Village 2007/2008 Profit/Loss and Budget Summary
7/30/2007			Actual Nov '01 - Oct '02	Budget Nov '02 - Oct' 03	Actual Nov '02 - Aug '03	Budget Nov '03 -Oct '04	Actual Nov '03 -Oct '04	Budget Jul 04 - Jun 05	Actual Jul 04 - Jun 05	Budget Jul 05 - Jun 06	Actual Jul 05 - Jun 06	Budget Jul 06 - Jun 07	Actual Jul 06 - Jun 07	Budget Jul 07 - Jun 08	YTD Jul 07 - Jun 08
Income																2007/2008 Budget approval 06/30/07
Association fees			70,245	70,401	70,401	70,401	87,221	63,825	67,242	63,825	66,735	62,552	58,039	62,552	$64,982	Insurance cost reduction 9%, fees raised 9%
Laundry income			2,200	2,000	1,018	2,000	2,912	2,100	2,302	2,100	2,767	2,200	2,338	2,200	$2,210
Additional Income			30	350	0	350	0	0	2,575	0	90	0	1,875	0	$466	Delinquent, legal fees recovered, etc…
Total Income			72,475	72,751	71,419	72,751	$90,134	$65,925	$72,119	$65,925	$69,593	$64,752	62,252	64,752	$67,658
Expense
Accounting			350	450		450	1,710	500	0	100	0	100	0	50	$0	Tax Preparation
Association Management			8,400	8,400	7,000	8,400	7,291	6,600	6,600	7,200	7,290	7,200	7,200	7,200	$7,200	$600 mon X12 = $7,200
Bank Loan - Siding			0	0		0	0	0	2,208	16,512	13,987	16,512	16,576	16,512	$15,694	$10,512 + Contractor $6,000 = 16,512
Bank Service Charges				100	0	100	146	0	10	50	0	50	0	50	$0
Chimneys			48	100	880	100	700	1,000	700	1,000	865	1,000	735	1,000	$735	$35/unit Chimney clean, $300 Fireplace repairs
Electricity			1,913	2,550	1,840	2,550	2,250	2,500	2,333	2,500	1,920	2,500	2,003	2,500	$2,044	$50-$140/mon
Ext Painting			6,532	4,000	170	3,000	0	1,000	4,825	1,000	750	200	0	2,000	$0	Ext balcony touchups and window trim paint
Exterior Repairs			3,804	9,500	8,820	3,000	988	1,000	288	1,000	2,528	600	1,265	2,000	$1,913	Misc., leak repair, etc…
Fire Extinguishers							130	150	130	150	92	150	218	250	$185	$130- 2004
Grounds R&M			2,572	3,000	2,685	3,500	1,650	2,500	2,120	2,500	1,065	2,500	1,963	2,500	$1,635	$80 per mow, $25 rake/hr + $100 ongoing rock wall repair
Insurance			4,959	5,000	7,545	8,000	13,049	13,626	11,876	10,951	11,663	12,352	10,253	7,897	$7,025	2007/2008 Premium
Insurance Deductible					2,480		0	500	0	1,000	0	1,000	0	1,000	$0
Interior Repairs/Painting			147	2,000	1,551	2,000	0	100	525	500	1,148	500	1,962	2,000	$0	Laundry & trash rooms
Laundry Maint							209	200	119	200	183	200	407	200	$85	Laundry tune-up and maint
Legal Fees			460	1,000	32	500	1,537	1,000	2,344	1,000	531	1,000	1,985	500	$1,870	Collect Assoc. fees and window assessments
Maintenance - Other			1,644	0	712	0	360	1,000	1,135	1,000	0	600	1,225	2,000	$5,644	Unit Repairs
Major Repairs			35,006		19,133	20,000	5,745	2,000	7,050	2,000	5,110	20,000	17,507	4,100	$3,000	Ramps, Drain aprons, rock wall, ect…
Miscellaneous Expenses							0	0	2,523	0	361	0	118	0	$0
Postage and Copy					4		62	200	388	500	728	500	1,072	600	$271	Postage & copy
Propane			512	550	480	550	427	500	417	500	446	500	589	500	$748	$70/mon X 6/mon + $200 repair = $620.00
Repair and Maint - Other			141	0	1,190	500	3,851	2,000	2,178	2,000	2,135	500	783	500	$0	Misc, etc…
Roof				5,000	4,400	5,000	0	1,000	0	1,000	0	1,000	801	1,000	$129
Rubbish Removal			4,263	3,650	3,354	3,650	3,359	3,720	3,096	3,000	2,836	3,000	2,686	3,000	$2,686	222.94 X 12 = $2,675.28
Sewer							930	1,000	1,075	1,000	255	600	0	1,000	$2,005	Roto-Rooter routine maint 3 yrs $500
Snow Removal			947	3,500	3,021	3,800	4,475	4,500	3,655	4,500	4,200	4,500	5,475	4,500	$7,055	$900/month x 5 = $4,500
Special Assessments			(26,250)		(9,280)	0	0	0	0	0	0	0	0	0	$0
