Century Farms Neighborhood Association
2003 Budget Proposal
	Budget	Budget
	2003	2002	Comments for 2003 Budget
ASSESSMENT INCOME
4010-Assessments	49,841	49,841	Keep at $197 per home. 253 homes.
4610-Operating Interest	600	400
Total assets	50,441	50,241
ADMINISTRATIVE EXPENSES
8551-Printing	500	500
8552-Postage	500	500
8505-Management Fee	6,000	5,544	$480/month through 4/2003, then budget $510 per month.
8521-Legal Fees	1,000	500
Need Code-Assessment Coupon	132	124	This is for our annual assessment invoice. Invoice charge of approx 253 @ ($.15 invoice + $.37 postage)
8553-Lock Box For Assessment	63	63	253 @ .25 charged by bank for receipt of annual assessment
8530-Audit Fee	1,300	1,300	This includes the annual audit and prep/filing of tax return.
8550-Office Supplies and Expenses (Includes Signs)	500	400	LMS charges for various items.
Total Admin Expense	9,995	9,031
OPERATING EXPENSES
7621-Bulbs, tubes, and timers	50	50	For monument lighting
7210-Electricity	5,000	4,680	We have 4 aerators @ $175 per mo. for 6 mo., and 2 monument lights @ $20 per mo. for 12 mo. May get new aerator so this budget was increased.
8540-Licenses & Fees	5	5	$5 annual incorporation fee
8565-Website Registration and Hosting	200	250	Cost for Hosting web site and registering domain name
8570-Newsletter Postage	400	300	We anticipate doing a newsletter next year
Need Code - Newsletter Printing	300	200	We anticipate doing a newsletter next year
Total Operating Expense	5,955	5,485
MAINTENANCE EXPENSES
7805-Grounds – Landscaping maintenance	11,680	18,500	$1,460 charged only 8 times per year. Same for 2003 may increase in 2004.
Need Code-Grounds - Natural Landscaped Area Maint	9,000	5,500
7810-Additional Landscaping	1,000	1,000	Various projects, like tree replacements.
7832-Pond Maintenance – Aerator Maintenance	11,000	3,000	Need new aerator and may need to replace broken one. This will be very high for 2003 but should come down a lot in 2004.
7831-Pond Maintenance – Chemical Treatments	5,400	3,600	Need more work going forward to control weeds.
Total Maintenance	38,080	31,600	Increase due to need for improved common area maintenance and continued improvements.
TAXES AND INSURANCE
8710-Board Indemnity	850	850	Talked to Karyl Foray at Travelers and this should stay the same
Need Code-Umbrella	600	350	Talked to Karyl Foray at Travelers and this should stay the same
Need Code-Package	900	850	Talked to Karyl Foray at Travelers and this should be increased by $50 for 2003. General Liability ($1M per occurrence, $2M aggregate), Fid. bond $25K, Misc. Prop. Damage $10K
Total Tax and Insurance	2,350	2,050
Total Expenses	56,380	48,166
Summary for 2003
Total Assets:	50,441
Total Expenses:	56,380
Profit/(Loss):	(5,939)
Money Put into Replacement Reserve:	1,500
Balance Test
Total Assets:	50,441
Liabilities
Expenses:	56,380
Use of Some Retained Earnings:	(7,439)	<- Actual 2002 assets are estimated to exceed actual 2002 expenses
8805-Money Moved to Replacement Reserve:	1,500	by $8,000 so we will use the 2002 "profit" to offset 2003 expenses and
Total Liabilities:	50,441	keep assessments the same for 2003. Part of this is due to projects that
		were scheduled to be completed in 2002 but will not be completed until 2003.
Note that there are additional reserves remaining even after applying the 2002 profit to offset 2003 expenses. The Board is planning on conducting
a study to assess the appropriate level of the reserve that should be maintained going forward. The study will occur in 2003 or 2004.