| Income | Budget | Actual | Difference |
| condo fees | $1,032,611 | $1,024,118 | -$8,493 |
| transfer to reserve fund | -$92,100 | -$91,100 | $1,000 |
| guest suite rentals | $7,000 | $0 | -$7,000 |
| interest | $800 | -$2 | -$802 |
| Total | $948,311 | $933,016 | -$15,295 |
| The first part shows the condo's total income. This is all the money that the condo has to spend. | |||
| Expenses | Budget | Actual | Difference |
| Administration | |||
| management fees | $101,365 | $72,424 | -$28,941 |
| bank charges | $0 | $895 | $895 |
| insurance | $12,000 | $32,095 | $20,095 |
| legal & audit | $6,955 | $5,250 | -$1,705 |
| office expenses | $1,000 | $1,993 | $993 |
| sub-total | $121,320 | $112,657 | -$8,663 |
| Utilities | Budget | Actual |
Difference |
| electricity | $255,000 | $290,924 | $35,924 |
| water | $88,000 | $50,693 | -$37,307 |
| gas | $150,000 | $190,377 | $40,377 |
| telephones | $3,000 | $2,094 | -$906 |
| sub-total | $496,000 | $534,088 | $38,088 |
| The utilities took up about 50% of the expenditures. | |||
| Consulting | $0 | $0 | $0 |
| reserve fund study | $3,210 | $0 | -$3,210 |
| sub-total | $6,420 |
$0 |
-$6,420 |
| Contracts | Budget |
Actual |
Difference |
| landscaping & snow removal | $20,000 | $19,716 | -$284 |
| Security | $80,000 | $151,367 | $71,367 |
| cleaning | $104,450 | $107,117 | $2,667 |
| generator maintenance | $2,000 | $1,571 | -$429 |
| safety & security system maintenance | $8,000 | $1,254 | -$6,746 |
| building maintenance | $17,000 | $45,372 | $28,372 |
| equipment maintenance | $22,000 | $19,068 | -$2,932 |
| elevators | $18,000 | $17,272 | -$728 |
| window cleaning | $3,000 | $3,000 | $0 |
| pest control | $1,000 | $1,056 | $56 |
| garbage compactor lease | $8,000 | $18,666 | $10,666 |
| garage sweep | $700 | $0 | -$700 |
| sub-total | $284,150 | $385,459 | $101,309 |
| The contracts cost 26% more than budgeted. | |||
| Guest suites | |||
| guest suites mortgage, interest & taxes | $41,631 | $17,376 | -$24,255 |
| guest suites maintenance | $2,000 | $984 | -$1,016 |
| sub-total | $43,631 | $18,360 | -$25,271 |
| Something does not look right with these figures. | |||
| Total Expenses | $948,311 | $1,050,564 | $102,253 |
| Balance | Budget | Actual |
|
| Total income | $948,311 | $933,016 | |
| Total Expenses | $948,311 | $1,050,564 | |
| Balance | $0 | -$117,548 | |
| The corporation has an annual operating deficit of $117,548. It will need a minimum of 11% increase in income to balance the next year's budget and it will need even more to pay down this deficit and build up the reserve fund. | |||
| Reserve fund | |||
| Balance start of fiscal year | $90,597 | ||
| reserve fund provision | $91,100 | ||
| interest | $222 | ||
| Total | $181,919 |
$99,497 (actual amount) |
|
| 1. |
Where is the income for the
party & meeting room rentals? |
| 2. |
Why hasn't the board hired an engineering company to conduct a Performance Audit and a Reserve Fund Study? |
| 3. |
The Contracts cost about 25% more than what was budgeted. Why? |
| 4. |
They have a first year operating
deficit
of $117,548. This closely matches the
shortfall in the reserve fund. Why has the board been liberally (but illegally) dipping into the reserve fund to make up for the operating fund losses? |
| 5. |
What plan has the board
implemented to eliminate the operating deficit
and to recover the money, with interest, that was removed from the reserve fund? |