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The CY2009 Budget Presentation meeting of The Regency Tower Board was called to order at 7:00 p.m. on Thursday, November 13, 2008 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 (via speakerphone).

Reading of Minutes - The minutes of the meeting of The Regency Tower Board of Directors held on September 23, 2008 were read. Eric Berkowitz made a motion to approve the minutes, seconded by Iris Anastasi, unanimously approved.

Budget Presentation

Bob Nagle Joins Board as Assistant Treasurer
Treasurer Bob Nagle
Presents Budget
This meeting is primarily to present the budget which was mailed to all unit owners on November 1, 2008. The budget will be voted on by the Board at the December 9, 2008 Board Meeting.

Recommendation: Insurance (Bob Nagle) - The Treasurer, Bob Nagle, introduced the (other) members of the Finance Committee:

  • Bill Tennenbaum (Assistant Treasurer) - Revenue
  • Dott Nicholson-Brown - Human Resources
  • Cathie Lenz - Contracted Services
  • Ron Forment - Operational Expense

Bob Nagle stated that we have been with QBE for about five years. Our insurance had been about $140,000 a year but due to Hurricanes Wilma and Katrina it jumped to $427,000 per year. Five years ago our building was valued at $32 million and today the building is valued at $43 million. The higher the value of the building the higher the taxes, regardless of the market. Our broker is Smith Watson of Hollywood, Florida. They have been in existence since 1934 and we have been with them for five years. We have a 4 percent deductible, which is the best you can get, making us responsible for $1.7 million. QBE is located in Sydney, Australia, and is one of the largest and best run insurance companies. They are an “A” rated company. We are only one of three buildings on the Mile insured by a private company. We have a meeting scheduled for next week and there is a possibility we can get a lower rate.

Bill Made Budget Presentation
Recommendation: CY2009 Budget, Reserves (Bill Tennenbaum) -
All numbers in the budget are based upon unknown and known factors; some of them we have exact numbers and some we estimate based upon usage, known increases, etc.

  1. Administration – Salaries and Benefits - The committee expects an increase in salaries and benefits from $476,802. to $531,359.

    • Question raised regarding increase in Administration Salaries.
      • This is due to funding for possibility of hiring a manager.
    • Question raised regarding Thanksgiving Bonus.
      • Remuneration to employees is at the discretion of the Board; the better you take care of your employees the better job they are apt to do, they are loyal and there is less turnover.

  2. Insurance & Taxes - The committee expects a decrease from $335,888. to $322,194.

  3. Utilities - The committee expects an increase in utilities from $151,500. to $162,000.

    • There was a discussion regarding the amount budgeted for telephone service.
      • Bill Tennenbaum stated that you cannot compare residential rates to commercial rates; they are not the same. Commercial rates are about three times higher than residential rates. He is going to negotiate with AT&T now that they have competition and have become more flexible which should reduce our telephone costs. Cable companies have severe outages, therefore, they are not an option.

  4. Contracted Services - The committee expects an increase in service contracts from $163,756. to $165,215.

  5. Operational Expenses - The committee expects an increase from $128,050. to $134,400.

  6. Revenue - Total revenues decreased from $146,253. to $142,187. The committee recommended an increase of approximately 5.4 percent in quarterly maintenance. Quarterly maintenance without reserves would be $1,172,981. Quarterly maintenance with reserves would be $1,680,156.

  7. Reserves - The amount requested for CY2009 reserves in the budget is $364,988.

Secretary Fern McBride
Secretary Fern McBride
Board Vote on CY2009 Recommendations -
Dee Lanzillo made a motion to accept the recommendations of the Finance Committee for the CY2009 Budget; seconded by Eric Berkowitz, unanimously approved.

Committee Reports - Committee Reports were precluded by the Budget Presentation. Click Here to read the September 2008 Committee Reports.

New Business - New Business was precluded by the Budget Presentation. . Click Here to read the September 2008 New Business.

Announcements -

  • The President announced that all owners have received a copy of the budget and reminded the owners of the importance of sending in their Reserve Proxies. If we do not receive a majority of Proxies indicating No Reserves, we will automatically be required to pay for reserves.

  • The result of the survey for glass balcony doors is as follows:
    • No: 93 Yes: 57.
    • Inside glass doors are acceptable.
  • It was announced that we will no longer hold Round Table meetings. In 2001, a suggestion was made by an owner that a Round Table be established to foster more open communication between this Board and the owners. We also started a website and a newsletter. The purpose of the Round Table has been fulfilled.
  • Rafael Alleguez congratulated the members of the Finance Committee for a great job.

Adjournment - A motion was made by Iris Anastasi and seconded by Bob Nagle to adjourn the meeting at 7:45 p.m.; unanimously approved.

Fern McBride
Board Secretary




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 2008. 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, 2008 TODAY so that distribution may be made at the Employees’ Holiday Party on Friday, December 19th at 1 PM. If you've overlooked contributing due to the many distractions attendant to the seasonal Holiday hubbub, FEAR NOT - YOU CAN STILL SHOW YOUR APPRECIATION! A second distribution will follow shortly after the New Year!

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 and tropical storm, 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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