| THE MANORS OF CENTRAL PARK CONDOMINIUM ASSOCIATION |
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Assumed no. of Sold Units for 2014 budgeting purposes: |
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| LOCATED IN
SHELBY TOWNSHIP, MI |
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105 |
Regular Condo Units @ $225/mo. |
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13 |
Site Condo Units @ $80/mo. |
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| 2014 Budget, as adopted at Nov. 22, 2013
BoD Mtg. |
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118 |
Total Sold Condo Units |
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Line Item |
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Budgeted |
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No. |
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TYPE . |
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Amounts |
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Methodology for line item estimates |
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| EXPENSES |
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ADMINISTRATIVE |
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5025 |
Collection charges for late fees |
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1,020 |
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average of 2009 thru 2012 actuals (K-T receives
$15 of each late charge to cover adm expense) |
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5070 |
Master Association Fee |
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23,600 |
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$200/unit
collected in 2014 and placed in reserve for payment in 1st Quarter 2015 |
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5090 |
Office Supplies |
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480 |
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average of 2008 thru 2012 (actuals) and 2013
YTD |
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5195 |
Other Admin. Services |
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750 |
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average of 2008 thru 2012 actuals and 2013 YTD |
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Subtotal |
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25,850 |
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COMMUNICATIONS |
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5210 |
Duplicating |
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660 |
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average of 2008-2011 (actuals) and 2012-2013
(budgeted) |
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5215 |
Postage & Mailing |
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510 |
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average of 2008-2011 (actuals) and 2012-2013
(budgeted) |
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Subtotal |
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1,170 |
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PAYROLL & BENEFITS |
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5304 |
Maintenance Supplies and wages |
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5,600 |
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(avg of 2008 thru 2012 actuals and 2013 YTD x
1.3) = 4310 x 1.3 = 5600 |
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5390 |
Workmens Comp |
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130 |
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2013 YTD |
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Subtotal |
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5,730 |
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INSURANCE |
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5460 |
Property & Liab. Ins. |
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16,000 |
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based on 2013 YTD of $15,510 + 3% |
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UTILITIES |
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6000 |
Electricity |
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4,050 |
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2012 actual + $300 for fountain |
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6025 |
Water/Sewer |
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45,000 |
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average of 2010 thru 2012 (actual units) x $3.431 per unit (2012 rate) x 1.09 |
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6035 |
Rubbish Removal |
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19,059
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$13.46/mo. * 12 mos. * no. of units |
Rizzo contract: $13.33/mo. (7/1/2013 thru
6/30/2014); |
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Subtotal |
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68,109
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$13.58/mo. (7/1/2014 thru 6/30/2015) |
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LANDSCAPING |
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6110 |
Grounds Repair & Maint. |
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5,000 |
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4 yr avg [$3,990 (2009), $6,322 (2010), $2,361
(2011), $5,842 (thru 8/31/2012)] plus $370 |
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6125 |
Lawn Fertilization |
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10,932 |
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6 fert. apps @ $1,372 ea. plus 1 grub app @
$2,700 |
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6140 |
Mowing & Edging |
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29,150 |
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annual amt. for 26 cuts per season; 2013-2016
contract |
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6145 |
Mulch |
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4,800 |
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2011 actual |
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6160 |
Tree and Shrub Maint. |
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2,820 |
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$1,470 (2011actual) plus $1,350 for 3 apps of
spruce fungicide |
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Subtotal |
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52,702 |
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IRRIGATION |
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6200 |
Sprinkler System Maintenance |
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5,200 |
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4
yr avg [$5650 (2009), $5575 (2010), $4940 (2011), $4,522 (2012)] |
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CONTRACTED SERVICES |
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6434 |
Pest Control |
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3,290 |
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2 yr avg [$3,478 (2012 act), $3,105 (2013 YTD)] |
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REPAIR & MAINTENANCE |
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Structural Repairs |
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7,000 |
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[average of 2009, 2010, 2011 (actuals) and 2012
(projected)] + 950 |
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Electrical Repairs |
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1,000 |
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[average of 2009, 2010, 2011, 2012 (actuals)
and 2012 (projected)] + $200 |
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6515 |
Building Repair & Maint. |
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8,000 |
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total of Structural and Electrical Repairs |
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6735 |
Wood Repair & Maint. |
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3,000 |
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Oct. 2013 repairs (actual ) + $100 |
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6750 |
Snow Removal & Supply |
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40,900 |
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annual amt.; Dec. 2012 thru March 2015 contract |
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6760 |
Street Repair & Maint. |
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425 |
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street
cleaning (MetroSweep Services, 2013 quote for single broom sweep) |
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Subtotal |
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52,325 |
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PROFESSIONAL SERVICES |
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7000 |
Accounting/Audit/Tax Services |
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250 |
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average of 2009 thru 2012 actuals |
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7020 |
Legal Fees (gross,
prior to any reimbursements) |
16,500 |
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2013 YTD + $378 + $15,000 for revisions to the
Master Deed and Bylaws |
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7040 |
Management Fees |
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18,408 |
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$13.00/mo. * 12 mos. * no. of units |
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Subtotal |
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35,158 |
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OTHER EXPENSES |
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9105 |
Contributions to Replacement Reserves |
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29,598 |
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10% of 2014 budgeted income |
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RESERVE EXPENSES |
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9916 |
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0 |
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| TOTAL OPERATING
EXPENSE |
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295,132 |
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| INCOME |
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Monthly Association Fees - Regular Condos |
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283,500 |
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105 units x 12 x $225 monthly fee from
completed Units 16 through 167) |
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Monthly Association Fees - Site Condos |
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12,480 |
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13 units x 12 x $80 monthly fee from completed
Units 2 through 14) |
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4000 |
Residential Assessments from monthly fees |
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295,980
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total of fees from regular and site condos |
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4710 |
Late Charges |
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0 |
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4720 |
Legal Reimbursements |
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0 |
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| TOTAL INCOME |
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295,980
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| Total Income
less Total Operating Expense |
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848
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