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Minutes From Budget Committee Meeting November 4 2009

Minutes From Budget Committee Meeting November 4 2009

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Published by: Key Royal Condominium Association, Inc. on Mar 18, 2010
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Key Royal Condominium Association, Inc.Budget Committee MeetingNovember 4, 2009
Minutes of the Budget Committee Meeting
Date of Meeting: November 4, 2009Time of Meeting: 7:00 P.M.Place of Meeting: Key Royal Clubhouse, 8204 Key Royal Lane, Naples, FL. 34119Vice President Sharon Stites called the meeting to order at 7:00 P.M.
Call to OrderRoll Call
:
 
Vice President Sharon Stites were present. President Ken Stephens andSecretary/Treasurer Joseph Kalinowski were absent.Also present was Susan L. Bedyan and Steve Rodeiro; Property Managers.
Introduction and Process
(Vice President Sharon Stites presided over the meeting due to a recent accident suffered byPresident Ken Stephens).(Sharon began the meeting by re-arranging the agenda by moving Owner Questions (item #4)up to item #3which is currently posted as Items to Review For Next Meeting if Necessary).Vice President Sharon Stites spoke about the following items:1.The current state of our foreclosures and the success our attorney John Goede has hadwith collecting delinquent assessments.2.The preliminary budget; the current year expenditures vs. a “wish list” for next year which includes: replacement landscaping, repairs to the Tiki Hut roof, new buildinglights, photo cells on buildings, and the possible installation of a barrier arm for the gate.3.The creation of a strategic planning committee and volunteers who may be interested.4.No anticipated assessment fee increase for 2010.
 
The Preliminary budget was reviewed by line item:1.Office Supplies; includes copier, toner postage,-total expenditure $ 7,500.00.2.Licenses, taxes, fees (slight increase) from $1985.00 to $2,000.00.3.Accounting fees- no increase.4.Legal fees-have exceeded what was previously budgeted due to the increase of courtactions being filed by John on behalf of the Association due to delinquencies.Steve clarified that we have spent $ 6,790.00, but actually budgeted &7,200.00, and mayreduce legal fees to $ 2,000.00.5.Miscellaneous, $2,500.00 spent to date, this includes, screening costs, etc., -increase to$3,000.006.Bad debt expense-Steve spoke about delinquencies to date, but currently $143,900.00 +/-.Have to include in the budget what we won’t be collecting in the next year. Will beincreasing from $17,500.7.Office & Clerical expenses-last year $46,900.00 has increased slightly, this includessalary, insurance, taxes, increase of health insurance.8.Maintenance/Custodial-( one full time person, and an occasional part time person) therewill be a decrease in the next year; from $ 55,980.00 to $ 45,000.00. ( no health insurancein this case).9.Management fee-no increase for the upcoming year.10.Maintenance/janitorial supply-no increase.11.General repairs and maintenance-buildings are aging, repairs increase.12.Pool Operation & Maintenance-no change;; a lot of expenses this year, but we areconfident that we can stay with the current budget13.Fitness Center-There will always be the need for repairs, will increase the budget for nextyear. (currently awaiting repairs).(Sharon interjects and mentions that we are still currently entertaining proposals from anumber of vendors; security, landscaping, etc.).14.Cable television-no change.15. Fire Equipment-decrease due to no lightning strikes.16.Lawn Maintenance and Landscaping- currently entertaining proposals all somewhat inline with each other, others slightly higher with irrigation which we currently pay aseparate company for; anticipated increase (slight).17.Trash Removal-18Extermination-not taking bids, satisfied as is.19.Entry Gate-anticipating some enhanced safety features, therefore increasing the budgetfor the upcoming year.20.Security-entertaining proposals; currently $31, 400-31, 500. May increase for specialcircumstances, i.e. –occasional pool guard.21.Carport/Parking-for damage; no change.22.Ingress/Egress-Shared maintenance with Laurel Lakes.
 
23.Insurance-due for renewal, entertaining current proposals and slight decrease for upcoming year even with an increase of coverage. No decision yet.24.Telephone-less budgeted last year. Projection.25.Water Sewer-less than last year. Projection. Steve and Susan explained the “credit” wereceived for 2-3 months due to an over ride of a county water valve that occurred at thefault of some workers and resulted in bills to the Association in the “hundred” dollar ranges as opposed to the usual “thousand” dollar ranges.26.Electricity-?27.Reserves-total expenses with reserves-$ 951,004.00 –water reimbursement income, our total estimated operating expenses for 2010 are $862,164.00-bottom line - our fees willnot increase.
Questions & Comments from Owners
Charlie Miller points out a discrepancy within the painting/exterior walls estimatedremaining life years which needs to be corrected.Susan King mentions that there is no income line represented on the budget and asks whysince we do rent out the clubhouse for after-hours private parties and that the incomeshould be shown as a separate line item.Charlie Miller mentioned that he does not believe the Association should charge for theuse of the clubhouse.Susan King asked why there is a charge for movie night and clarification was made sincemovie night is arranged by volunteer residents in the community.Property Manager Susan Bedyan informed the residents that as of tomorrow (November 5, 2009), the Association will begin collecting the rent from a second delinquent unitowner.Vic Burnett suggested The Whitestone security group; a vendor we currently entertaineda proposal for, but whose fees are higher than what we are currently paying.Charlie Miller commented that he feels that it is wonderful that our maintenance fees arestill under $800.00 a quarter and Sharon agreed and commended Presidio for thewonderful job they have done with regard managing the property.A conversation arose about controlling the ducks and how to prevent people from feedingthem and/or the possibility of having them removed from the community; pros vs. cons. 
Adjourn
The meeting was adjourned at 8:41 p.m.

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