Sprinkler System Repair			1,550	2,500	2,029	2,500	1,032	3,950	7,832	1,500	2,315	500	1,658	1,000	$5,474	No anticipated repairs and $500 repair
Sprinkler/Unit Monitoring			0	0	530	0	1,145	500	551	500	520	500	0	500	$285	Monitor Yr $235 + Inspect $260 = $495
Supplies			6	250	63	250	143	250	0	250	100	250	0	250	$150
Storm Water Permit			17,382	21,200	14,654	19,640	0	0	0	0	0	0	100	50	$0	Was W/S cost
Total Expense			64,387	72,750	73,294	87,490	$56,097	$51,296	$63,978	$63,413	$61,028	$78,314	76,580	64,659	$65,831
Net Income
Net Ordinary Income			8,088	1	(1,875)	(14,739)	34,036	14,630	8,141	2,512	8,565	-13,562	-14,328	93	1,827
Net Other Income / Expense			0	0	0	0	758	0	0	0	0	0	0	0	0
Net Income Totals			8,088	1	(1,875)	(14,739)	34,794	$14,630	$8,141	$2,512	$8,565	-$13,562	-14,328	93	$1,827
Reserves						$7,637	$23,911	$30-$40k	$30,719	$20,000	$38,502	$20,000	24,173	20,000	$26,001
Budget Assumptions:
Using Boylan Management for Village since 05/06 fiscal Yr.
All Association fees are paid on time
2005 Vinyl siding being installed, ie not painting buildings
Redstone directly billing owners as of 05/2004 -- Water $826.95 sewer $4,082.21 /Qtr = 4909.16 Qtr X 4 = $19,636.64 Yr
Building reserves for roof replacement in 5+ years, ~$20k
$2,460	Projected Grounds Maintenance:
1,760	Mowing $80.00 per time x 22 times ( high side), 04/12/07 Herr is $65
600	Spring/ fall cleanup  $ 25.00 per man per hour ($500.00 per time)
0	Fertilize $ 35.00 plus material ( 250.00- 300.00 per season)
100	Anything else needed $ 25.00 per man per hr.
$4,500	Projected Snow Removal:
	$900/month x 5 = $4,500
	03/23/07 Neil Villeneuve, estimate Village at $5,200 per year for three years with no increases unless gas prices rise above $3.10 per gal.
$16,512	Vinyl Siding Loan
	$10,512 + Contractor $6,000 = $16,512 year
	$876 + $500=$1,376 monthly payments
$7,897	Building Insurance
	03/13/07 Total policy is  $7,857.00 + $40 service charge = $7,897
	first payment of $3,706.00????, 8 installments of $1,081.00???? plus $ 5.00 month service charge
	This year we have cost saving of 36% or $4,495
	Typically goes up 4 to 6% annual, this is inline
$4,100	Grand Total of Proposed Major 2007 Projects
$0	Pro Tech to replace the Low temp sensors
	$3483.25 and $ 240.00 per year for monitoring = $3,723.25
$0	Move Postal Mail Boxes to Village property - est $1k
	$800 + TM, Dave to update total costs, Total $1k????
$0	Water Aprons Below Ramps - est $2k
	Need Joe B to get quote from Todd Fourier for both blds
$0	Removal of Building B rock wall - est $1k
	Also need fill above Bldg B retaining wall, ditches and culvers cleaned out
	Ramp Railings, Porches Paint and Repair , completed $9,950
	-Quotes from John Herr, for full repairs 06/05/06
	-Repair and patch painting bid, Labor $8.5k, Supplies $1,450 = $9,950
	-39 decks, 3 windows, 4 doors, fascia board on trash building and stairwell columns
	-130+ feet of railings w/ spindles, ect. on ramps & caps on ramps, stair railings, etc
	-Bid does not include scraping & painting the underside of the decks or the actual replacement of any wood too badly rotted to paint
$800	-Repair is T&M $800????
$3,000	Ramp foot surface repair/replacement
	-Quotes from John Herr, for full repairs 06/05/06
	-Stairs, landing, etc., drum sanded, pressure washed, primed, 2 coats of stain
$300	-Repair is T&M $300????
02/01/07 Brice attorney fees going up for 2007
	$195/hr for Attorney time
	$100/hr for paralegal time			6/27/2007 $115
	$50/hr for secretarial time			6/27/2007 $90 Legal Assistant