The Lauren, A Condominium
Operating and Capital Budgets, 2009
 
The Lauren, A Condominium            
Operating and Capital Budgets      
2009      
 
OPERATING  BUDGET  
Adopted 12/08/08
 

 

    
 
INCOME  
Condominium Fees   1,045,079  
Percent (%) Increase in Condominium Fees   5.86  
 
 
Rental/Other Operating Income  
Rent-Unit 212   19,500      
Parking Rentals   11,685  
Interest Income   500  
Laundry Income   30,000  
Late Fees   1,100  
Move In Fees   6,000  
Within Unit Service   4,000  
Soda Machine Income   800  
Miscellaneous   1,500  
      Total Other Income   75,085  
     
 
Interest on Capital Reserves   28,000  
 
Total Income     1,148,164  
 
OPERATING EXPENSES  
 
Utilities    
Electricity   164,000  
Water/Sewer   47,000  
Gas-Domestic   3,900  
Gas-Heating   84,000  
Telephone   3,800  
Total Utilities   302,700  
 
Maintenance    
Supplies    
Janitorial   2,600  
Maintenance   1,500  
Within Unit Service   2,500  
Lighting   2,000  
HVAC   850  
Snow Removal   400  
Pool Supplies   300  
Grounds Supplies   4,000  
Sub Total, Maintenance Supplies   14,150  
     
Repairs    
Roof   200  
Plumbing   1,000  
Electrical   1,500  
HVAC   2,500  
Building   2,000  
Locks/Keys   700  
Garage Door   2,000  
Elevators   1,000  
Office Equipment & Miscellaneous   500  
Sub Total, Repairs   11,400  
     
Total Maintenance  

25,550

  
     
Personnel    
Office Payroll   184,370  
Maintenance/Porters Pay   123,032  
Payroll Taxes   29,482  
Employee Education   1,000  
Health Insurance   48,875  
Workers Compensation   4,274  
Uniforms   2,900  
Total Personnel   393,933  
 
Contract Maintenance Services    
Trash Removal   15,000  
Communications   3,900  
Elevators   16,652  
HVAC   8,000  
Water Treatment   1,915  
Exterminator   1,544  
Pool Management   3,500  
Laundry Machines   4,500  
Total Contract Maintenance Services   55,011  
     
Contract Professional Services    
Financial Management/Payroll Services   20,885  
Legal   7,000  
Audit   4,500  
Building Engineer   23,217  
Total Contract Professional Services   55,602  
     
Administrative Expenses    
Postage   2,800  
Printing/Copying   700  
Office Supplies   700  
Office Equipment   400  
Computer Software/Supply   600  
Condo Fee For Unit 212   6,654  
Home Page     500  
Delinquent Processing   5,400  
Miscellaneous   2,000  
Total Administrative Expenses   19,754  
     
Insurance, License, Tax    
Property/Pool/D&O/Fidelity/Umbrella   42,000  
Taxes   12,150  
Property Tax-Unit 212   4,000  
Permits/Licenses   500  
Losses/Deductibles   2,000  
Total Insurance/License/Tax   60,650  
     
TOTAL OPERATING EXPENSES     913,200  
 
CAPITAL BUDGET  
 
INCOME  
 
Contributions to Unrestricted Reserves   143,400  
*Contributions to Restricted HVAC Reserves   63,564  
Interest on Capital Reserves   28,000  
 
Total Capital Income   234,964  
 
 
Per HVAC funding spreadsheet $42,376 will be transferred from unrestricted reserves to   
HVAC reserves in January 2009. Please note said transfer is not "new money".  
 
 
CAPITAL EXPENSES      
     
Hallways, Lights/Elevator Finish   200,000  
Boiler   150,000  
Hot Water Heaters   80,000  
 
Total Capital Expenses   430,000  
 
 
NET CONTRIBUTION TO RESERVES  

-195,036

  
 
BUDGET SUMMARY  
 
Income  
Condominium Fees   1,045,079  
Other Income   75,085  
Interest on Capital Reserves   28,000  
     
Total Income   1,148,164  
 
 
Expenses  
Operating Expenses   913,200  
Net Contribution to Reserves   -195,036  
Anticipated Capital Expenditures   430,000  
     
Total Expenses   1,148,164