| Century Farms Neighborhood Association | ||||
| 2002 Budget Proposal | ||||
| 2002 | 2001 | Difference | Comment | |
| ASSESSMENT INCOME | ||||
| Assessments | $49,841.00 | $45,476.75 | $4,364.25 | Increase of $17.25 to $197.00 (from $179.75 x253), largely due to increased common area maintenance |
| Operating Interest | $400.00 | $0.00 | $400.00 | |
| Total assests | $50,241.00 | $45,476.75 | $4,764.25 | |
| ADMINISTRATIVE EXPENSES | ||||
| Printing | $500.00 | $1,452.00 | -$952.00 | Prior management made more copies at a higher cost per page |
| Postage for Meeting Notices | $500.00 | $804.00 | -$304.00 | |
| Management Fee | $5,544.00 | $9,108.00 | -$3,564.00 | Reduction due to new Management Contract with LMS |
| Legal Fees | $500.00 | $600.00 | -$100.00 | This year we actually spent over $600, but we expect next year to have fewer issues for counsel to consider. |
| Assessment Coupon | $123.95 | $0.00 | $123.95 | This is for our annual assessment invoice. Invoice charge of approx 253 @ ($.15 invoice + $.34 postage) |
| Lock Box For Assessment | $63.25 | $500.00 | -$436.75 | 253 @ .25 charged by bank for receipt of annual assessment - PSI (over)charged $500 |
| Audit Fee | $1,300.00 | $1,500.00 | -$200.00 | This includes the annual audit and prep/filing of tax return. |
| Office Supplies and Expenses | $400.00 | $0.00 | $400.00 | LMS charges for various items. |
| Bank Charges | $100.00 | $400.00 | -$300.00 | new checks, etc. PSI (over)charged a computer fee of $400 |
| Miscellaneous | $0.00 | $100.00 | -$100.00 | |
| Total Admin Expense | $9,031.20 | $14,464.00 | -$5,432.80 | Decrease largely due to new management contract |
| OPERATING EXPENSES | ||||
| Bulbs, tubes, and timers | $50.00 | $0.00 | $50.00 | For monument lighting |
| Water | $0.00 | $1,200.00 | -$1,200.00 | We have no water bills. PSI incorrectly budgeted for this item. |
| Electricity | $4,680.00 | $1,200.00 | $3,480.00 | We have 4 aerators @ $175 per mo. for 6 mo., and 2 monument lights @ $20 per mo. for 12 mo. |
| Licenses & Fees | $5.00 | $250.00 | -$245.00 | $5 annual incorporation fee |
| Website Registration and Hosting | $250.00 | $0.00 | $250.00 | Cost for Hosting web site and registering domain name |
| Newsletter Postage | $300.00 | $0.00 | $300.00 | We anticipate doing a newsletter next year |
| Newsletter Printing | $200.00 | $0.00 | $200.00 | We anticipate doing a newsletter next year |
| Total Operating Expense | $5,485.00 | $2,650.00 | $2,835.00 | Increase mainly due to realistic budget for power bills, based on actual expenditures and anticipated increase due to additional aerator |
| MAINTENANCE EXPENSES | ||||
| Grounds – Landscaping maintenance | $18,500.00 | $16,160.00 | $2,340.00 | Estimated - Increase due to addition of further common areas to the maintenance contract |
| Grounds - Natural Landscaped Area Maint | $5,500.00 | $2,270.00 | $3,230.00 | Further dev. of wildflower area, including alternate year burns($3,000), and reseeding meadow ($2,500). |
| Additional Landscaping | $1,000.00 | $0.00 | $1,000.00 | Various projects, including walkway on Will.Penn. |
| Pond Maintenance – Aerator Maintenance | $3,000.00 | $0.00 | $3,000.00 | Not previously budgeted, but it cost us $6,000 this year. Also includes $1,000 for aerator installation and removal. |
| Pond Maintenance – Chemical Treatments | $3,600.00 | $3,500.00 | $100.00 | Contract with new company to provide improved pond maintenance. |
| Total Maintenance | $31,600.00 | $21,930.00 | $9,670.00 | Increase due to need for improved common area maintenance and continued improvements. |
| TAXES AND INSURANCE | ||||
| Board Indemnity | $850.00 | $750.00 | $100.00 | |
| Umbrella | $350.00 | $500.00 | -$150.00 | |
| Package | $850.00 | $750.00 | $100.00 | General Liability ($1M per occurrence, $2M aggregate), Fid. bond $25K, Misc. Prop. Damage $10K |
| Workman's Comp | $0.00 | $750.00 | -$750.00 | PSI budgeting error - we never had this type of coverage |
| Casualty Loss Deductible | $0.00 | $500.00 | -$500.00 | This was the deductible for two anticipated insurance claims (2 @$250) |
| Total Tax and Insurance | $2,050.00 | $3,250.00 | -$1,200.00 | Decrease due to more accurate budget |
| FINANCIAL | ||||
| Operating Contingency Reserve | $1,216.00 | $1,954.00 | -$738.00 | This is extra money available for contingencies |
| Replacement Reserve | $858.80 | $1,228.00 | -$369.20 | This is extra money that will be transferred to another account to build our reserves for long term capital projects. |
| Total Financial | $2,074.80 | $3,182.00 | -$1,107.20 | |
| Total Expenses | $50,241.00 | $45,476.00 | $4,765.00 | |