South Cove Homeowners Association
          Annual Budget FY 2002
November 1, 2001 - October 31, 2002
Income FY 2001 Actual Difference FY 2002 Notes
Dues Income
99 - 2000 Dues  $          450  $                 450  $         -   Remainder of 1999-2000 Dues Not Yet Paid
2000-2001 Dues         17,675                17,150           525                525 Remainder of 2000-01 Dues Not Yet Paid
2001-2002 Dues         32,450                23,100        9,350            27,455 FY 2002 Dues Collected
2002-2003 Dues          40,700            22,595 Remainder Due to meet Budget
Total Dues         50,575                40,700      50,575            50,575 Annual Budgeted Dues
Interest Income           1,500                    424        1,076              1,200 From Checking and Money Market
Other Income             -   From Tennis Court Keys
Tennis Court Keys              240                    160             80                140
Summer Tennis Income                -                    1,590       (1,590)              1,400 (see Expenses under Tennis)
Total Income  $     52,315    $       42,873.76  $    9,441  $        53,315
Expenses Expenses Fixed Variable Total
Grounds Grounds
Beach  $       1,000  $                 513  $       487  $          1,000 Clean-up in Spring   Beach  $  1,000
Entrances           1,800                  1,786             14              2,000 Landscaping on SE 44th Way   Entrances  $     2,000
Fertilizer                  1,722       (1,722)              1,700   Fertilizer      1,700
Grounds Other              450                    490           (40)                500 Misc Upkeep Items   Grounds Other            500
Irrigation                    671         (671)                500 Misc Upkeep Items   Irrigation            500
Mailbox Stands                    281         (281)                500 Misc Upkeep Items   Mailbox Stands            500
Maintenance - Park         23,800                21,958        1,842            22,800 Park Maintenance   Maintenance    22,800
Culdesac Island Cleanup              1,120 One time Cleanup charge   Culdesac Cleanup         1,120
Maintanance - Culdesacs              2,760 Maintain Islands with Park   Culdesac Maintenance         2,760
Paths           5,200                       -          5,200   Paths              -  
Playground           2,000        2,000   Playground              -  
Repairs              500                  1,418         (918)                500 Signs, Mailboxes Etc   Repairs            500
Security Patrol           2,650                    800        1,850 Deleted from FY 2002   Security Patrol              -  
Signs                -               -                     -     Signs              -  
Trees                  7,616       (7,616)   Trees
Water           3,000                  1,135        1,865              2,500 Annual Water Bill   Water      2,500    
Total Grounds         40,400                38,388        2,012            35,880 Total Grounds    28,000         7,880  $       35,880
Tennis Courts Tennis Courts
Keys                -                     -   Have a large supply   Keys           -  
Maintenance              500                    132           368                500 Maintenance   Maintenance        500
Repairs              500                    782         (282)                800 Repair Doors and Locks   Repairs            800
Summer tennis expenses                    940         (940)                950 Clinic Expenses    Summer tennis            950
Summer tennis refunds                      198     Clinic Refunds   Summer Tennis Refunds      
Total Tennis Court           1,000                  2,052       (1,052)              2,250 Total Tennis Courts        500         1,750  $        2,250
Events Events
Easter              600                    291           309                400 Food and Prizes   Easter        400
4th of July           1,300                  1,688         (388)              1,700 Food, Clowns, etc   4th of July      1,700
Garage Sale              150                      98             52                150 Signs and Advertising   Garage Sale        150
Ice Cream Social                        75           (75)                  75    Ice Cream Social          75    
Total Events           2,050                  2,152         (102) #              2,325 Total Events      2,325              -    $        2,325
Communications Communications
Annual Meeting                40             40                  40   Annual Meeting          40
Box Rental                60                      55              5                  60 P.O. Box   Box Rental          60
Newsletter              600                    388           212                600  Qrtr and Ann Newsletters   Newsletter        600
Postage                    104         (104)                100   Postage        100
Website              300                    300             -                  300  Website Hosting Services   Website        300    
Total Communications           1,000                    847           153              1,100 Total Communications      1,100  $        1,100
Insurance Insurance
Professional Liability Insurance           1,000                  1,215         (215)              1,215 Required Insurance   Directors      1,215
Commercial Liability $1M           2,038                  2,049           (11)              2,049 Libility Insurance $1M   Liability      2,049
Commercial Umbrella $1M           1,000                  1,000             -                1,000 Liability Insurance Add'l $1M   Umbrella      1,000    
Total Insurance           4,038                  4,264         (226)              4,264 Total Insurance      4,264  $        4,264
Tax and Legal Tax and Legal
Tax Preparation              350                    325             25                350 Annual Tax Return   Tax Preparation        350
Legal Expenses              250                    546         (296)              3,000 Legal Expenses   Legal Expenses           3,000  
Total Tax and Legal              600                    871         (271)              3,350 Total Tax and Legal        350         3,000  $        3,350
Treasurer Treasurer
Accounting expenses              500                      50                500   Accounting Expenses            500
Computer Expenses                50             50                  50 Software Updates   Computer Expenses          50
Corporate Filing                10                      20           (10)                  10 Annual Filing fee   Corporate Filing          10
Dues Notices              250                    168             82                250 Postage and Printing   Dues Notices        250
Supplies                50               50                  50 Paper etc   Supplies          50    
Total Treasurer              860                    238           622                860 Total Treasurer        360            500  $           860
Bank Charges Bank Charges                 -  
Service Fee                12                        8              4                  12 Montlhy Service Fee   Service fees          12
Other Bank Charges              200                    195                   -   Bank Setup Fee and Checks   Other Bank Charges                -    
Total Bank              212                    203                    12 Total Bank          12              -    $             12
Expenses  $  50,160  $   49,016.26  $ 1,135  $    50,041   Total Expenses  $36,911  $   13,130  $   50,041
Income Minus Liabilities  $        (6,143)  $      3,274
End of Yr FY 2001 Capital Available   $    15,400 Unassigned at this time
Reserves  $     (6,000)
Available Funds  $    12,674