After taking these additional expenses into account, we finished the year with a net income of $7,047 (see details below), which together with surpluses from prior years, increases our total operating reserves to $30,500 (now over triple the $9,840 industry standard). The year-end balance for Replacement Reserves (the source of funding for the upcoming dock and bollard projects) was $191,107.41. As of December 31, 2017, Total Cash and Investments totaled $230,268.16.
Income
|
2017 Budget
|
2017 Actual
|
2018 Budget
|
Assessment Income
|
$98,400
|
$ 98,400
|
$98,400
|
Other Income
|
$ 750
|
$ 3,058
|
$ 900
|
Total Income
|
$99,150
|
$101,458
|
$99,300
|
Expense
| |||
Quarterly Assessments, Delinquencies, New Accounts, Meetings, & Other Administrative
|
$ 2,238
|
$ 1,649
|
$ 1,735
|
Printing/Copying, Postage, Events
|
$ 1,175
|
$ 1,719
|
$ 1,325
|
Violation Letters
|
$ 350
|
$ 460
|
$ 1,000
|
Insurance
|
$ 2,396
|
$ 2,314
|
$ 2,664
|
Electrical and Trash/Recycling
|
$17,800
|
$16,899
|
$18,147
|
Landscaping, Trees, and Watering
|
$ 29,145
|
$ 28,592
|
$28,060
|
Permits
|
$ 90
|
$ 95
|
$ 2,000
|
Snow Removal
|
$ 6,500
|
$ 2,580
|
$ 5,200
|
Repair & Maintenance
|
$ 2,700
|
$ 1,662
|
$ 2,600
|
Audit, Engineer, Legal, SCS
|
$11,596
|
$17,280
|
$13,224
|
Taxes
|
$ -
|
$ 160
|
$ 185
|
Operating Contingency
|
$ 4,160
|
$ -
|
$ 2,160
|
Contributions to Reserves
|
$21,000
|
$21,000
|
$21,000
|
Total Expenses
|
$99,150
|
$94,411
|
$99,300
|
Association Net Income / (Loss)
|
$ -
|
$ 7,047
|
$ -
|
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