| South Cove Homeowners Association | |||||
| Board of Directors Fiscal 2008 Budget Planning | |||||
| For Period of November 1, 2007 - October 31, 2008 | |||||
| (draft prepared 11/13/07) | |||||
| FY 2007 Budget | FY 2008 Budget | % Change | |||
| Adopted | Draft | ||||
| Income | |||||
| Dues Income | $ 65,025.00 | $ 65,025.00 | 0.00% | ||
| Dues Income (Advance) | $ - | $ - | 0.00% | ||
| Other income | $ 54.00 | $ 54.00 | 0.00% | D | |
| Total Income | $ 65,079.00 | $ 65,079.00 | 0.00% | ||
| FY 2006 | FY 2007 | ||||
| Planned Expenses | Projected Expenses | % Change | |||
| Expenses | |||||
| Communications | $ 1,450.00 | $ 1,800.00 | 24.14% | 5 | |
| Events | $ 5,950.00 | $ 5,500.00 | -7.56% | 1, 4 | |
| SLSA (South Lk Sam. Assoc) | $ 289.00 | $ 289.00 | 0.00% | ||
| Grounds | $ 45,800.00 | $ 47,000.00 | 2.62% | ||
| Insurance | $ 6,000.00 | $ 5,000.00 | -16.67% | ||
| Tax and Legal | $ 2,500.00 | $ 2,000.00 | -20.00% | 2 | |
| Tennis Courts | $ 2,100.00 | $ 2,000.00 | -4.76% | 3 | |
| Treasurer | $ 535.00 | $ 1,200.00 | 124.30% | ||
| $ 64,624.00 | $ 64,789.00 | 0.26% | |||
| Projected FY06 Reserve | $ 455.00 | $ 290.00 | -36.26% | ||
| Goal: Not to run out of money in FY 2008! | |||||
| 1 2006 Events will come in at < $4k, need to divert money to 2007 Audit & Legal | |||||
| 2 Must plan for audit now, even if homeowners reject it at the annual meeting. | |||||
| 3 Tennis courts cleaned in 2006, will not be cleaned again until 2008. | |||||
| 4 Opportunity to save money (if necessary) by reducing sponsorship of 2007 Concert in the Park | |||||
| 5 Possible to reduce expenses via new vendor, or printing the newsletters internally | |||||
| 2008 Potential Risks & Opportunities: | |||||
| A. Homeowners do not vote to waive annual audit | |||||
| B. An increase in legal expenses | |||||
| C. $0 allowance for delinquent homeowners and other losses | |||||
| D. Invest a portion of the HOA money in short term CDs since most money is received at start of FY07 | |||||
| 2008 Potential Projects and Board Priorities | Est $$$ | Rank | |||
| 1 - | $ | ||||
| 2 - | $ | ||||
| 3 - | $ | ||||
| 4 - | $ | ||||
| 5 - | $ | ||||
| 6 - | $ | ||||
| 7 - | $ | ||||