Updated Surplus Numbers

Updated Surplus Numbers
Updated Surplus Numbers: Actual surplus 2018 per audit was $85,163.
Boards 2011-2018 implemented policies and procedures with specific goals:
stabilize owner fees, achieve maintenance objectives and achieve annual budget surpluses.
Any surplus was retained by the association.
The board elected in fall 2018 decided to increase owner fees, even in view of a large potential surplus

Average fees prior to 2019

Average fees prior to 2019
Average fees per owner prior to 2019:
RED indicates the consequences had boards continued the fee policies prior to 2010,
BLUE indicates actual fees. These moderated when better policies and financial controls were put in place by boards

Better budgeting could have resulted in lower fees

Better budgeting could have resulted in lower fees
Better budgeting could have resulted in lower fees:
RED line = actual fees enacted by boards,
BLUE line = alternate, fees, ultimately lower with same association income lower had
boards used better financial controls and focused on long term fee stability

Tuesday, December 22, 2009

Work in Progress

I delayed posting information about the proposed budget for several reasons. I wanted to take sufficient time to update my spreadsheets pertaining to reserve expenditures. I prepared this in 2008 but never released it because the board did not release their plans, until now.

I also wanted to provide sufficient time to unit owners to read and absorb the proposed budget, prior to reading my analysis and comments. I have completed this and must admit I still have questions. However, I will release what I have.

I also was surprised to see revised R&R procedures in the newsletter delivered December 20. I am unaware of any "open" meeting in which this was discussed in the presence of unit owners. During the December meeting, it was announced that the procedures were "in review".  So I have to question how this was formulated. This topic is does not fall within the specified guidelines for "executive session" meetings. This leads me to wonder what else is being discussed behind closed doors and is being withheld from unit owners?

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