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Grand Lake HOA Budget
| Grand Lake HOA | ||||||
| Proposed Budget | ||||||
| 2024 | Proposed | |||||
| Budget | Budget | YTD Actual | ||||
| 2024 | 2023 | 10/31/2023 | Notes | |||
| INCOME | ||||||
| Association dues – $500/yr | 84,500.00 | 84,500.00 | 83,885.46 | |||
| Dues Increase – $200/yr | 33,800.00 | 0.00 | 0.00 | Expenditure per Household(169) – $700 | ||
| Clubhouse Rental | 1,900.00 | 1,900.00 | 1,600.00 | |||
| Late fee | 1,500.00 | 1,500.00 | 1,705.00 | |||
| Violation fine | 0.00 | 0.00 | 1,300.00 | |||
| Key fee | 0.00 | 0.00 | 225.00 | |||
| NSF fee | 0.00 | 0.00 | 0.00 | |||
| Legal fee | 0.00 | 0.00 | 0.00 | |||
| Interest Income | 0.00 | 0.00 | 421.44 | |||
| Other Income | 0.00 | 0.00 | 16.00 | |||
| Closing fee | 0.00 | 0.00 | 0.00 | |||
| Total Income | $ 121,700.00 | $ 87,900.00 | $ 89,152.90 | |||
| SEA WALL RENOVATION – RESTRICTED | ||||||
| Loan Debt Service – $809.91/m x 12 | $ 9,707.00 | $ 9,707.00 | $ 7,280.19 | |||
| EXPENSES | ||||||
| Property Management | ||||||
| Property Management Fee | 12,168.00 | 12,168.00 | 10,140.00 | Last year of contract 2024 | ||
| Postage | 2,272.00 | 2,272.00 | 1,424.00 | |||
| $ 14,440.00 | $ 14,440.00 | $ 11,564.00 | ||||
| Landscaping | ||||||
| Landscaping Contract | 18,940.00 | 17,940.00 | 14,710.00 | Increase by $1k per year | ||
| Aqua Systems – Lake Algae Treatment | 0.00 | 0.00 | 0.00 | |||
| Bushhogging | 0.00 | 0.00 | 300.00 | |||
| Landscaping – Other | 0.00 | 0.00 | 93.24 | |||
| Irrigation System Repair | 1,000.00 | 550.00 | 273.49 | |||
| Hardscape Repair & Improvements | 750.00 | 0.00 | 0.00 | |||
| $ 20,690.00 | $ 18,490.00 | $ 15,376.73 | ||||
| Clubhouse | ||||||
| Cleaning Services | 2,250.00 | 1,600.00 | 1,760.00 | |||
| Consumable Supplies | 250.00 | 250.00 | 149.37 | |||
| Pest Control & Termite Service | 500.00 | 750.00 | 250.00 | |||
| Security Camera Replacement | 0.00 | 800.00 | 826.07 | |||
| Emergency Exit Install – Pool | 0.00 | 0.00 | 337.50 | |||
| HVAC Service and Repair | 500.00 | 500.00 | 0.00 | |||
| Clubhouse General Maintenance & Repair | 800.00 | 300.00 | 1,763.89 | |||
| Clubhouse Paint | 0.00 | 800.00 | 0.00 | |||
| Insurance | 5,000.00 | 4,600.00 | 4,068.48 | End of yr expense projection at $4,867.20 | ||
| Real Estate Taxes | 2,925.00 | 2,650.00 | 2,784.00 | Approx 5% Increase | ||
| Utilities | 4,125.00 | 6,300.00 | 3,330.33 | |||
| $ 16,350.00 | $ 18,550.00 | $ 15,269.64 | ||||
| Pool | ||||||
| Pool Maintenance Contract | 5,200.00 | 4,900.00 | 4,705.00 | About a 6% Increase | ||
| Pool Chemicals | 4,500.00 | 3,900.00 | 4,231.00 | About a 6% Increase | ||
| Pool Repairs | 650.00 | 500.00 | 477.63 | |||
| Pool Supplies | 150.00 | 150.00 | 18.35 | |||
| $ 10,500.00 | $ 9,450.00 | $ 9,431.98 | ||||
| Community Events | ||||||
| Craft and Party Supplies | 250.00 | 250.00 | 0.00 | |||
| Association Events | 500.00 | 500.00 | 168.15 | |||
| $ 750.00 | $ 750.00 | $ 168.15 | ||||
| General | ||||||
| Loan Payment | 23,385.24 | 23,385.24 | 19,487.70 | Loan Balloon Maturity 05/20/2025 | ||
| Bank Charges | 0.00 | 0.00 | 272.00 | |||
| Other Admin | 0.00 | 0.00 | 75.47 | |||
| Legal | 1,500.00 | 500.00 | 200.00 | |||
| Internet/Email Services | 1,800.00 | 1,497.00 | 1,471.85 | |||
| $ 26,685.24 | $ 25,382.24 | $ 21,507.02 | ||||
| Capital Improvements | ||||||
| Computer Equipment Purchase | 0.00 | 0.00 | 0.00 | |||
| Seawall Repair | 0.00 | 0.00 | 12,012.09 | |||
| Loan Proceeds Used for Seawall Repair | 0.00 | 0.00 | (12,012.09) | |||
| Clubhouse Furnishings | 0.00 | 0.00 | 0.00 | |||
| Pool Furnishings | 850.00 | 837.00 | 0.00 | |||
| $ 850.00 | $ 837.00 | $ – | ||||
| Additional Principal Payments on Debt | $ 15,000.00 | |||||
| Transfer to Reserves | $ 3,277.76 | |||||
| Total Expenses | $ 118,250.00 | $ 97,606.24 | $ 80,597.71 | |||
| Net Cash Flow | 0 | $ (9,706.24) | $ 8,555.19 | |||