Minutes
of Meeting 10/13/03
Call to Order - The meeting was called to order at 7:10 PM by Finance Committee Chair, Bea Spindler. Budget worksheets, the September balance sheet and income statement, and monthly income/expense summaries for 2002 and 2003 were distributed.
· Attendance Don Holen, Dick Kaminska, Jay Marcus, Monroe Miller, Gregor Schuessler, Bea Spindler, Laura Szabo.
· 2004 Budget The purpose of the meeting was to complete the 2004 budget so it can be presented at the November board meeting for approval. The draft that was completed last month has been adjusted to reflect input from board members at the September board meeting. In addition to adjusting some of our estimates, we set up categories to more clearly reflect the proceeds of the annual golf tournament. The following list summarizes our estimates for the income categories:
q ASSESSMENTS The annual assessments have increased from $267,400 to $270,200. This is a per homeowner increase in yearly dues from $382 to $386.
q INTEREST INCOME We have reduced this figure from $3,700 to $2,000 based on our year-end projection.
q HOMEOWNERS DOCK INSURANCE PREMIUM New category to track dock owners contribution toward association insurance coverage per dock agreement.
q GOLF TOURNAMENT INCOME We have added this category to reflect revenue from golf tournament such as sponsorships. This will be offset by two expense categories shown below. There will be a golf tournament expense category for charging all expenses related to running the tournament (e.g. printing flyers, door prizes, facility cost, etc.) and a golf tournament improvements category for charging all expenses related to actual improvements to community from the net proceeds of the golf outing. We have budgeted gross revenue of $7,500 based on FY2002 figures.
q NEWSLETTER ADS This category was increased from $3,000 to $3,850. The Finance Committee recommends reviewing the rate schedule to increase ad revenue.
q CABLE This figure was increased from $183,303 to $192,225 to reflect the annual raise in rates per the contract.
The following list summarizes our estimates for the expense categories:
q IRRIGATION MAINTENANCE Unchanged, Boca Irrigation will continue to provide maintenance for our sprinkler system.
q LANDSCAPE REPLACEMENTS Decreased from $8,500 to $3,800. As of 09/30/03, we have only spent $1,415 on landscape replacements and no major projects are planned prior to year-end.
q LAWN MAINTENANCE/TREE TRIM Reduced from $47,000 to $46,000 based on bids currently under consideration.
q LAKE & DOCK MAINTENANCE Unchanged, service with current contractor will continue.
q PLAYGROUND MAINTENANCE Increased from $3,225 to $4,500 based on need for mulch replenishment around the equipment and routine cleanup/maintenance/repair.
q IMPROVEMENTS FROM GOLF PROCEEDS New category to charge expenses for improvements to the community paid for by the proceeds of the golf tournament. We have budgeted $4,500 for this category. The improvements undertaken will be determined by committee and board member recommendations.
q SECURITY Increase of $4,000 to reflect Wackenhut renewal contract.
q MISCELLANEOUS MAINTENANCE Reduced from $3,300 to $1,200. New categories have been added for charges that were previously being treated as miscellaneous expenses.
q STREET SIGN MAINTENANCE Decreased from $4,000 to $1,000 to reflect reduction in storage cost and completion of the major installation. Expenses for 2004 should consist of routine maintenance/repair.
q CABLE This figure was increased from $183,303 to $192,225 to reflect raise in rates per the contract.
q UTILITIES/ELECTRIC This figure was rounded up from $26,775 to $27,000 to reflect projected utility costs.
q ACCOUNTING FEES Unchanged.
q GOLF TOURNAMENT EXPENSE This category was added to charge expenses related to organizing and running the community golf event. We have budgeted $3,000 for this category based on last years expenses.
q INSURANCE This figure was increased from $16,100 to $20,400 based on renewal premiums.
q LEGAL Increased from $5,000 to $8,000 based on current year expenses and resolution of the declaratory action.
q OFFICE SUPPLIES Reduced slightly from $6,100 to $6,000.
q POSTAGE Reduced from $3,900 to $3,600 based on year-end estimate.
q HOLIDAY LIGHTS Reduced from $500 to $100 based on prior years expenses.
q MEETING ROOM FEES Reduced from $500 to $100 based on need for room rental expense for the annual meeting. All other board meetings are planned for the Fire Station 52 recreation room which has no rental fee.
q NEWSLETTER PRINTING Increased from $4,000 to $4,800 based on year-end estimate.
q WEBSITE MANAGEMENT - $900.
q MANAGEMENT FEES Unchanged.
q TAXES/LICENCES/PERMITS Unchanged.
