DRAFT – Village Condominium Association at Bolton Valley, Inc. | ||||||||||||||
Fy 20-21 | July 2020 - June 2021 | Thru May 2021 | Ries Narrative: | |||||||||||
Revision | 06/06/21 | Added document revision | ||||||||||||
Year to Date | ||||||||||||||
Budget 2021/22 | Actual 06/01/21 | Variance | ||||||||||||
Income | ||||||||||||||
Association Fees | $67,732.11 | $65,107.01 | -$2,625.10 | Delinquent - Brigham ~$4k, Donahue ~$500, McKenna ~$6k -Agreed upon payment plan not going well.. | ||||||||||
Laundry Income | $2,000.00 | $1,654.00 | -$346.00 | Folks are using the Laundry Machines, changed Budget from $2,200 to $2,000 | ||||||||||
Additional Income | $0.00 | $0.00 | $0.00 | |||||||||||
TOTAL INCOME | $69,732.11 | $66,761.01 | -$2,971.10 | |||||||||||
Expenses | ||||||||||||||
Reserves | $0.00 | $0.00 | $0.00 | Putting away into reserves for the roof for the last two years, Changed $8k to $0, fixed spreadsheet formula | ||||||||||
Association Management | $8,400.00 | $7,700.00 | -$700.00 | Been same 5/6 years | ||||||||||
Chimneys | $200.00 | $0.00 | -$200.00 | Changed from $1k to $200, maintenance on units 221 & 324 only ~$85 a piece | ||||||||||
Electricity | $3,500.00 | $3,339.76 | -$160.24 | Changed Budget from $2,500 to $3,500 | ||||||||||
Fire Extinguishers | $250.00 | $251.73 | $1.73 | $10 a fire extinguisher charge, may need to replace on occasion | ||||||||||
Insurance | $16,153.00 | $13,451.82 | -$2,701.18 | Changed from $9,800 to $16,153 current premium cost, note actual is less as some mon cost at last year premium cost, fixed spreadsheet formula | ||||||||||
Insurance Self Insuring | $5,000.00 | $0.00 | -$5,000.00 | Added line item to better track costs, Assoc. self insuring to reduce claims | ||||||||||
Laundry Maint | $500.00 | $1,612.99 | $1,112.99 | Laundry repair/room cost detail below, changed Budget from $200 to $500 | ||||||||||
Maintenance/ Other | $8,000.00 | $7,483.01 | -$516.99 | e.g. No laundry repair, rooter rooter, change Budget from $7,373.68 to $8k | ||||||||||
Major Repairs | $12,000.00 | $0.00 | -$12,000.00 | e.g. paint, wood rot, ramp repair, bldg repair | ||||||||||
Postage and Copy | $500.00 | $338.60 | -$161.40 | Change Budget from $600 to $500 | ||||||||||
Propane | $650.00 | $448.03 | -$201.97 | |||||||||||
Roof | $1,000.00 | $1,500.00 | $500.00 | Roof leaks/repairs, no roof replacement costs | ||||||||||
Rubbish Removal | $4,000.00 | $3,811.07 | -$188.93 | Gauthier $4k, plus food scrap $120, changed from $3,300 to $4,000 | ||||||||||
Snow/Lawn | $11,000.00 | $10,000.00 | -$1,000.00 | Mike Stomme $8k snow $3k lawns, billing in arrears no invoice for 2020/21 yet, the $10k reflects last year; changed Budget from $8610 to $11k | ||||||||||
Sprinkler System Repair | $5,000.00 | $5,495.74 | $495.74 | Fix Air leak in attic 4/5 times, changed Budget from $3k to $5k | ||||||||||
Sprinkler/Unit Monitoring | $500.00 | $400.00 | -$100.00 | e.g Inspection & monitor cost | ||||||||||
Supplies | $250.00 | $0.00 | -$250.00 | e.g office supplies for assoc. | ||||||||||
Storm Water Permit | $50.00 | $0.00 | -$50.00 | no charge in several years, Kurt's understanding Village still responsible | ||||||||||
TOTAL EXPENSE | $76,953.00 | $55,832.75 | -$21,120.25 | Fixed spreadsheet formulas | ||||||||||
Net Income: actual income – actual expense | $10,928.26 | Few repairs made last year, Fixed spreadsheet formulas, actual income – actual expense | ||||||||||||
