Telegraph Landing Treasurer’s Report 5/15/04

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Finance Index

2004 Actual Spending vs. Budget – spending within budget YTD

Values in K$

Jan – May

Budget

Variance

Net Operating Revenue

598.3

600.1

1.8

 

 

 

 

Expenses

 

 

 

Administration

78.6

82.8

4.2

Repair and Maintenance

116.8

139.0

22.1

Equipment Maintenance

46.4

25.1

(21.3)

Grounds Repairs and Maintenance

25.0

32.0

7.0

Security

83.7

90.9

7.1

Utilities

236.4

261.2

24.9

Total Expenses

588.2

631.9

43.7

 

 

 

 

Net Income (Loss) Before Taxes

10.1

(31.8)

41.9

 

Notes:  Equipment & Maintenance Expenses – HVAC Repairs $22.6 over budget

Capital Planning

First meeting of Treasury Committee on June 14, 2004 (Syed, Ram, Patrick, Adele, Barry)

·        Current Capital Investment $2M, of which $325K is invested in TIPS ($120K matures 2012, $205K matures 2014), balance in short term CD’s.  Additional capital inflow through 2005 totals $1.25M.  Plan to continue to invest mainly in short term CD’s.

·        Managers rough estimate of potential short-term capital expenditures: $1M in 2004, $2.2M in 2005

Ř      2004:  Townhouse deck and roof repairs, high-rise window repairs, painting and waterproofing, elevator refurbishing, msc.

Ř      2005:  Townhouse deck and roof repairs, hi-rise roof repairs, painting and waterproofing, elevator refurbishing, repair of planters/leaks over roofs

Ř      Will need to look more closely at elevator refurbishing, painting and waterproofing ($700K).

·        Treasury Committee recommends commissioning the Helsing Group to update the long-term capital needs plan at a cost of $5000.

·        Future focus – improvement in TL purchasing power, start of 2005 budgeting process, better definition & community discussion of 2004/05 capital requirements, and update of long term capital plan