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The CY2008 Budget Presentation meeting of The Regency Tower Board was called to order at 7:00 p.m. on Thursday, November 8, 2007 in the Meeting Room of The Regency Tower by the President.

Roll Call - The roll call showed the following Board Members present: Iris Anastasi, Eric Berkowitz, Dee Lanzillo, Fern McBride, Bob Nagle, Dott Nicholson-Brown and Bill Tennenbaum.

Reading of Minutes - The minutes of the meeting of The Regency Tower Board of Directors held on October 18, 2007 were read. Dee Lanzillo made a motion to approve the minutes as corrected, seconded by Eric Berkowitz, unanimously approved.

Budget Presentation

Bill Made Budget Presentation
This meeting is primarily to present the budget which will be mailed to all unit owners tonight, November 8, 2007. The budget will be voted on by the Board at the December 11, 2007 Board Meeting.

Bob Nagle Joins Board as Assistant Treasurer
Bob Nagle
Assistant Treasurer
Recommendation: Insurance (Bob Nagle) -
Bob Nagle stated that he and the Treasurer, Bill Tennenbaum, had met with our insurance brokers. They had received an offer for renewal a couple of weeks ago and met this morning to go over the details of the policy. Our premium is about $100,000 less than last year, however, it is still much higher than it was in past years. Our total premium is $294,000 for this year; it was $427,000 last year. In 2005, we were paying $136,000 for insurance, in 2006 $129,000. We have been renewed by QBE, which is a private “A” rated company. Our building and one other on the Mile are the only buildings QBE has insured this year.

Recommendation: CY2008 Budget, Reserves (Bill Tennenbaum) - The Treasurer thanked the Finance Committee: Bob Nagle, Insurance & Utilities, Ron Forment, Operational Expenses, Tom Palumbo, Contracted Services, and Dott Nicholson-Brown, Administration. The Treasurer’s responsibilities included Revenue, Reserves & Taxes.

  1. Administration – Salaries and Benefits - The committee expects a decrease in salaries and benefits from $485,094 to $476,802.

  2. Insurance & Taxes - The committee expects a decrease from $443,365 to $312,586.
  3. Utilities - The committee expects a decrease in utilities from $154,500 to $151,500.
  4. Contracted Services - The committee expects an increase in service contracts from $150,961 to $163,756.
  5. Operational Expenses - The committee expects an increase from $110,850 to $128,050.
  6. One Time Expenses - The committee expects a decrease from $6,500 to $0.
  7. Revenue - The committee recommended an increase of approximately fifteen (15) percent in quarterly maintenance. Quarterly maintenance without reserves would be $1,086,441. Quarterly maintenance with reserves would be $1,394,744.
  8. Reserves - The amount requested for CY2008 reserves in the budget is $308,303.

Secretary Fern McBride
Secretary Fern McBride
Board Vote on CY2008 Recommendations -
Iris Anastasi made a motion to accept the recommendations of the Finance Committee for the CY2008 Budget; seconded by Eric Berkowitz, unanimously approved.

Committee Reports - Committee Reports were precluded by the Budget Presentation. Click Here to read the previous month's Committee Reports.

New Business - President Nicholson-Brown then called for New Business. Click Here to read New Business.

Announcements -

  • The next Board Meeting will be held on Tuesday, December 11, 2007 at 3:00 p.m.

Adjournment - A motion was made by Iris Anastasi and seconded by Eric Berkowitz to adjourn the meeting at 7:40 p.m.; unanimously approved.

Fern McBride
Board Secretary



No Committee Reports Solicited at Budget Presentation Meeting




Association Owned Parking Space
Eric Berkowitz

November 8, 2007 - Eric Berkowitz made a motion that the Association owned parking space #81 be auctioned at an opening bid of $32,000.00.

Board Action - The motion was seconded by Bill Tennenbaum and unanimously approved.




Annual Holiday Fund for Employees

The Holiday Season will soon be here and, as is our custom, we are asking everyone to contribute to the Regency Tower Employees’ Holiday Fund for 2007. This fund shows our appreciation to all members of our staff for everything they have done during the past year to make living at the Regency Tower comfortable and pleasant.

The total amount received will be divided among all members of our staff. Although many residents give more, a minimum of $50.00 is suggested. We thank you for your generous response to this request.

Please make your check payable to “R. T. Employees’ Holiday Fund” and deposit it into the HOLIDAY FUND box on the Security Desk. If you are not in residence, please mail your contribution addressed to: Regency Tower Employees’ Holiday Fund by December 1, 2007 TODAY so that distribution may be made at the Employees’ Holiday Party on Friday, December 14th at Noon.

Our committee wishes you and your family a joyous Holiday Season, as well as happiness and good health throughout the coming year.

Please keep in mind that many of our employees extended themselves far beyond their respective “job descriptions” before, during and after every emergency. Their actions contributed heavily to moderating the inconvenience and damage costs faced by our Association during and after each hurricane, when the garage door was on the fritz, during every flood, and during dozens of other instances that pass unnoticed because they do their job so well. This is an opportunity for each of us to show our gratitude and reward their dedication. Please DON’T ALLOW IT TO PASS without being heard from - editor

Employee Holiday Fund Committee

Fern McBride
Carole Rigney
Jim Rigney

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