|
|
Preliminary 2004
Operational Spending vs. Budget
|
Values in K$
|
Jan – Dec
|
Budget
|
Variance
|
|
Net Operating Revenue
|
1,465.4
|
1440.3
|
25.1
|
|
|
|
|
|
Expenses
|
|
|
|
|
Administration
|
181.8
|
198.7
|
16.9
|
|
Repair
and Maintenance
|
303.1
|
333.5
|
30.4
|
|
Equipment
Maintenance
|
93.2
|
60.3
|
(32.9)
|
|
Grounds
Repairs and Maintenance
|
65.8
|
76.9
|
11.1
|
|
Security
|
210.1
|
218.1
|
8.0
|
|
Utilities
|
598.8
|
627.0
|
28.2
|
|
Total Expenses
|
1,455.9
|
1516.5
|
60.6
|
|
Net Income
|
9.5
|
(76.3)
|
85.8
|
Bob,
Syed, Ram, Mort, Barry and Adele met with Mike Helsing on December 16 to ask
questions about the ‘Draft’ of the Telegraph Landing 2005 Reserve Study. The
final Reserve Study, which will address the questions asked, is due in February
2005. The Treasury Committee expects to
make recommendations based on the 2005 Reserve Study to the Board by April
2005.
The 2005 Pro-forma Operating Budget, dated November 1, 2004, was provided in
November to all homeowners. Monthly
assessments were increased effective January 1, to pay for the expected
increases in utility expenses. The Board
will look at efforts to reduce discretionary expenses and the results of the
2005 Reserve Study before deciding if further increases in homeowners’ dues may
be necessary.
Based
on the ‘preliminary’ year-end report, TL spending was $60.6K less than budget
and net income, at $9.5K, was $85.8K better than budget.
‘Preliminary’ Statement of Reserve Funds (Values in
K$)
|
Reserve
Balance – 12/31/03
|
2,048
|
|
Flow
of Funds into Reserves in 2004
|
753
|
|
Flow
of Funds out of Reserves in 2004 (Capital Expenditures)
|
412
|
|
Reserve
Balance – 12/31/04
|
2,388
|
$750K flowed into reserves in 2004 - $450K from the special assessment, $275K from
the operating account, and $28K from earned interest. $412K was paid out of reserves in 2004. The significant expenses included the
residual expenses for the remodeling of the complex - $119K, F&M
engineering $78K, townhouse roof repairs $123K, hi rise window repairs $40K, and security equipment $17K.
B. Shiller
|