We currently have a rule/procedure in place that has not been followed on a consistent basis, therefore a revised document entitled “Rules and Regulations Regarding Inspection and Copying of Association Official Records” has been provided to the Board for approval. When motion is approved, copies of the document will be posted on the bulletin board and distributed to all residents. The rule is in accordance with Florida Statutes and permits document review by written request two (2) hours, in any thirty (30) day period. A motion was made by Richard Robins to approve the revised document. The motion was seconded and passed by general consent.
President's Report - Eileen R. Bendis - President Eileen R. Bendis read her President's Report. Click Here to read the President's Report.
PRESENTATION AND APPROVAL OF THE CY2018 PROPOSED OPERATIONAL BUDGET
Steve Faigin, Treasurer
Andrew Surdovel, Manager
Teresa Baker, Accounting
It’s been a year of changes for Regency Tower Association. With the departure of our previous manager at the end of 2016, we have a new manager and a new accountant in the office. The Association’s 2018 budget was reviewed and created in detail on a line by line basis using the 2016 audited financials and the 2017 year-to-date expenses. Our new manager has been diligent about reviewing and re-negotiating many of the contracted services and operational expenses to maintain our building and protect our investment.
- The budget is presented to you in the same format as our year-end audited financials as prepared by our certified public accountants, Charles A. Krblich. With no increase in the maintenance assessments for the past 3 years, we have experienced increased costs related to employee costs, contracted services, litigation and the operational expenses of your aging building. The projected figures for the total maintenance income are 3% over the 2017 budget which generates approximately $40,000. (The operating deficit in 2016 was $40,000) The Board and management will continue to review expenses and make recommendations that improve our building and protect our investment.
As a self-managed Association, more than 45% of our operating budget is Salaries & Wages for our 18 employees. Currently we have 9 full-time employees and 9 part-time employees. This category includes health care costs that continue to rise. The Board is reviewing options to mitigate the industry increases that have out-paced annual inflation or the cost of living. We also experienced an increase of $3,000 for the Workman’s Comp Insurance Policy for 2018.
Insurance and Taxes’ represent 20% of our annual operating budget. With the assistance of our insurance broker, we have renewal quotes and we do not expect a significant increase for next year.
Utilities Expense - We do not expect an increase for 2018.
Contracted Services – Contracted services include our agreements for cable, pest control, elevator maintenance, beach cleaning. trash removal, the annual audit and tax return preparation as well as other various services to maintain our building. The largest contract is cable. Our current contract with Comcast expires at the end of 2017.
Cable: The projected budget presented tonight does not include the new contract with the cable provider. Although board members are in the final stages of negotiating a new contract, this agreement has not been finalized as of the date of this meeting. The cost of cable is separate than the operational maintenance. The cable cost will be added to the budgeted maintenance assessment of each unit after finalized in the upcoming weeks.
Year-End Audit: We expect to engage Charles Krblich Certified Public Accountants to perform the annual audit. The annual audit of the Association’s financial records is performed in February each year. A full audit includes a review of internal controls. We are pleased to have received an unqualified opinion each year; no internal control weaknesses were brought to the attention of the Board. After discussion with the accounting firm this month, we expect to receive an engagement letter soon and there will not be an increase in fees for 2018.
Operational Expenses are a significant portion of the budget. Although many of the expenses are routine, some expenses in this category are hard to predict. Plumbing, Electric, Common Area Air Conditioning, General Restoration and Engineering expenses are included in this category. If we have a significant expense, the Board decides whether that expense will be funded from the Building Reserves or Operational Revenues. In 2017, we have several expenses related to the Pool Pump and extensive plumbing repairs in the garage which met that criteria. A total of $ 13,040 was funded from the reserves in 2017.
Administration – These are expenses related to the office. This category includes postage, printing, computers and office machines. No increase for 2018 is budgeted.
Other Expenses – One-time expenses and capital projects within the building. The 2018 Budget includes several items including roof maintenance, and a domestic water pump.
A motion was made by Eric Berkowitz that the Proposed CY2018 Operational Budget be approved to present to the membership. The motion was seconded and passed by general consent.
Please Note - (Copies of the budget are available in the office - only to members.)
Adjournment - No further business. The meeting was adjourned at 7:30 p.m.
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NOVEMBER 1, 2017
Board President Eileen Bendis’
Message to Members
|Pres. Eileen Bendis|
Many of you have said that I should respond to the letters you have been receiving from a resident..BUT..Guess what!!?? I don’t have time for that.
|Irma Hits Fort Lauderedale|
I have seen the light! After seeing the devastation caused by hurricanes in Texas, Florida and Puerto Rico, the fires in California and the killings in Las Vegas, I can’t be bothered with pettiness. Thousands of homes and memories lost. Does anyone realize how fortunate we are? I have a roof over my head, a job that I like, food on the table, a car that runs, and I get to look out my window to a gorgeous sunrise and majestic ocean every day.
Even if you have money in the bank, where do you go to live after these disasters?? I can’t get it out of my mind. I have seen the light! We are so fortunate that we had only minor damage and inconvenience. We didn’t even lose power. Puerto Rico still doesn’t have power after a month!! I can’t imagine the chaos around here if we didn’t have power for a month! Somehow, I’m sure, it would have been my fault. The feeling I got after giving a co-worker some clothes and miniature shampoos and soaps for her father in Puerto Rico, cannot be expressed in words. Her tears said it all.
|Hurricanes Irma and Maria Devastate Puerto Rico|
Yes, those of you that want to divide and disrupt, knock yourselves out. I have seen the light and you can’t extinguish it. Those of you that have an agenda against me-knock yourselves out. I don’t care; take your best shot. No matter what, I am still here with a paid-for condo on the beach, good health and good friends.
Although we have dodged this bullet, I pray that we don’t get complacent and not fear the next “big one”. Evacuations and preparations are necessary.