| South Cove Homeowners Association | |||||||||
| Treasurer's Report - November 2007 Annual Homeowner Meeting | |||||||||
| For Period of November 1, 2006 - October 31, 2007 | |||||||||
| Key Bank Account Balances as of 10/31/07 | |||||||||
| Checking | $ 18,595.82 | ||||||||
| Savings | $ 26,032.96 | ||||||||
| Total | $ 44,628.78 | ||||||||
| Fiscal Year 2007 Income and Expenses (Budget and YTD Actuals) | |||||||||
| FY 2007 | FY 2007 | ||||||||
| Projected Budget | Income YTD | ||||||||
| Income: | FY2007 Checks not Cleared: | ||||||||
| Dues Income | $ 65,025.00 | 99.92% | $ 64,803.79 | 99.66% | CK# 2847 | $ 21.76 | |||
| Dues Income (Advance) 4 | $ - | 0.00% | $ (35.00) | 0.00% | CK# 2848 | $ 244.42 | |||
| Other income1 | $ 54.00 | 0.08% | $ 802.68 | 1486.44% | CK# 2850 | $ 2,061.48 | |||
| Total Income | $ 65,079.00 | 100.00% | $ 65,571.47 | 100.76% | Water Est. 7 | $ 400.00 | |||
| $ 2,727.66 | |||||||||
| FY 2007 | FY 2007 | ||||||||
| Projected Expenses | Total Budget % | Expenses YTD | % Budget Spent | ||||||
| Expenses: | Amounts Receivable: | ||||||||
| Communications | $ 1,450.00 | 2.24% | $ 1,512.28 | 104.30% | Parcel # | Amount Owed as of 11/1/07 | |||
| Events | $ 5,950.00 | 9.21% | $ 4,913.23 | 82.58% | former owners2 | $ 837.67 | |||
| SLSA (South Lk Sam. Assoc) | $ 289.00 | 0.45% | $ - | 0.00% | 5423000460 | $ 868.77 | 3 | ||
| Grounds | $ 45,800.00 | 70.87% | $ 38,704.30 | 84.51% | 5423000720 | $ 2,501.86 | 3 | ||
| Insurance | $ 6,000.00 | 9.28% | $ 4,801.00 | 80.02% | Unpaid Homes | $ 494.96 | 5 | ||
| Tax and Legal | $ 2,500.00 | 3.87% | $ 1,802.75 | 72.11% | $ 4,208.30 | ||||
| Tennis Courts | $ 2,100.00 | 3.25% | $ 1,353.08 | 64.43% | |||||
| Treasurer | $ 535.00 | 0.83% | $ 1,184.97 | 221.49% | |||||
| $ 64,624.00 | 100.00% | $ 54,271.61 | 83.98% | ||||||
| Projected 2007 Reserve | $ 455.00 | $ 8,572.20 | YTD FY07 remaining per cash flow analysis - $ | ||||||
| 13.1% | YTD FY07 remaining per cash flow analysis - % 8 | ||||||||
| Treasurer's Notes: | |||||||||
| 1 Other income includes monthly savings account interest, tennis court keys, late fees & Lien reimbursement fees. | |||||||||
| 2 Former homeowners (Bruce & Sally Adler, 19204 SE 44th Way); preparing to take legal action for non-payment of homeowner dues in 2003, 2004 & 2005. | |||||||||
| 3 Liens (3) placed on these properties in Feb-07; no response from the owners (2); (1) lien paid in full; updated statements to be sent monthly. | |||||||||
| 4 FY2008 Homeowner Dues fully paid in advance / (partial overpays refunded) | |||||||||
| 5 Homes that have not yet paid their annual dues (due on 11/1/2006): Parcels - 5423010140, 5423000690 | |||||||||
| 7 Bellevue Municipal Water Bill for the Park - Estimated to be about $2,700 total based on 2006 summer usage rates. | |||||||||
| 8 Several 2007 grounds projects not complete. (e.g. mulching, park security/light, etc) | |||||||||
| Fiscal Month 12 of 12 | |||||||||