| South Cove Homeowners Association |
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| FY 2003 Budget
vs Actual |
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| November 1,
2002 - October 31, 2003 |
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FY 2003 |
|
FY 2003 |
|
FY 2003 |
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|
FY 2004 |
|
| Income |
Budget |
|
Actual |
|
Difference |
|
Notes |
Budget |
|
| Dues Income |
|
|
|
|
|
|
|
|
|
| FY 2001 (11/1/00 -
10/31/01) Dues |
$ 350 |
|
175 |
|
$
(175) |
|
|
$ 175 |
|
| FY 2002 (11/1/01 -
10/31/02) Dues |
700 |
|
350 |
|
(350) |
|
|
525 |
|
| FY 2003 (11/1/02 -
10/31/03) Dues |
27,040 |
|
26,243 |
|
(797) |
|
|
875 |
|
| FY 2004 (11/1/03 -
10/31/04) Dues |
16,625 |
|
16,625 |
|
- |
|
|
33,950 |
|
| FY 2005 (11/1/04 -
10/31/05) Dues |
|
|
|
|
- |
|
|
16,625 |
|
| Total Dues |
44,715 |
|
43,393 |
|
(1,322) |
|
|
52,150 |
|
| Interest Income |
250 |
|
313 |
|
63 |
|
|
250 |
|
| Tennis Court Keys |
- |
|
144 |
|
144 |
|
|
60 |
|
| Summer Tennis Income |
- |
|
|
|
- |
|
|
- |
|
| Total Income |
$
44,965 |
|
$
43,850 |
|
$
(1,115) |
|
|
$
52,460 |
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| |
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
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| Grounds |
|
|
|
|
|
|
|
|
|
| Beach |
$
2,300 |
|
$
2,321 |
|
$
(21) |
|
New ropes & Ladder |
$ 400 |
New Sand |
| Entrances & Islands |
800 |
|
160 |
|
640 |
|
|
400 |
|
| Fertilizer |
1,500 |
|
|
|
1,500 |
|
|
400 |
|
| Grounds Other |
4,000 |
|
4,514 |
|
(514) |
|
|
2,500 |
Misc planting including trees |
| Irrigation |
3,000 |
|
2,594 |
|
406 |
|
Sprinkler testing and maint. |
500 |
|
| Mailbox Stands |
1,000 |
|
2,755 |
|
(1,755) |
|
Install 24 Locking Boxes |
500 |
|
| Maintenance - Park |
25,000 |
|
25,786 |
|
(786) |
|
|
26,000 |
|
| Repairs |
500 |
|
7 |
|
493 |
|
|
100 |
|
| Water |
2,500 |
|
4,583 |
|
(2,083) |
|
|
3,000 |
|
| Total Grounds |
40,600 |
|
42,719 |
|
(2,119) |
|
|
33,800 |
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| |
|
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| Tennis Courts |
|
|
|
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|
|
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| Maintenance |
500 |
|
460 |
|
40 |
|
Court cleaning |
7,500 |
|
| Repairs |
1,000 |
|
113 |
|
887 |
|
Repair Doors and Locks |
50 |
|
| New keys |
- |
|
60 |
|
(60) |
|
|
60 |
|
| Total Tennis Court |
1,500 |
|
633 |
|
867 |
|
|
7,610 |
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| |
|
|
|
|
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| Events |
|
|
|
|
|
|
|
|
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| Easter - Food, prizes |
450 |
|
71 |
|
379 |
|
|
150 |
|
| 4th of July - Food,
clowns, etc. |
2,000 |
|
1,977 |
|
23 |
|
|
2,000 |
|
| Garage Sale signs &
advert. |
150 |
|
36 |
|
114 |
|
|
50 |
|
| Ice Cream Social |
75 |
|
63 |
|
12 |
|
|
75 |
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| Total Events |
2,675 |
|
2,146 |
|
529 |
|
|
2,275 |
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| |
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| Communications |
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| Annual Meeting |
50 |
|
38 |
|
13 |
|
|
50 |
|
| PO Box Rental |
60 |
|
44 |
|
16 |
|
|
50 |
|
| Newsletter |
800 |
|
1,028 |
|
(228) |
|
|
1,000 |
|
| Web Site |
200 |
|
200 |
|
- |
|
|
240 |
|
| Welcome Gifts |
|
|
35 |
|
(35) |
|
|
50 |
|
| Total Communications |
1,110 |
|
1,344 |
|
(234) |
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|
1,390 |
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| |
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| Insurance |
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|
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| Professional Liability
Insurance (officers) |
1,500 |
|
1,542 |
|
(42) |
|
|
1,600 |
|
| Commercial Liability $1M |
2,200 |
|
2,379 |
|
(179) |
|
|
2,400 |
|
| Commercial Umbrella $1M |
1,500 |
|
1,500 |
|
- |
|
|
1,500 |
|
| Total Insurance |
5,200 |
|
5,421 |
|
(221) |
|
|
5,500 |
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| |
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| SLSA (South Lk Sam.
