Village 2006/2007 Profit/Loss and Budget Summary

Village 2006/2007 Profit/Loss and Budget Summary
6/24/2006		Actual Nov '01 - Oct '02	Budget Nov '02 - Oct' 03	Actual Nov '02 - Aug '03	Budget Nov '03 -Oct '04	Actual Nov '03 -Oct '04	Budget Jul 04 - Jun 05	Actual Jul 04 - Jun 05	Budget Jul 05 - Jun 06	Actual Jul 05 - Jun 06	Budget Jul 06 - Jun 07	YTD Jul 06 - Jun 07
Income													2006/2007 Budget approved 06/24/06
Association fees		70,245	70,401	70,401	70,401	87,221	63,825	67,242	63,825	66,735	62,552	$58,039	Insurance cost went up
Laundry income		2,200	2,000	1,018	2,000	2,912	2,100	2,302	2,100	2,767	2,200	$2,338
Additional Income		30	350	0	350	0	0	2,575	0	90	0	$1,875	Delinquent fees, etc…
Total Income		72,475	72,751	71,419	72,751	$90,134	$65,925	$72,119	$65,925	$69,593	64,752	$62,252

Expense
Accounting		350	450		450	1,710	500	0	100	0	100	$0	Tax Preparation
Association Management		8,400	8,400	7,000	8,400	7,291	6,600	6,600	7,200	7,290	7,200	$7,200	$600 mon X12 = $7,200
Bank Loan - Siding		0	0		0	0	0	2,208	16,512	13,987	16,512	$16,576	$10,512 + Contractor $6,000 = 16,512
Bank Service Charges			100	0	100	146	0	10	50	0	50	$0
Chimneys		48	100	880	100	700	1,000	700	1,000	865	1,000	$735	$35/unit Chimney clean, $300 Fireplace repairs
Electricity		1,913	2,550	1,840	2,550	2,250	2,500	2,333	2,500	1,920	2,500	$2,003	$50-$140/mon
Ext Painting		6,532	4,000	170	3,000	0	1,000	4,825	1,000	750	200	$0	Ext balcony touchups and window trim paint
Exterior Repairs		3,804	9,500	8,820	3,000	988	1,000	288	1,000	2,528	600	$1,265	Misc., leak repair, etc…
Fire Extinguishers						130	150	130	150	92	150	$218	$130- 2004
Grounds R&M		2,572	3,000	2,685	3,500	1,650	2,500	2,120	2,500	1,065	2,500	$1,963	$80 per mow, $25 rake/hr + $100 ongoing rock wall repair
Insurance		4,959	5,000	7,545	8,000	13,049	13,626	11,876	10,951	11,663	12,352	$10,253	2006/2007 Premium
Insurance Deductible				2,480		0	500	0	1,000	0	1,000	$0
Interior Repairs/Painting		147	2,000	1,551	2,000	0	100	525	500	1,148	500	$1,962	Laundry & trash rooms
Laundry Maint						209	200	119	200	183	200	$407	Laundry tune-up and maint
Legal Fees		460	1,000	32	500	1,537	1,000	2,344	1,000	531	1,000	$1,985	Collect Assoc. fees and window assessments
Maintenance - Other		1,644	0	712	0	360	1,000	1,135	1,000	0	600	$1,225	Unit Repairs
Major Repairs		35,006		19,133	20,000	5,745	2,000	7,050	2,000	5,110	20,000	$17,507	Parking lot grade, Tower, Ramps, Decks
Miscellaneous Expenses						0	0	2,523	0	361	0	$118
Postage and Copy				4		62	200	388	500	728	500	$1,072	Postage & copy
Propane		512	550	480	550	427	500	417	500	446	500	$589	$70/mon X 6/mon + $200 repair = $620.00
Repair and Maint - Other		141	0	1,190	500	3,851	2,000	2,178	2,000	2,135	500	$783	Misc, etc…
Roof			5,000	4,400	5,000	0	1,000	0	1,000	0	1,000	$801
Rubbish Removal		4,263	3,650	3,354	3,650	3,359	3,720	3,096	3,000	2,836	3,000	$2,686	222.94 X 12 = $2,675.28
Sewer						930	1,000	1,075	1,000	255	600	$0	Roto-Rooter routine maint 3 yrs $500
Snow Removal		947	3,500	3,021	3,800	4,475	4,500	3,655	4,500	4,200	4,500	$5,475	$700/month x 5 = $3,500
Special Assessments		(26,250)		(9,280)	0	0	0	0	0	0	0	$0
Sprinkler System Repair		1,550	2,500	2,029	2,500	1,032	3,950	7,832	1,500	2,315	500	$1,658	No anticipated repairs and $500 repair
Sprinkler/Unit Monitoring		0	0	530	0	1,145	500	551	500	520	500	$0	Monitor Yr $235 + Inspect $260 = $495
Supplies		6	250	63	250	143	250	0	250	100	250	$0
Storm Water Permit		17,382	21,200	14,654	19,640	0	0	0	0	0	0	$100	Was W/S cost
Total Expense		64,387	72,750	73,294	87,490	$56,097	$51,296	$63,978	$63,413	$61,028	78,314	$76,580

