Renaissance On Turtle Creek Annual Meeting January 20, 2009.

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Presentation transcript:

Renaissance On Turtle Creek Annual Meeting January 20, 2009

Year Ending Report 2008  Financials Actuals vs. Budget Operating Budget Operating Budget Reserve Budget Reserve Budget Accomplishments in 2008 Projects Currently Underway Plans for 2009 Financials: 2009 Budget Reserve Spending Focus

Financials for 2008 Actuals vs. Budget ActBudVar REVENUES:$3,060,520$2,973,070$87,448 EXPENSES: Utilities-$567,022$624,276$57,254 Maint. Contracts and Serv$158,330$148,452($9,878) Maint. Supplies/Repair$210,344$217,181$6,837 General and Admin$397,370$214,751 ($182,619) Insurance and Taxes$133,636$119,230 ($14,406) Association Employee$1,463,188$1,370,723 ($92,465) TTL OPER. EXP.$2,929,890$2,693,913 ($235,977)

Financials for 2009 Actuals vs. Budget ActBudVar REVENUES:$3,060,520$2,973,070$87,448 TTL OPER. EXP. $2,929,890$2,693,913 ($235,977) TTL Reserve Contr.$266,003$266,0040 Net Income: ($135,373)$13,155 ($148,528)

Highlights from the Income Statement ASSOCIATION EMPLOYEES ActBudVar Valet Parking$196,472$202,250$5,778 Maintenance$104,501$148,169$43,668 Security$459,295$576,700$117,405 Management$442,149$243,264($198,885) Janitorial$260,771$200,340 ($60,431) TOTAL $1,463,188 $1,370,723 ($92,465)

Highlights from Association Employees Security Expense was $117,000 better than budget. REASON: The Iidon Security Expense was reduced after we removed Security Staff from the Front Desk and replaced them with Premier or Preferred Staffing. Management Line Item to be over budget by ($198,885). This was caused by a few reasons. Coverage of the C Desk Management Salaries Higher than Budgeted for 2008 Coding Issues: Reduced Security and Increased Premier Staffing.

Highlights about General and Administration ActBudVar Total G&A$397,370$214,714($182,619) Legal Fees$152,744$50,004 ($102,740) Unrecovered Assess$82,780$0 ($82,780)

RESERVE BUDGET REVIEW 2008  BEGINNING BALANCE$703,517 Reserve Contributions$266,003 EXPENSES: Hallway Painting$133,168 Pool Furniture $28,203 Landing/Lobby Furniture $65,311 Pool Leak Repairs $47,264 Security System (FOB) $88,170 Cleaning Equipment $17,876 Technical Upgrade $10,601 Tree Pruning $7,089 Guard Shack $4,540 ENDING BALANCE$567,298

ACCOMPLISHMENTS IN 2008  Painted the interior of the B&C Building  New Furniture in B&C Building  Cleaned the Garage  Pruned the Trees  Hosted two successful community building social functions  Replace the carpet in the B Lounge  Repaired the leaks at the pool area and stopped the damage in the garage.  Repaired the exterior lighting  Improved the communication between Mgmt and Residents  Have not allowed any major security risk since June of 2008.

Projects Currently Underway  Re-Plastering the Pool and Hot Tub  Repairing the leak on the Sales Street side of the building.  Replacing the landscaping on the Sales St. and Cedar Springs corner.  Replacing the drains in the pool planters.  Replacing the garage entry doors in the B Lobby.  Painted the A Dock Doors at the Mailboxes.

WHAT IS COMING IN 2009

Plans for 2009 BUDGET COMPARISON 2008 vs Act2009BudVar Total Revenue$3,060,520$3,056,400 ($4,120) Total Op. Expenses$3,195,893$3,057,233$138,660 Net Operating Income ($135,373) $833$136,206

How to Achieve the 2009 Budget  Hopeful anticipation that the need for Legal assistance will be minimal. I have budgeted $118,000 LESS than what was spent in  Unrecovered Assessments should reduce year over year because much of this was clean up from the previous management company. Budgeted $40,000 Less than 2008.

RESERVE BUDGET FOR 2009 BEGINNING BALANCE $576,298 Contributions +$266,004 TOTAL RESERVE FUNDS $842,302 $842,302 Total Budgeted Spending -$399,000 YEAR ENDING BALANCE $443,302

Reserve Budget for 2009 Resurface Pool Deck $15,000 Remaining Pool Furniture $12,000 Remaining Furniture $34,000 Landscaping Improvements $50,000 Water Pump Replace B Building $30,000 Metal Door Replacement All $70,000 A Pool Resurfacing $8,000 Roof Repairs $75,000 Finish out Library $15,000 Finish out Management Office $20,000 EIFS Repairs C Building $20,000 Contingency $50,000 TOTAL BUDGETED SPENDING $399,000

Focus for 2009 from Premier  Being very involved with Collections at the property level.  Increase the training of property associates.  Preventative Maintenance Program implemented to prolong the asset.  Improving Community Involvement.  Communicating more with challenging residents about rules and regulations.

LET US HAVE THE BEST Year Ever At The Renaissance On Turtle Creek