Budget Income – Budget Expense | -$7,220.89 | 7 grand in the hole, given we did not do the majority of the repairs last year, there gonna hit this year | ||||||||||||
Balance | ||||||||||||||
Previous Balance | $0.00 | Lets start using this, helps to level set what we are looking at | ||||||||||||
Current Ending Balance | Checking Acct. | $51,580.88 | What is our minim cash reserve the Assoc. can tolerate? $40k? | |||||||||||
Money Market | Reserves | $50,700.36 | Roof est ~$42,000 w/ no plywood, funds spoken for Bldg A roof | |||||||||||
Misc. Notes | ||||||||||||||
$215.50 annual inspection of machines $191.00 repairs to washer machine $324.39 repairs to dryer $281.95 repairs to dryer $280.00 repairs to laundry room after small heater fire $320.15 electrician to repair heater after fire ------------------------------------- Total of $1612.99 | ||||||||||||||
Village Condominium Unit Assessment Information | |||||||||||||
6/8/2015 | |||||||||||||
Based on FY10 Insurance Agreement and 7% Fee Increase | |||||||||||||
Yr Insurance | $6,900.00 | Finance | $0.00 | Tax | $0.00 | ||||||||
Fee increase | 7.00% | ||||||||||||
Projected Assessment Break Down | |||||||||||||
Unit # | Name | Quarterly Assessment | 7% QTR Fee Increase | Quarterly Insurance Assessment | Billing Cycle | Total Assessment | % Undivided Interest | Bedrooms | Sq Foot | 1981 Value | |||
123 | McLeod | $844.32 | $59.10 | $102.47 | QTR | $1,005.89 | 5.94 | 3 | 1300 | 92,000 | |||
124 | Parot/Apgar | $569.93 | $39.90 | $69.17 | MON | $679.00 | 4.01 | 2 | 876 | 80,000 | |||
125 | Comppon | $569.93 | $39.90 | $69.17 | QTR | $679.00 | 4.01 | 2 | 876 | 80,000 | |||
126 | Beaulieu | $844.32 | $59.10 | $102.47 | MON | $1,005.89 | 5.94 | 3 | 1300 | 92,000 | |||
127 | Ries | $468.97 | $32.83 | $56.93 | MON | $558.73 | 3.3 | 1 | 722 | 70,000 | |||
221 | Enman | $971.31 | $67.99 | $117.82 | QTR | $1,157.12 | 6.83 | 4 | 1494 | 110,000 | |||
222 | Perry | $971.31 | $67.99 | $117.82 | MON | $1,157.12 | 6.83 | 4 | 1494 | 110,000 | |||
223 | McGuriman | $844.32 | $59.10 | $102.47 | MON | $1,005.89 | 5.94 | 3 | 1300 | 92,000 | |||
224 | Pesci | $569.93 | $39.90 | $69.17 | MON | $679.00 | 4.01 | 2 | 876 | 80,000 | |||
225 | Nielsen | $569.93 | $39.90 | $69.17 | QTR | $679.00 | 4.01 | 2 | 876 | 80,000 | |||
226 | Donahue | $844.32 | $59.10 | $102.47 | QTR | $1,005.89 | 5.94 | 3 | 1300 | 92,000 | |||
227 | Ries | $468.97 | $32.83 | $56.93 | QTR | $558.73 | 3.3 | 1 | 722 | 70,000 | |||
228 | McKenna | $971.31 | $67.99 | $117.82 | MON | $1,157.12 | 6.83 | 4 | 1494 | 110,000 | |||
321 | Levesque | $468.97 | $32.83 | $56.93 | QTR | $558.73 | 3.3 | 1 | 722 | 70,000 | |||
322 | Ervin | $468.97 | $32.83 | $56.93 | MON | $558.73 | 3.3 | 1 | 722 | 70,000 | |||
323 | Bell | $844.32 | $59.10 | $102.47 | QTR | $1,005.89 | 5.94 | 3 | 1300 | 92,000 | |||
324 | Angier | $569.93 | $39.90 | $69.17 | QTR | $679.00 | 4.01 | 2 | 876 | 80,000 | |||
325 | di Papla | $569.93 | $39.90 | $69.17 | QTR | $679.00 | 4.01 | 2 | 876 | 80,000 | |||
326 | Hahr | $844.32 | $59.10 | $102.47 | MON | $1,005.89 | 5.94 | 3 | 1300 | 92,000 | |||
327 | Bergeron | $468.97 | $32.83 | $56.93 | QTR | $558.73 | 3.3 | 1 | 722 | 70,000 | |||
328 | Brigham | $468.97 | $32.83 | $56.93 | MON | $558.73 | 3.3 | 1 | 722 | 70,000 | |||
Qrt Totals | $14,213.25 | $994.95 | $1,724.83 | 10 | $16,933.03 | 99.99 | 48 | 21,870.00 | $1,782,000 | Total | |||
Year Totals | $56,853.00 | $3,979.80 | $6,899.31 | $67,732.11 | 1,041 | $84,857.14 | Average | ||||||