Telegraph Landing Treasurer’s Report – September ‘05

Operating Fund Activities

Values in K$	Aug YTD	Budget	Variance
Net Operating Revenue	1011	1032	-21
Expenses
Administration	131.2	129.8	-1.4
Repair and Maintenance	179.5	218.2	38.7
Equipment Maintenance	56.3	58.4	2.1
Grounds Repairs and Maintenance	46.3	51.9	5.6
Security	133.6	153	19.4
Utilities	420.3	426.6	6.3
Total Expenses	967.8	1040.0	72.2
Net Income	42.9	-8.2	51.1

Expenses

Operating expenses are 7% below budget year-to-date, however as we enter winter energy costs will increase and we may owe additional monies for Security from the beginning of the year.

Receipt of $66K in insurance and payment of  sewer pipe repairs out of Reserves, mitigated the large expenses attributable to sewer pipe breaks.

2005 Reserve Study

The Finance Committee met on September 8 to review recommendations that have been made to modify the assessment plan.  The Finance Committee concluded it is important to stay with its original suggestions, which closely follows recommendations made in the 2005 Reserve Study. 

Barry Shiller                                                                                        Sept 18, 2005