Proposed Budget 2015-2016

The proposed budget found here will be voted by owners of the association on July 23rd. The time and place of the general meeting will be announced. The Budget This budget is designed to solve some serious concerns of the Association: To account for all our expenses as currently necessary. Expenses go up every year and the budget nor assessments have been increased significantly to account for the increase in expenses. To supplement and fund our reserves. Currently the Association has extremely low reserves which expose us to the necessity to require special assessments for the smallest emergency project. To eliminate the possibility of special assessments by funding the Association's needs properly. This budget assumes that the Association will be receiving a bank loan of $50,000 which will be used to pay for the major outstanding projects, rebuild the out-of-code balconies, and fix the roof. Both these projects are necessary. The budget will be able to pay back the loan in its entirety in 2.5 years. This budget will at a minimum add about $3,000/year to our reserves but in reality it should be more than double that amount. We do hope that in 2018 we may be able to reduce our assessments slightly when the loan is completely paid for. This budget makes it necessary to increase the assessments by 53%. River's Edge Condominium
2015-16 Budget
Period = Jul 15 - Jun 16
INCOME
ASSESSMENT INCOME	$                              62,054
Special Asses Income	$                                       -
TOTAL ASSESSMENT INCOME	$                              62,054
TOTAL INCOME	$                              62,054
	Income is 5% above expenses
EXPENSES
TAXES
Real Estate Taxes	$                                    362
TOTAL TAXES	$                                    362
INSURANCE
Hazard & Liability Insurance	$                                 7,000
TOTAL INSURANCE	$                                 7,000
UTILITIES
Electric	$                                 3,200
Water and Sewer	$                                 3,900
TOTAL UTILITIES	$                                 7,100
ADMINSTRATION
Legal - Other Services	$                                      40
Telephone/Internet	$                                    271
Bank Charges	$                                    131
Misc. Administration	$                                      20
Loan Payments	$                               12,000
TOTAL ADMINSTRATION	$                               12,462
PAYROLL
Misc Benefits	$                                      50
TOTAL PAYROLL	$                                      50
MAINTENANCE & REPAIRS
Intercom	$                                    900
Fire Extinguishers	$                                      95
Elevator Contract	$                                 2,600
Landscaping	$                                    695
Locks & Keys	$                                    120
Electrical	$                                    350
Plumbing	$                                 2,950
Misc Repair & Supply	$                                    790
TOTAL MAINTENANCE & REPAIRS	$                                 8,500
BUILDING SERVICE
Exterminating	$                                    375
Refuse Service	$                                 3,000
Snow Removal	$                                 4,250
Bldg Engineer Services	$                                 6,000
TOTAL BUILDING SERVICE	$                               13,625
CLEANING/PAINTING/DECORATING
Carpet Cleaning	$                                    500
Painting	$                                 2,000
TOTAL CLEANING/PAINT/DECOR	$                                 2,500
MANAGEMENT FEES
Management Fees	$                                 7,500
TOTAL MANAGEMENT FEES	$                                 7,500
TOTAL EXPENSES	$                               59,099
PROJECTED P&L	$                                 2,955
Above Profit moves to reserves and can be used towards special projects