Expenses

[1] Management fees YTD 37.8K, Insurance 64.7K, all accounting, billing, audit, tax preparation and financial management is 18K YTD.  See Oct 31 report for further details

[2] Janitorial payroll accounts for 186.4K of 254.9K of expense.  Supplies total 15.4K. Outside service providers cost 43.6K.  See Oct 31 report for further details.

[3] Security payroll was 13K above forecasts due to extra shifts.  Equipment was 8.2K vs. a 1.7K budget.  Fire inspection was 5.7K and not adequately budgeted.

[4] Total expenses are within budget

[5] Operating account balance was reduced by 17.7K

The ‘Draft’ of the Telegraph Landing Reserve Study has been submitted for review.  The Board and Finance Committee have an opportunity to review the report, ask questions, and suggest changes.  We have a meeting set up with Helsing on December 16.  If any homeowner is interested in participating in these discussions please let me know.

12/11/04                                                                                                         B Shiller