (641) Annual Budget: $983 Expense for homeowner's coupon books orders at year end for following year. Total General and Administrative Expenses Annual Budget: $63,651 Printed on 1/7/211 Annual Budget Resident Budget Package Page 12 of 16

13 Total Operating Expenses Annual Budget: $11,474 Capital Expenditures (Noncapitalized) Arbors, Kiosks or Pavilions (71) Annual Budget: $4,5 Shade cover for pool. Reserve Study (71) Annual Budget: $2, Depreciation Reserve Study TOTAL EXPENSES Annual Budget: $17,974 NET SURPLUS (DEFICIT) Annual Budget: $1,18 Printed on 1/7/211 Annual Budget Resident Budget Package Page 13 of 16

14 Fund: Replacement Fund LS Estates Homeowners Association, Inc. Revenue and Expense Detail Notes REVENUES Assessments Regular Assessments Assessment Allocation Assessment Allocation (422) Annual Budget: $6,6 Total Assessments Annual Budget: $6,6 Total Other Income Annual Budget: TOTAL REVENUES Annual Budget: $6,6 EXPENSES Operating Expenses Direct Operating Expenses Electricity Landscape Maintenance Pool Operating Expenses Repairs and Maintenance Exterminating Taxes Telephone Water and Wastewater Total Direct Operating Expenses Annual Budget: General and Administrative Expenses Professional Fees Bad Debts Collection Expense Homeowner Activities Homeowner Communications Insurance Management Fee Administration Total General and Administrative Expenses Annual Budget: Total Operating Expenses Annual Budget: Capital Expenditures (Noncapitalized) Depreciation TOTAL EXPENSES Annual Budget: NET SURPLUS (DEFICIT) Annual Budget: $6,6 Printed on 1/7/211 Annual Budget Resident Budget Package Page 14 of 16

15 Fund: Common Property Fund REVENUES LS Estates Homeowners Association, Inc. Revenue and Expense Detail Notes Assessments Assessment Allocation Total Assessments Annual Budget: TOTAL REVENUES Annual Budget: EXPENSES Operating Expenses Direct Operating Expenses Electricity Landscape Maintenance Pool Operating Expenses Repairs and Maintenance Exterminating Taxes Telephone Water and Wastewater Total Direct Operating Expenses Annual Budget: General and Administrative Expenses Professional Fees Bad Debts Collection Expense Homeowner Activities Homeowner Communications Insurance Management Fee Administration Total General and Administrative Expenses Annual Budget: Total Operating Expenses Annual Budget: Capital Expenditures (Noncapitalized) Depreciation Depreciation (591) Annual Budget: $84 TOTAL EXPENSES Annual Budget: $84 NET SURPLUS (DEFICIT) Annual Budget: ($84) Printed on 1/7/211 Annual Budget Resident Budget Package Page 15 of 16

16 Replacement Fund Analysis Assest/Component Useful Life Est Remain Useful Life (Years) Est Future Repl Cost Projected Repl Fund Balance at Current Year End Projected Expenses in Budget Year Projected Interest WC or Init Capital Allocation in Budget Year Required Funds Actual Budgeted Annual Allocation to the Repl Fund Allocation Cabana and Pool Fence 28 $6,5 $6,5 Entrance Fence and Sign 34 $75, $75, Parking Lot 28 $5, $5, Pool and Decking 8 $83, $83, Sprinklers 8 $1, $1, Surveillance System 3 $2,5 $2,5 Resurfacing $4,5 $4,5 Undesignated Allocation 22 $21,267 ($21,267) $6,6 Totals: $21,267 $264,233 $6,6 The information detailed in this report is provided as a planning guide only, unless supported by a Reserve Study prepared by a qualified and licensed firm or individual in the applicable state. RealManage strongly recommends that the association have a Reserve Study prepared and updated on an annual basis by a qualified and licensed firm or individual. RealManage is not qualified or licensed to prepare and issue a Reserve Study and does not represent or warrant any of the information provided herein. It is the responsibility of the association's Board of Directors to maintain and protect the assets of the association. Final Printed on 1/7/21 Annual Budget Resident Budget Package Page 16 of 16