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Treasurer's Report
John Filice, Treasurer
May 12, 2008
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A. Reserves as of March 31, 2008:
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Unrestricted capital reserve fund booked balance: $ 885,053
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HVAC dedicated replacement reserve fund booked balance: $ 184,670
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Total Reserves $1,069,723
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Note 1: Monthly condo reserve contributions for 2008 are $18,670.00
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Note 2: The HVAC reserve fund includes a one time transfer of $61,296 from the general reserves as of January 1, 2008.
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Note 3: Additionally, the HVAC fund receives a portion ($3,405.33 per month) of Monthly condo reserve contributions.
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B. Smith Barney Investment Firm:
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Designated by Board of Directors to invest all Reserves as of January 2008.
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All reserve contributions are sent directly to Smith Barney from Simmons
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All CD's maturing from January 2008 through 2010 are being cashed in and
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sent to Smith Barney for investment. There are 8 (eight) remaining CD's that will mature between now and the end of 2010.
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C. Capital Improvements
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"Recommended" to be done in the next 5 years (through the end of 2012
as
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indicated in the 2007 Reserve Study)
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List DOES NOT include items "D"
(boiler/hot water heater) and "E"
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2009 - $ 41,022 - Fire Detection System
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2009 - $ 10,795 - HVAC Pump (Phased)
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2009 - $ 14,034 - Trash Compactor
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2009 - $ 31,867 - Concrete, Floors & Walls,
Inspection & Repair
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2010 - $ 30,620 - Mailboxes
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2010 - $ 30,284 - Chiller Capital Repairs
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2010 - $ 19,068 - Cooling Tower Capital Repairs
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2010 - $ 23,778 - Exhaust Fans, Kitchens,
Bathrooms, Garage
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2010 - $ 10,095 - Security System Phased
Replacement
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2011 - $ 33,970 - Sealants, Windows/Doors
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2011 - $ 66,601 - Walls, Inspection & Partial
Masonry Repointing
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2012 - $ 15,741 - Awning Front Entrance
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2012 - $232,746 - Elevator Controls
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2012 - $ 12,108 - HVAC Pump (Phased)
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2012 - $ 16,951 - Air Handling Unit
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D. Boiler / Hot Water Heater: 2008 Expenditure
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Projected gas cost savings on the boiler is $156,900 at the
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end of the 7th year from installation
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Projected installation in 2008
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Projected gas cost savings on the hot water heater is
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$64,800 at the end of the 7th year.
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Projected installation in 2008
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E. Interiors: 2008 Expenditure
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Board has approved a budget of $175,000 to $200,000 for hallway, lobby,
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lobby office, and interior elevator renovations.
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Board appointed Decoration Committee has been working with an interior
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Renovations to begin during 2008
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F. 2008 Capital Projects Impact on Reserves
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At the end of 2008 our Reserve Fund will be approximately $ 832,505 —
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This is taking into account that all fees for our boiler, hot water heater, and
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interiors expenses have been expended during calendar year 2008.
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G. Audits: Elizabeth VanderPutten
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Held up due to the Koger Management bankruptcy matter
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H. Budget versus Actual Expenditures
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Over the past 5 — 10 years our budget estimates have fallen within 2% to 3%—plus or minus—of actual expenditures.
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