Budget discussion for 2012

The previous blog  post showed the budget for Island gate for 2012.  We wanted to share it with you to let you know where the community’s money goes.  As you can tell about 30% goes to deferred maintenance and reserve funding, 13% goes to insurance, 21% goes to pool, snow removal and landscaping, 5% goes to utilities, 10% goes to building and general repairs.  The remaining 20% goes to management fees, paperwork, bad debt expense and contingencies.  Contingencies are our rainy day fund. 

As we have communicated in the past one of the main goals of the board is stretching our dollars.  We think we are doing a good job with this but if you have any suggestions, thoughts, ideas, etc. on how we can save money, use it more efficiently or even what we are doing with our money please don’t hesitate to contact us, we would love to hear from you.  As a reminder we are having a budget meeting on Jan 20^th at 1 Seabreeze Court , and we hope to see you there. 

Have a happy New Year

The Latest 2012 budget

Island Gate Homeowners Association
Income Statement
Preliminary Budget 2012
	Total
Income
Interest Income	0.00
Late Fee Income	0.00
Legal Fee Reimbursement	2,500.00
Maintenance Fee Income	265,200.00
Membership Fees	0.00
Misc. Income	0.00
Services	0.00
Working Capital Contribution	0.00
Total Income	$                           267,700.00
Gross Profit	$                           267,700.00
Expenses
A. General and Administrative
Audit	3,000.00
Bank Charges	0.00
Insurance	35,000.00
Legal Fees-Collections	2,500.00
Legal Fees-General	5,000.00
Licenses, Permits, Inspections	25.00
Management Fees	16,320.00
Office Expenses	1,500.00
Postage	450.00
Real Estate Taxes	0.96
Signage	0.00
Telephone	350.00
Total A. General and Administrative	$                             61,145.96
B. Grounds Services
Landscape Maintenance	34,000.00
Pool Contract	12,000.00
Snow Removal	9,000.00
Total B. Grounds Services	$                             55,000.00
C. Repairs and Maintenance
Bath House Cleaning	1,500.00
Building Repairs	15,000.00
Contingencies	0.00
General Repairs	10,000.00
Gutter Maintenance	1,500.00
Maint. Tools & Supplies	0.00
Pond Maintenance	3,000.00
Pool Supplies & Repairs	4,000.00
Pump/Well Maintenance	2,500.00
Sprinkler System Maint.	3,000.00
Total C. Repairs and Maintenance	$                             37,500.00
D. Utilities
Electric	8,000.00
Gas	1,200.00
Water/Sewer	2,000.00
Total D. Utilities	$                             11,200.00
E. Special Funding
Deferred Maintenance Funding	20,000.00
Reserve Funding	60,000.00
Total E. Special Funding	$                             80,000.00
Bad debt expense	$                             12,480.00
Contingencies	$                             10,374.04
Total Expenses	$                           267,700.00
Net Operating Income	0.00

Best Wishes for a Happy Holiday Season

We at Island Gate would like to wish all of our neighbors Peace, Hapiness and Health during the holiday season and all through 2012. 
We would also like to thank our neighbors for their help, cooperation and hard work in 2011 to make Island Gate the wonderful community it is.   We are excited about 2012 and beyond at Island Gate. 

Seasons Greetings 

Our By-Laws

We are starting the process of reviewing our By-Laws and Covenants with our legal representative Caroline Record.  We are looking to update these documents and make them more relevant to our community, the documents were written by Kara Homes back in 2003.  We are reviewing a certified copy of the documents and will share our findings with the community in the near future.  Any changes to the bylaws must be approved by the majority of the community.  We will keep you informed of our progress and if changes are needed prepare documents for the community to vote on. 

Association dues for 2012

After careful deliberation the board of Island Gate has decided to keep associate fees the same for 2012. The monthly dues will continue to be $260, per home, per month.  Given some cost savings over the last year and the expectation of more savings in 2012 we think we will be able to keep the fee steady.  The board reserves the right to increase the fee throughout the year but by doing more with our funds we do not expect to need to raise them in 2012.   

 

Happy Holidays

The trustees of Island Gate wish our neighbors a happy, safe and healthy Holiday Season.  Just a reminder as we take pause to celebrate the holidays.  The board will be holding our first meeting of 2012 on January 20^th   at 1 Seabreeze Court.  The board would like to discuss the budget for 2012, discuss plans for 2012 and get feedback from the community on our plans for the year.  Please make plans to join us after the holidays.

Holiday Decorations

It’s that time of year again and with the season comes holiday decorations that make the season bright.  Island Gate’s by-laws permit holiday decorations but do not allow permanent attachments to the buildings.  This includes staples, nails, screws, glues etc.; please note this restriction isn’t limited to holiday decorations but any permanent attachments, all year long.  The trustees of Island Gate wish everyone a happy, safe holiday season.