Andover Terrace Annual Meeting, 07MAY2015

Topics of Discussion ● Budget 2015 ● Snow Removal Assessment / Condo Fee ● Future Projects ● Questions

Income 2014 Budget2014 Actual2014 Difference2015 Budget Condominium Fees $222,192.00$221,541.00$651.00$226, Late Fees $0.00$ $0.00 Insurance Claims $0.00$ $0.00 Laundry Income $5,000.00$5,095.00$95.00$5, Other Fees $0.00$89.00 $0.00 Condo Fee Assessment $27, Totals $227,192.00$228,598.00$1,406.00$259,435.84

Operating 2014 Budget2014 Actual 2014 Difference 2015 Budget Office Expense$1,000.00$1, $ $1, Management Fee$14, $0.00 $14, Insurance$19,360.00$18, $ $19, Accounting$1,300.00$1, $50.00 $1, Legal$1,400.00$ $ $1, Legal - Unit Owners$0.00$ $ $0.00 Electric$9,000.00$10, $1, $15, Gas$42,000.00$44, $2, $45, Water/Sewer$15,000.00$18, $3, $18, Totals$103,736.00$110, $7, $116,696.48

Landscaping and Reserve 2014 Budget2014 Actual 2014 Difference 2015 Budget Snow Removal (not including excess removal) $11,748.37$15, $3, $14, Landscaping $14,000.00$11, $2, $13, Totals for Snow and Landscaping $25,748.37$27, $1, $27, Budget2014 Actual 2014 Difference 2015 Budget Transfer to Reserves $21, $0.00 $41, Loan Payment $36, $0.00 $36, Totals for Reserves / Loan Payments $57, $0.00 $77,453.12

Building Expenses 2014 Budget2014 Actual 2014 Difference 2015 Budget Maintenance $6,000.00$4, $1, $5, Maintenance Supplies $1,000.00$2, $1, $1, Cleaning / Annual Glass $7,000.00$6, $ $7, Laundry Expenses $1,500.00$1, $ $2, Heating $7,000.00$5, $1, $5, Plumbing $4,000.00$4, $ $4, Electrical Repairs $1,500.00$ $1, $1, Gutter Cleaning$1,000.00$ $ $ Dryer Vent Cleaning$700.00$0.00 $ Trash Bags$1,354.51$1, $ $1, Extermination$ $0.00 $ Refuse$8,800.00$9, $ $9, Totals$40,154.51$37, $2, $38,186.24

Reason for Fee Increase and Assessment 4% Condo Fee Increase to Pay for Increased Operations Costs One Time ~$600 Assessment (based on % ownership), over 3 months. ($500 to pay for extra snow removal and Ice Dam issues from this winter and $100 to pay for shortfall in budget, since fee increase starts in July.

Completed Projects Switched Heating Vendors from ATCO to Merrimack Plumbing and Heating updated Heating Controls. -New Rules and Regulations initiated. -Cleaned all Carpets -Updating Lighting to LED as bulbs burn out.

Future Projects -Ice Dam Prevention Options ($20k) -Exterior Building Painting / Updating ($23k for all buildings) -Multi-Window Replacement Discounts -New Quote for Pool Renewal (Approx $70k) -Parking Lot Sealing and Painting -Laundry Equipment and Services

Questions ?