Adopted 10/30/1997                                      Adopted                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                         Budget                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                           1998                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Condominium Fees                                        711,956                                                                                                                                                                                                                                                                                                                                                                                                                                                     
(Percent Fee Increase)                                     3.00                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Rental/Other Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Rent-Unit 212                                            10,200                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Parking Rentals                                           8,220                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Interest Income                                          16,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Laundry Income                                           18,200                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Late Fees                                                 2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Move In Fees                                              3,300                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Within Unit Service                                       5,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Miscellaneous                                             1,200                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Rental/Other Income                                64,620                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Transfers to Reserves                                  (184,908)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Transfers From Reserves                                 203,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
NET INCOME                                              795,168                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Electricity                                             100,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Water/Sewer                                              41,600                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Gas-Domestic                                              4,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Gas-Heating                                              43,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Telephone                                                 3,700                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Utilities                                         192,800                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Maintenance Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Janitorial                                                2,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Maintenance                                               2,750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Lighting                                                  1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
HVAC                                                      1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Snow Removal                                                750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Pool Supplies                                               250                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Grounds Supplies                                          3,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Sub Total, Maintenance Supplies                          11,750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Repairs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Roof                                                        750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Plumbing                                                  1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Electrical                                                7,300                                                                                                                                                                                                                                                                                                                                                                                                                                                     
HVAC                                                      4,600                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Building                                                  2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Locks/Keys                                                1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Garage Door                                               1,750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Elevators                                                 1,250                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Office Equipment & Miscellaneous                            500                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Sub Total, Repairs                                       20,150                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total Maintenance                                        31,900                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Personnel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Office Payroll                                          126,200                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Maintenance/Porters Pay                                  73,800                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Payroll Taxes                                            19,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Employee Education                                          750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Health Insurance                                         15,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Workers Compensation                                      3,750                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Uniforms                                                  2,400                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Personnel                                         240,900                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Contract Maintenance Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Trash Removal                                            11,222                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Pagers                                                      600                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Elevators                                                11,130                                                                                                                                                                                                                                                                                                                                                                                                                                                     
HVAC                                                     12,708                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Water Treatment                                           1,282                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Exterminator                                              1,100                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Pool Management                                           2,600                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Laundry Machines                                          1,550                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Carpet Cleaning                                               0                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Contract Maintenance Services                      42,192                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Contract Professional Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Financial Management                                     12,036                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Legal                                                     9,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Audit                                                     2,950                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Building Engineer                                        13,530                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Engineer/Architect                                        2,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Consulting                                                    0                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Contract Professional Services                     39,516                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Administrative Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Postage                                                   2,300                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Printing/Copying                                          1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Office Supplies                                           1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Office Equipment                                          1,200                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Computer Software/Supply                                    600                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Condo Fee For Unit 212                                    4,660                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Marketing Programs                                        2,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Miscellaneous                                             3,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Administrative Expenses                            16,760                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Insurance, License, Tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Property/Pool Insurance                                  17,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Taxes                                                     2,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Property Tax-Unit 212                                     1,250                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Permits/Licenses                                          1,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Losses/Deductibles                                        1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Mortgage Payment-Unit 212                                 4,350                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total Insurance/License/Tax                              27,600                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
TOTAL OPERATING EXPENSES                                591,668                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
CAPITAL EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
HVAC Chiller                                            150,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Trash Chute-Motorized Exhaust                             1,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Replace Damaged Sidewalk                                  3,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Exhaust System as Determined by Airflow Study            17,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Expansion of Lobby Renovation Scope of Work              25,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
20th Street Tree                                          1,000                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Hallway Emergency Lights                                  3,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Steel Doors                                               1,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
TOTAL CAPITAL EXPENSES                                  203,500                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
TOTAL EXPENSES                                          795,168