|
The Lauren, A Condominium |
|
|
|
|
Operating and Capital Budgets |
|
|
|
|
|
|
|
|
|
INCOME |
|
|
|
|
Condominium Fees |
|
|
827,699 |
|
Percent (%) Increase in Condominium Fees |
|
|
4.00 |
|
|
|
|
|
|
|
|
|
|
|
Rental/Other Operating Income |
|
|
|
|
Rent-Unit 212 |
|
|
18,000 |
|
Parking Rentals |
|
|
9,285 |
|
Interest Income |
|
|
1,000 |
|
Laundry Income |
|
|
21,500 |
|
Late Fees |
|
|
2,000 |
|
Move In Fees |
|
|
3,000 |
|
Within Unit Service |
|
|
4,000 |
|
Miscellaneous |
|
|
1,500 |
|
Total Other Income |
|
|
60,285 |
|
|
|
|
|
|
Interest on Capital Reserves |
|
|
15,000 |
|
|
|
|
|
|
Total Income |
|
|
902,984 |
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
Utilities |
|
|
|
|
Electricity |
|
|
113,275 |
|
Water/Sewer |
|
|
44,325 |
|
Gas-Domestic |
|
|
5,425 |
|
Gas-Heating |
|
|
76,850 |
|
Telephone |
|
|
3,450 |
|
Total Utilities |
|
|
243,325 |
|
|
|
|
|
|
Maintenance Supplies |
|
|
|
|
Janitorial |
|
|
2,450 |
|
Maintenance |
|
|
1,450 |
|
Within Unit Service |
|
|
2,450 |
|
Lighting |
|
|
1,450 |
|
HVAC |
|
|
950 |
|
Snow Removal |
|
|
450 |
|
Pool Supplies |
|
|
250 |
|
Grounds Supplies |
|
|
3,950 |
|
Sub Total, Maintenance Supplies |
|
|
13,400 |
|
|
|
|
|
|
Repairs |
|
|
|
|
Roof |
|
|
700 |
|
Plumbing |
|
|
700 |
|
Electrical |
|
|
1,950 |
|
HVAC |
|
|
1,950 |
|
Building |
|
|
2,900 |
|
Locks/Keys |
|
|
700 |
|
Garage Door |
|
|
1,950 |
|
Elevators |
|
|
1,700 |
|
Office Equipment & Miscellaneous |
|
|
200 |
|
Sub Total, Repairs |
|
|
12,750 |
|
|
|
|
|
|
Total Maintenance |
|
|
26,150 |
|
|
|
|
|
|
Personnel |
|
|
|
|
Office Payroll |
|
|
160,975 |
|
Maintenance/Porters Pay |
|
|
100,664 |
|
Payroll Taxes |
|
|
25,044 |
|
Employee Education |
|
|
950 |
|
Health Insurance |
|
|
27,000 |
|
Workers Compensation |
|
|
3,300 |
|
Uniforms |
|
|
2,500 |
|
Total Personnel |
|
|
320,433 |
|
The Lauren, A Condominium |
|
|
|
|
Operating and Capital Budgets |
|
|
|
|
Contract Maintenance Services |
|
|
|
|
Trash Removal |
|
|
9,300 |
|
Communications |
|
|
2,600 |
|
Elevators |
|
|
13,790 |
|
HVAC |
|
|
7,424 |
|
Water Treatment |
|
|
1,801 |
|
Exterminator |
|
|
1,310 |
|
Pool Management |
|
|
3,000 |
|
Laundry Machines |
|
|
3,135 |
|
Total Contract Maintenance Services |
|
|
42,360 |
|
|
|
|
|
|
Contract Professional Services |
|
|
|
|
Financial Management |
|
|
6,533 |
|
Payroll Services |
|
|
2,500 |
|
Legal |
|
|
6,900 |
|
Audit |
|
|
3,600 |
|
Building Engineer |
|
|
20,000 |
|
Engineer/Architect |
|
|
950 |
|
Total Contract Professional Services |
|
|
40,483 |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
Postage |
|
|
2,400 |
|
Printing/Copying |
|
|
700 |
|
Office Supplies |
|
|
700 |
|
Office Equipment |
|
|
300 |
|
Computer Software/Supply |
|
|
350 |
|
Condo Fee For Unit 212 |
|
|
5,415 |
|
Home Page |
|
|
350 |
|
Miscellaneous |
|
|
1,900 |
|
Total Administrative Expenses |
|
|
12,115 |
|
|
|
|
|
|
Insurance, License, Tax |
|
|
|
|
Property/Pool Insurance |
|
|
50,284 |
|
Taxes |
|
|
2,000 |
|
Property Tax-Unit 212 |
|
|
1,850 |
|
Permits/Licenses |
|
|
500 |
|
Losses/Deductibles |
|
|
2,400 |
|
Total Insurance/License/Tax |
|
|
57,034 |
|
|
|
|
|
|
TOTAL OPERATING EXPENSES |
|
|
741,800 |
|
|
|
|
|
|
CAPITAL BUDGET |
|
|
|
|
|
|
|
|
|
INCOME |
|
|
|
|
|
|
|
|
|
Monthly Transfer to Reserves @ $12,182 per month |
|
146,184 |
|
Interest on Capital Reserves |
|
|
15,000 |
|
|
|
|
|
|
Total Capital Income |
|
|
161,184 |
|
|
|
|
|
|
|
|
|
|
|
CAPITAL EXPENSES |
|
|
|
|
|
|
|
|
|
HVAC Improvements and Studies |
|
|
70,000 |
|
Riser Replacement-Repair |
|
|
85,000 |
|
Electrical Wiring Invasive Study |
|
|
30,100 |
|
Intercom System Plus Front Door Entry |
|
|
22,000 |
|
Pumps-Partial Replacement |
|
|
10,000 |
|
Fire Alarm System Study |
|
|
2,000 |
|
|
|
|
|
|
Total Capital Expenses |
|
|
219,100 |
|
|
|
|
|
|
|
|
|
|
|
NET CONTRIBUTION TO RESERVES |
|
|
(57,916) |
|
|
|
|
|
|
|
|
|
|
BUDGET SUMMARY |
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
Condominium Fees |
|
|
827,699 |
|
Other Income |
|
|
60,285 |
|
Interest on Capital Reserves |
|
|
15,000 |
|
|
|
|
|
|
Total Income |
|
|
902,984 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
Operating Expenses |
|
|
741,800 |
|
Net Contribution to Reserves |
|
|
(57,916) |
|
Planned Capital Expenditures |
|
|
219,100 |
|
|
|
|
|
|
Total Expenses |
|
|
902,984 |
|