Net Income
Net Ordinary Income		8,088	1	(1,875)	(14,739)	34,036	14,630	8,141	2,512	8,565	-13,562	-14,328	Going to hit reserves for ~$10k
Net Other Income / Expense		0	0	0	0	758	0	0	0	0	0	0
Net Income Totals		8,088	1	(1,875)	(14,739)	34,794	$14,630	$8,141	$2,512	$8,565	-13,562	-$14,328

Reserves					$7,637	$23,911	$30-$40k	$30,719	$20,000	$38,502	20,000	$24,173

Budget Assumptions:
Using Boylan Management for Village since 05/06 fiscal Yr.
All Association fees are paid on time
2005 Vinyl siding being installed, ie not painting buildings
Redstone directly billing owners as of 05/2004 -- Water $826.95 sewer $4,082.21 /Qtr = 4909.16 Qtr X 4 = $19,636.64 Yr
Building reserves for roof replacement in 5+ years, ~$20k

$2,460	Projected Grounds Maintenance:
1,760	Mowing $80.00 per time x 22 times ( high side)
600	Spring/ fall cleanup $ 25.00 per man per hour ($500.00 per time)
0	Fertilize $ 35.00 plus material ( 250.00- 300.00 per season)
100	Anything else needed $ 25.00 per man per hr.

Projected Snow Removal:
	$700/month x 5 = $3,500

Vinyl Siding Loan
	$10,512 + Contractor $6,000 = $16,512 year
	$876 + $500=$1,376 monthly payments

Building Insurance
	Total policy is $12,352.00 first payment of $3,706.00
	8 installments or $ 1,081.00 plus $ 5.00 service charge

	Insurance cost increase of $1400 / ~$66 a unit went into affect with the March 2006 premium renewal
	Owners new insurance rate will take affect starting July 2006, the start of Village fiscal year.
	This is not due to a rate change but a coverage increase.
	One of the concerns in the insurance industry is that because of property value and construction cost increases many buildings are underinsured.
	That was the case with VCA. The new re-construction values are 1.1 and 1.3 million. That is up from 945K and 850K.
	Unfortunately this is one of the downsides to our property values increasing and there's not much you can do.

$19,750.00	Grand Total of Proposed Major 2006 Projects

$1,500.00	Village Building B Ramp / Tower Repairs
	-Jim Wood
	-Tmp repair to last 4-5 years

$4,200.00	Grade Parking Lot
	-01/26/06 Received quote from Fourier
	-2" reclaim
	-1" reclaim

$9,950.00	Ramp Railings, Porches Paint and Repair
	-Quotes from John Herr, for full repairs 06/05/06
	-Repair an
	-39 decks,
	-130+ feet
	-Bid does
$800.00	-Repair is T&M $800????

$3,000.00	Ramp foot surface repair/replacement
	-Quotes from John Herr, for full repairs 06/05/06
	-Stairs, lan
$300.00	-Repair is T&M $300????