The proposed budget is shown below along with the 2003 budget, our current year-to-date expenses as of 9/30/03 and a column showing the differences between the 2003 and 2004 budgets.
|
PWHOA - 2003 |
BUDGET |
YTD |
BUDGET |
BUDGET |
|
|
|
|
2003 |
as
of 9/30 |
2004 |
DIFFERENCE |
|
REVENUE: (Dues/Home) |
$382.00
|
|
$386.00
|
|
|
|
Assessments |
267,400
|
200,547
|
270,200
|
2,800 |
|
|
Interest Income |
3,700 |
1,460 |
2,000 |
(1,700) |
|
|
Golf Tournament Income |
0 |
1,240 |
7,500 |
7,500 |
|
|
HO Dock Ins. Premium |
0 |
0 |
550 |
550 |
|
|
Misc. Income |
0 |
876 |
0 |
0 |
|
|
Newsletter Ads |
3,000 |
2,586 |
3,850 |
850 |
|
|
Cable |
|
183,303
|
133,018
|
192,225
|
8,922
|
|
TOTAL REVENUE: |
457,403
|
339,727
|
476,325
|
18,922 |
|
|
EXPENSES: |
|
|
|
|
|
|
Maintenance |
|
|
|
|
|
|
Irrigation Maint. |
10,000 |
6,258 |
10,000 |
0 |
|
|
Landscape Repl. |
8,500 |
1,415 |
3,800 |
(4,700) |
|
|
Imprvmts-Golf Proceeds |
0 |
0 |
4,500 |
4,500 |
|
|
Lawn Maint./Trees |
47,000 |
36,054 |
46,000 |
(1,000) |
|
|
Lake & Dock Maint. |
1,800 |
1,350 |
1,800 |
0 |
|
|
Playground Maint. |
3,225 |
1,334 |
4,500 |
1,275 |
|
|
Pressure Cleaning |
2,000 |
0 |
2,000 |
0 |
|
|
Security |
|
95,000 |
73,660 |
99,000 |
4,000 |
|
Misc. Maint. |
3,300 |
1,478 |
1,200 |
(2,100) |
|
|
Street Signs |
4,000 |
5,227 |
1,000 |
(3,000) |
|
|
Cable TV |
|
183,303
|
136,931
|
192,225
|
8,922 |
|
Utilities - Electric |
26,775
|
19,973
|
27,000
|
225 |
|
|
Total Maintenance |
384,903
|
283,680
|
393,025
|
8,122 |
|
|
Administrative |
|
|
|
|
|
|
Accounting Fees |
1,500 |
0 |
1,500 |
0 |
|
|
Insurance |
|
16,100 |
12,228 |
20,400 |
4,300 |
|
Legal |
|
5,000 |
8,552 |
8,000 |
3,000 |
|
Golf Tournament Exp. |
0 |
0 |
3,000 |
3,000 |
|
|
Office Supplies |
6,100 |
3,795 |
6,000 |
(100) |
|
|
Postage/Other |
3,900 |
772 |
3,600 |
(300) |
|
|
Holiday Lights |
500 |
112 |
100 |
(400) |
|
|
Meeting Room Fees |
500 |
80 |
100 |
(400) |
|
|
Newsletter Printing |
4,000 |
3,592 |
4,800 |
800 |
|
|
Website Management |
0 |
0 |
900 |
900 |
|
|
Management Fees |
34,800 |
25,965 |
34,800 |
0 |
|
|
Taxes-License-Permits |
100 |
||||