Adopted 10/20/1996                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                Budget                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                  1997                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Condominium Fees                               691,220                                                                                                                                                                                                                                                                                                                                                                                                                                                              
(Percent Fee Increase)                            3.67                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Rental Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Rent-Unit 212                                    9,600                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Parking Rentals                                  8,220                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Total Rental Income                             17,820                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Interest Income                                 10,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Laundry Income                                  18,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Other Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Late Fees                                        1,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Move In Fees                                     3,300                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Within Unit Service                              5,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Miscellaneous                                      750                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Total Other Income                              10,550                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Transfers To Reserves                         (177,750)                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Transfers From Reserves                        127,750                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
NET INCOME                                     697,590                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Electricity                                    100,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Water/Sewer                                     29,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Gas-Domestic                                     4,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Gas-Heating                                     45,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Telephone                                        3,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Total Utilities                                182,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Maintenance Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Janitorial                                       2,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Maintenance                                      2,750                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Lighting                                         1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
HVAC                                             1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Snow Removal                                     1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pool Supplies                                      250                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Grounds Supplies                                 3,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Sub Total, Maintenance Supplies                 11,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Repairs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Roof                                             1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Plumbing                                         2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Electrical                                       2,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
HVAC                                             3,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Building                                         3,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Locks/Keys                                       1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Garage Door                                      2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Elevators                                        1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Office Equipment & Misc.                           500                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Sub Total, Repairs                              16,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Maintenance                               27,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Personnel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Office Payroll                                 122,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Maintenance/Porters Pay                         70,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Payroll Taxes                                   18,240                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Employee Education                               1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Health Insurance                                16,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Workers Compensation                             4,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Uniforms                                         2,600                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Personnel                                234,340                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Contract Maintenance Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Trash Removal                                   10,800                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pagers                                             800                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Elevators                                       10,840                                                                                                                                                                                                                                                                                                                                                                                                                                                              
HVAC                                            13,300                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Water Treatment                                  1,230                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Exterminator                                     1,100                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pool Management                                  3,100                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Laundry Machines                                 1,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Contract Maintenance Services             42,670                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Contract Professional Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Financial Management                            11,700                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Legal                                           10,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Audit                                            2,800                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Building Engineer                               13,700                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Engineer/Architect                               2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Contract Professional Services            40,200                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Administrative Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Postage                                          2,300                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Printing/Copying                                 1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Office Supplies                                  1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Office Equipment                                   400                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Computer Software/Supply                           600                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Condo Fee For Unit 212                           4,530                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Miscellaneous                                    3,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Administrative Expenses                   13,330                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Insurance, License, Tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Property/Pool Insurance                         18,700                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Taxes                                            2,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Property Tax-Unit 212                            1,250                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Permits/Licenses                                 2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Losses/Deductibles                               1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Mortgage Payment - Unit 212                      4,350                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Insureance/License/Tax                    29,800                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
TOTAL OPERATING EXP                            569,840                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
CAPITAL EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
A/C Handler-Hallways                            11,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Variable Speed Drive                             5,900                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Refractory                                       2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Control System                                   5,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Sequencing/Low Voltage                           2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Eddy Current Testing                             1,800                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Variable Speed Dr-control                          900                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pressure Differential Switch                       850                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pressure Differential Switch                       800                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Entrance Canopy                                  6,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pool Deck Furniture                              2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Duct Testing-1 tier                              2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Lobby Redecoration                              45,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Door Threshholds                                 7,500                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Marketing Programs                               5,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Miscellaneous                                   30,000                                                                                                                                                                                                                                                                                                                                                                                                                                                              
TOT. CAPITAL EXPENSE                           127,750                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
TOTAL EXPENSES                                 697,590