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Annual Budget Meeting Minutes for November 20, 2008

Annual Budget Meeting Minutes for November 20, 2008

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Published by: Key Royal Condominium Association, Inc. on Jan 27, 2009
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06/14/2009

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ANNUAL BUDGET MEETINGMINUTESBOARDOFDIRECTORSKEYROYALCLUBHOUSETHURSDAY,NOVEMBER 20,2008@ 7:00 P.M.Themeetingwascalledtoorderat7:06pmby Ken Stephens, Secretary/Treasurer.RollCallwastakenandallDirectorswerepresent (Joe Kalinowski was present by phone).(Minutes are in summary form as recording device and subsequent sounds were notrecognizable or complete during the meeting.Summary is taken from basic notes taken bythe Secretary during the meeting).Ken Stephens referred everyone to the budget sent to each owner and commented on thisbudget being the one which was recommended for approval based on the backgroundanalysis completed during the meetings of the Budget Committee.Increase was necessaryto take into account various vendor increases that had already taken place or werescheduled to take place in 2009.HighlightsGood News - During 2008 budget there was a net reduction in insurance do to arenegotiated rate of $60,000 under anticipated budget levels.Contract changes formanagement and trash pickup netted savings of $4,050 & $6,561 respectively.Revenueshare payments amounted to $7,000 which were unanticipated in budget numbers.Additionally, various prepays by owners on quarterly fees and past due collections by JohnGoede helped the budget.Bad News - Laurel Lakes easement settlement of $8,000, Gate repairs over $8,000,Landscape services net increase of $10,000, Fire Panel repairs from lightning damage of $17,000, Irrigation Pump replacement at $4,100, Air Conditioning Unit replacements of $8,300, Fitness Center repairs of $4,500, Various building and pool repairs $5,000 wereunanticipated and strained the current budget.Worse News - Average quarterly delinquencies of $80,000 when expected fees are$169,466 hurt the operating budget levels throughout the past 8-9 months.Budget for 2009 includes increases in operating accounts for maintenance to try toproactively service the community assets to avoid unexpected breakdowns, etc.Throughthe timely replacement of materials and the use of maintenance service agreements shouldgo a long way towards keeping things working.Increases in fuel surchages for FPL, cableaccess, phone and water along with higher water consumption have required increases inthose areas.Overall - budget increase amounts to less than a 5% increase in quarterly fees or $35 perquarter amounting to a quarterly fee of $798.32 which also includes the ongoing reservesfunding needed for future painting, pavement, carports and roofing needs.This is only the second budget increase in community history with the last being for the2007 budget.See copy of budget notice and budget worksheet here.Comments fromOwners(Various questions from owners were presented but were not all audible on the recordingmachine.)Some are presented below:

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