Assoc) |
|
|
|
|
|
|
|
|
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| Contribution to Fund |
|
|
|
|
- |
|
|
100 |
|
| Total SLSA |
- |
|
- |
|
- |
|
|
100 |
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| |
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| Tax and Legal |
|
|
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|
|
|
|
|
|
| Tax Preparation |
350 |
|
350 |
|
- |
|
|
350 |
|
| Legal Expenses |
1,000 |
|
|
|
1,000 |
|
|
500 |
|
| Total Tax and Legal |
1,350 |
|
350 |
|
1,000 |
|
|
850 |
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| |
|
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|
|
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| Treasurer |
|
|
|
|
|
|
|
|
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| Accounting expenses |
100 |
|
|
|
100 |
|
|
25 |
|
| Corporate Filing |
10 |
|
10 |
|
- |
|
|
10 |
|
| Dues Notices &
Postage |
150 |
|
88 |
|
62 |
|
|
100 |
|
| Supplies |
50 |
|
10 |
|
40 |
|
|
25 |
|
| Bank Service Fee |
250 |
|
6 |
|
244 |
|
|
5 |
|
| Total Treasurer |
560 |
|
114 |
|
446 |
|
|
165 |
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| |
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| Total Expenses |
$
52,995 |
|
$
52,728 |
|
$
267 |
|
|
$
51,690 |
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| |
|
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|
|
|
| Operating income less
expenses |
$
(8,030) |
|
$
(8,878) |
|
(848) |
|
|
$
770 |
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| |
|
|
|
|
|
|
|
|
|
| 2002 Special Assessment |
|
|
|
|
|
|
|
|
|
| Income |
$
1,000 |
|
$ 660 |
|
340 |
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Path repaving |
(19,000) |
|
(20,234) |
|
1,234 |
|
|
|
|
| Drainage |
(5,800) |
|
(8,232) |
|
2,432 |
|
|
|
|
| Special Assess income less exp |
$
(23,800) |
|
$
(27,806) |
|
$
4,006 |
|
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| |
$
(31,830) |
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| |
|
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|
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|
|
|
| Beginning cash (11/01/02) |
$
62,127 |
|
$
62,271 |
|
|
|
|
|
|
| Cash from operations |
(8,030) |
|
(8,878) |
|
|
|
|
|
|
| Cash from / for special
assessments |
(23,800) |
|
(27,806) |
|
|
|
|
|
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| Ending cash (10/31/03) |
$
30,297 |
|
$ 25,587 |
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| Bank
Balances |
|
|
(11/01/02) |
|
(10/31/03) |
|
|
|
|
| Key Checking |
|
|
$
56,099 |
|
$
18,096 |
|
|
|
|
| Key Savings |
|
|
- |
|
900 |
|
|
|
|
| Bank of America |
|
|
6,172 |
|
6,178 |
|
|
|
|
| |
|
|
$
62,271 |
|
$
25,174 |
|
|
|
|
| Less FY2003 Dues already
received |
|
|
(23,625) |
|
(16,625) |
|
Less FY2004 Dues already received |
|
|
| HOA Simplified Balance at
start of FY2003 |
|
------------------> |
38,646 |
|
(38) |
|
Less SLSA balance |
|
|
| HOA Simplified Balance at
end of FY2003 |
|
|
-------------------------------------> |
|
8,512 |
|
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