BANANA BAY CONDOMINIUM ASSOCIATION, INC.
2008 Approved Budget with
Partial Funding of Reserves
| 2008 APPROVED w/ PARTIALLY FUNDED Reserves | Monthly Cost Per Unit with Partial Reserves | Monthly Budget | ||
| Income | ||||
| Monthly Assessments-136 units | 693,597.00 | $425.00 | $57,800.00 | |
| Insurance Proceeds | ||||
| Special Assessment | ||||
| Interest Income, Operating | 75.00 | $0.05 | $6.25 | |
| Late Fees & Interest | 0.00 | |||
| Legal Fees Billed to Owners | ||||
| Total Income | $693,672.00 | $425.04 | $57,806.25 | |
| Expenses: | ||||
|
Administrative Expenses |
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| Accounting (Audit/Tax Returns) | 2,520.00 | $1.54 | $210.00 | |
| Bank Service Charges | 960.00 | $0.59 | $80.00 | |
| Bad Debt Expense | 0.00 | $0.00 | $0.00 | |
| Operating Fund Shortfall Replacement | 15,000.000 | $20.44 | $2,780.00 | |
| Bank Loan | 0.00 | $0.00 | $0.00 | |
| Legal/Professional Fees | 5,040.00 | $3.09 | $420.00 | |
| Management Fees | 23,256.00 | $14.25 | $1,938.00 | |
| Office Supplies/SCCA Dues | 1,500.00 | $0.92 | $125.00 | |
| Office Equipment | 0.00 | $0.00 | $0.00 | |
| Postage | 900.00 | $0.55 | $75.00 | |
| DBPR ($4 per condo door) | 552.00 | $0.34 | $46.00 | |
| Licenses and Permits (pool/elevators) | 780.00 | $0.48 | $65.00 | |
| Taxes (Property, Income) | 300.00 | $0.18 | $25.00 | |
| Total Administrative Expenses | 50,808.00 | $42.38 | $5,764.00 | |
|
Insurance |
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| Liability / Fidelity Bond/D&O/Umbrella/DIC | $18,180 | $11.14 | $1,515.00 | |
| Flood Insurance | $39,000 | $23.90 | $3,250.00 | |
| Property/Wind Coverage | $115,764 | $70.93 | $9,647.00 | |
| Interest to Finance Insurance Pmts | 4,620.00 | $2.83 | $385.00 | |
| Total Insurance | 177,564.00 | $108.80 | $14,797.00 | |
|
Payroll Expenses |
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| Employee Wages | $40,560.00 | $24.85 | $3,380.00 | |
| Payroll Taxes | $3,252.00 | $1.99 | $271.00 | |
| Worker's Compensation | $3,648.00 | $2.24 | $304.00 | |
| Medical Insurance | $3,600.00 | $2.21 | $300.00 | |
| Total Payroll Expenses | 51,060.00 | $31.29 | $4,255.00 | |
|
Maintenance Expenses |
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| Building Maintenance | 65,160.00 | $28.68 | $3,900.00 | |
| Elevator Expenses | 4,500.00 | $2.76 | $375.00 | |
| Fire System Expenses | 5,040.00 | $3.09 | $420.00 | |
| Janitorial | 12,000.00 | $7.35 | $1,000.00 | |
| Pest Control | 3,264.00 | $2.00 | $272.00 | |
| Termite Bond ($16,048 from Deferred Maint Reserves) | 5,100.00 | $3.13 | $425.00 | |
| Pool Maint | 7,200.00 | $4.41 | $600.00 | |
| Pool Repairs | 2,520.00 | $1.54 | $210.00 | |
| Total Maintenance Expenses | 104,787.00 | $52.96 | $7,202.00 | |
|
Grounds Maintenance |
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| Landscape Contract | 47,400.00 | $29.04 | $3,950.00 | |
| Fertilization & Pest Control | 15,000.00 | $9.19 | $1,250.00 | |
| Tree Trimming | 3,000.00 | $1.84 | $250.00 | |
| Irrigation Repairs | 780.00 | $0.48 | $65.00 | |
| Plant Replacement / Clean-up Service | 960.00 | $0.59 | $80.00 | |
| Mulch | 2,460.00 | $1.51 | $205.00 | |
| Total Grounds Expenses | 69,600.00 | $42.65 | $5,800.00 | |
|
Utilities |
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| Cable (TWC) | 39,636.00 | $24.29 | $3,303.00 | |
| Electric | 11,520.00 | $7.06 | $960.00 | |
| Phone (Offc/Elevators) | 3,000.00 | $1.84 | $250.00 | |
| Reclaimed Water (Irrig) | 6,000.00 | $3.68 | $500.00 | |
| Sewer (City of CB) | 30,000.00 | $18.38 | $2,500.00 | |
| Trash (Waste Mgmnt & City of C.B.) | 15,000.00 | $9.19 | $1,250.00 | |
| Water/Fire Hydrant (Cocoa) | 21,000.00 | $12.87 | $1,750.00 | |
| Total Utilities | 126,156.00 | $77.30 | $10,513.00 | |
|
Capital Improvements |
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| Roof Replacements-Townhomes (2005) | ||||
| Paving ('07) $8,000 | ||||
| Misc Hurricane Expenses 2005 | ||||