Great Oak 2014 final budget

Finance & Legal: Budget 2013-11-18

Summary:

Final budget approved November 18, 2013

Background:

Previously discussed Sept. 16 2013 and Oct. 21, 2013

Proposal:

Final GO operating budget spreadsheet can be found at https://docs.google.com/spreadsheet/ccc?key=0Ajzz0UJz12OsdE9pRmtvNDlzblVnVjduSnUtUlJNWXc&usp=sharing&authkey=CI69pFs


Buildings D Bike shed doors
Buildings R Buildings maintenance $15,000.00 (Buildings rollover capped @ $20,000: currently $4,872.93)
Buildings D Comm. Infrastructure
Buildings D Gutters $0.00
Buildings D Workshop operating $0.00
Buildings R Fire suppression repair
Buildings R Fire suppression inspection $850.00
Buildings R Backflow preventer inspection $750.00
Buildings R Workshop construction loan
Buildings Total $16,600.00

CH I Donations for CH Use -$300.00 ($500 of donations will go to Work Skills)
CH I Guest room usage -$600.00
CH I Touchstone CH Share -$2,400.00
CH I CH Renters Office Phone -$504.00
CH D CH Improvements $1,000.00
CH D Kitchen Improvements Rollover $1,000.00 (CH rollover: $12,215.10)
CH I CH Office rent at 80% occupancy -$5,784.48 (Occupancy prediction changed back to 80%)
CH office 1 (Melisa) annual rent $2,472.00
CH office 2 (TS person) annual rent $2,472.00
CH office 3 (Kelly) annual rent $2,286.60
CH R CH service/repairs (aka Maintenance) $4,500.00
CH CH Utilities
R CH Electric $700.00 2012 cost less the PV contribution
R CH Solar PV reserve fund note service $3,600.00 (we hope the PV will provide at least $3600/year)
R CH Gas (& solar hot water to 2009) $2,200.00
R Solar hot water (separate 2010) $170.00
R CH water/sewer $2,000.00
R Garage/Parking lot electric $1,200.00
R Workshop Electric and Gas $900.00
R Satellite TV $1,000.00
CH Total Utility Totals: $11,770.00

Finance D Bookkeeping/Operating $700.00
Finance D Professional bookkeeper $2,000.00
Finance R Insurance $7,700.00
Finance R Savings account for Certified Audit $1,000.00 rqd. by state law
Finance R Insurance deductible $800.00 (Insurance deductable capped @ $2,400: currently $1,639.68)
Finance R Professional fees $3,500.00
Finance R Truck insurance and fees $1,300.00
Finance R Workshop construction loan $1,406.00
Finance I Reserve fund interest/dividend income -$2,814.00
Finance R Contribution to reserve fund from interest/dividend income $2,814.00
Finance Total $18,406.00

Grounds I Touchstone Recycling Share $0.00 (TS will be billed directly)
Grounds I Touchstone Snow Plow Share $0.00 (TS no longer will share truck due to lack of insurance coverage for plowing TS)
Grounds I Truck Usage -$400.00
Grounds D Improvement projects $1,400.00 ($200 for rain garden next to west side path, $200 for east side orchard, $200 tree house materials)
Grounds D Improvement savings fund $250.00 Improvements (capped @ $2,500: currently $1724.73)
Grounds D Landscape maintenance $2,000.00 ($1500 from last year plus $650 for mudjacking costs, $250 for west side and north slope orchard)
Grounds D Tree maintenance $0.00 (new in 2014)
Grounds Outdoor lighting electricity (new in 2014 -- to reimburse units with path lighting transformers ($2.50 per 5 watts per year))
R Unit 1 $10.00
R Unit 24 $9.00
R Unit 27 $10.00
R Unit 30 $12.50
Grounds D Umbrellas and seating $250.00
Grounds R Equipment and supplies $600.00 (bench repair, mower repair etc.)
Grounds D Truck maintenance (no rebate) $500.00 (Truck maintenance capped @ $3,600: currently $3,599.61)
Grounds D Mowing $1,600.00
Grounds R Garbage removal $1,400.00
Grounds R Recycling $1,300.00 (TS now paying their share directly)
Grounds R Snow removal operating $1,000.00
Grounds D Garden operating $100.00
Grounds D Garden sprinkler maintenance $130.00 (winterizing the system and repairs)
Grounds D Garden water usage meter cost $350.00
Grounds R Residential water/sewer total $20,479.00
Grounds Total $31,000.50

Membership D Cohousing Association Membership fee $200.00
Membership D Communities magazine $22.00
Membership D Consumer Reports online $19.00
Membership D FIC membership $100.00
Membership D Fun committee operating $550.00
Membership D Outreach $100.00
Membership D Printing and Supplies $60.00
Work D Work day food $200.00 new in 2014
Membership Total $1,251.00
Process D Archives $50.00
Process D Community training/facil. $1,700.00
Process D Display materials $0.00
Process D Meeting supplies $250.00
Process D Member resources $200.00
Process Total $2,200.00

Steering D Critical needs $2,000.00 (Caring: $3,480.06)
Steering Total $2,000.00

Tech D Internet & CH phone $5,600.00
Tech D Operating $200.00 (Tech capital fund: $7,384.87)
Tech D Website hosting $420.00
Tech Total $6,220.00

Income tax rate % 30.00%
Income tax $3,840.74 0 Income tax estimate based on total non-exempt operating income
Income tax credit for Solar PV installation (30% of 2013 cost of $61376 = $18443) -$3,840.74 tax credit can be used up over multiple years, but this goes to pay off loan from reserve
CH Solar PV loan payoff $3,840.74 we take any money saved due to taxes by the tax credit and pay off the reserve fund loan
Required $76,210.50
Discretionary $22,951.00
Total Expenses $103,002.24
Grand Total Expenses $103,002.24

Income (projected) -$12,802.48 have to include pass-through income as the accountant does...
Total Operating $90,199.76
HOA Monthly per household $203.15
Increase from previous year 1.91%
Increase per month per household from previous year $3.89
Reserve fund increase increase only per month per household on average (differs by size of unit) 11.00% Between $9 and $14 per unit depending on size & replacement items