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The CY 2010 Budget Presentation meeting of The Regency Tower Board was called to order at 7:00 p.m. on Thursday, November 12, 2009 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, Dott Nicholson-Brown and Bill Tennenbaum (via speakerphone). Stephen Collins was absent.

Reading of Minutes - Eric Berkowitz made a motion to approve the minutes of March 30, April 2, April 28 and May 26, 2009. Bill Tennenbaum seconded the motion, which was unanimously approved.

Budget Presentation with Recommendations

This meeting is primarily to present the budget which will be mailed to all unit owners tonight, November 12, 2009. The budget will be voted on by the Board at the December 16, 2009 Board Meeting.

Bill Made Budget Presentation
CY 2010 Budget – Bill Tennenbaum -
These are projections based on both experience and in some cases commitments to the various revenue categories.

  1. Administration – Salaries and Benefits - The committee expects a decrease in salaries and benefits from $531,359 to $519,327. There will be no increase in employee salaries in 2010 and the Thanksgiving Bonus has been eliminated. Workers’ Compensation item decreased 50 percent as a result of change in insurance carrier.

  2. Insurance & Taxes - The committee expects an increase from $322,194 to $340,908

  3. Utilities - The committee expects an increase in utilities from $162,000 to $170,500. We do not know what FPL will do with their rates and our water bills have gone up (not usage, but fees).

  4. Contracted Services - The committee expects an increase in service contracts from $165,215 to $168,372.

  5. Operational Expenses - The committee expects an increase from $134,400 to $171,290. Due to the economic times and possible foreclosures, a new item has been added, Bad Debt Contingency in the amount of $36,540.

  6. Revenue - Total revenues increased from $142,187 to $155,896, in addition to our quarterly assessment. The quarterly assessment is quoted with full reserves and with partial reserves. Annual maintenance with Partial Reserves would be $1,287,581. Annual maintenance with Full Reserves would be $1,379,475. Percentage increase over last year’s budget is 4.2%.

  7. Reserves - We have $55,170, which includes the $21,050 remaining at completion of painting project.

    If we were to fully fund our reserves for 2010 it would total $164,974. A Partial Reserve is being offered in the amount of $73,080. We have one of the lowest reserve accounts on the Galt and this is one of the questions lenders are asking when making loans to people who are buying units. The Finance Committee is recommending the Partial Reserve. With the Partial Reserve and the Bad Debt Contingency, maintenance costs will increase by 9.7%.

Secretary Fern McBride
Secretary Fern McBride
Board Vote on CY 2010 Budget Recommendations -
Fern McBride made a motion that the Finance Committee recommendations be sent to all owners for review and comments. Eric Berkowitz seconded the motion; unanimously approved.

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

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

Announcements -

  • The President announced that all owners will be mailed 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 Partial Reserves, we will automatically be required to pay for Full Reserves.

  • The Board Meeting to vote on the Budget will be held on Wednesday, December 16, 2009 at 3:00 p.m.

Adjournment - A motion was made by Dott Nicholson-Brown and seconded by Fern McBride 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 2009. 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, 2009 TODAY so that distribution may be made at the Employees’ Holiday Party. 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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