South Cove Homeowners Association
FY 2005 Budget vs Actual								HOA Mtg
November 1, 2004 - Oct 31, 2005
		2005						2006
		FY 2005		FY 2005				FY 2006		FY 2006
Income		Budget		Actual		Notes		Budget		Actual		Notes
Dues Income
FY 2001 (11/1/00 - 10/31/01) Dues
FY 2002 (11/1/01 - 10/31/02) Dues
FY 2003 (11/1/02 - 10/31/03) Dues
FY 2004 (11/1/03 - 10/31/04) Dues
FY 2004 (11/1/03 - 10/31/04) Dues Prior year
FY 2005 (11/1/04 - 10/31/05) Dues		65,025		63,689		(budget = 289*$225)		65,025				(budget = 289*$225)
FY 2006 (11/1/05 - 10/31/06) Dues				450
Total Dues		65,025		64,139				65,025		-
Interest Income		50		59
Special Assessment (SaLSA refund)				23
Tennis Court Keys				6
Summer Tennis Income		-						-
Total Income		$       65,075		$       64,227				$       65,025		$              -
Expenses
Grounds
Beach		$         1,200		$            563		Dock Repair & new lines		$         3,500				Speed buoys
Entrances & Islands		500		400				500
Fertilizer		2,500						4,700
Grounds Other		2,500		17				2,500
Irrigation		1,000		367		Improve Efficiency		2,000				Valve replacement
Mailbox Stands		1,500						1,500
Maintenance - Park		26,000		25,786				26,000
Repairs		100		48				100
Water		5,000		3,859				5,000
Total Grounds		40,300		31,039				45,800		-
Tennis Courts
Maintenance		1,000						1,000				Cleaning
Repairs		100		79				100
New keys		60						1,000				New locks if nec.
Total Tennis Court		1,160		79				2,100		-
Events
Easter - Food, prizes		400		464				600
4th of July - Food, clowns, etc.		2,500		2,450				2,800
Garage Sale signs & advert.		50		68				50
Concert in the Park								2,000
Ice Cream Social		500		500		Expanded		500
Total Events	-	3,450		3,482				5,950		-
Communications
Annual Meeting		50		40				50
Surveys								60
Newsletter		1,000		420				1,000
Web Site		240		240				240
Welcome Gifts		50		39				100
Total Communications		1,340		739				1,450		-
Insurance
Professional Liability Insurance (officers)		1,600		1,462				1,600
Commercial Liability $1M		4,400		3,870				4,400
Commercial Umbrella $1M				(6)
Total Insurance	-	6,000		5,326				6,000		-
SLSA (South Lk Sam. Assoc)
Contribution to Fund		145		40				289
Total SLSA	-	145		40				289		-
Tax and Legal
Tax Preparation		500		1,589				2,000
Legal Expenses		500		44				500
Total Tax and Legal		1,000		1,633				2,500		-
Treasurer
Accounting expenses		25		185		Quick Books		25
Corporate Filing		10						10
Dues Notices & Postage		300		177				300
Supplies		100						100
Box Rental		50		44				50
Bank Service Fee		5		70				50
Total Treasurer		490		476				535		-
Total Expenses		$       53,885		$       42,814				$       64,624		$              -
Operating income less expenses		$       11,190		$       21,412		Remainder		$            401		$              -		Reserve
Beginning cash (11/01/04)				$         5,868				Planned Allocation of Remainder:
Total Income				$       64,227				Mailing		$            500
Total Expenses				(42,814)				Buoys		1,000
Ending cash (10/31/05)				$       27,280				Drainage		10,000
								Park Entrances		$         8,000
Bank Balances		(11/01/04)		(10/31/05)						$       19,500
Key Checking		-2230.88		$         1,338
Key Savings		1914.45		25,942				Remainder		$       21,412
Bank of America		6184.32		-				Planned Allocation		$      (19,500)
		$         5,868		$       27,280				Reserve		$         1,912
		Error:		0