2024_budget_questions___answers_10.16.2023.v4
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Apr 3, 2024
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Category Accounting Fees – CPA Administrative Administrative Administrative Administrative Questions / Comments about Draft 2024 Budget
· Who is getting paid out of this line? Does this include the end of the year audit charges?
o 50012-00 (Bad Debt)
o 50045-04 (Legal Fees -Collections)
o 50054 (Administrative Collection Fee). What is this charge for?
o Which it’s the criteria for the allocation of US $250,000? Please explain how this budget will be spent, who will be compensated, and the expected recovery. Has outsourcing this task to companies like Axela, Miami Collection Agency and Alliance, been considered? They charge their fees based on commission.
Administrative Administrative Contracts / Lawn
Contracts / Lawn
Contracts / Lawn
Contracts / Management Contracts / Management · Social Events – There is a concern about this line as there are events that the community is accustomed to and they will not be satisfied with the $2,500 that is currently budgeted. · Are CPA (FSR’s/outside?) and Forensic services included in the $200,000 budgeted and how much each? Could you please provide detail about Jacqueline’s Greenberg Scope of works and cost?
· Was Turf Management asked to provide estimates per community? If available, could we please have a breakdown as well as a breakdown of the different services provided.
· What is Landscape Replacement?
· How often tree trimming service will be provided in my community? · Item 61000 Management Services
- Why is this line item listed twice? It is listed in the Master, and then again in the 18 Inner Communities. $337,592 in the Master plus an additional total of $215,759 in the 18 Inner Communities, for a grand total of $553,351. Why is Management Services so much? What are the justifications for this amount?
· Can you provide a breakdown of all the FSR charges that are fixed with a reference to the corresponding agreement? Can you also identify from which line items on the budget are each of the charges to FSR being allocated to?
Contracts / Management Contracts / Security Contracts / Security Contracts / Security Contracts / Security · Can you provide a breakdown of the FSR charges that are variable with a reference to the corresponding agreement?
· Security Services
– on the item 61045-00. This is an increase of $328,273. In the Security Committee it was discussed the option of either adding two or three more security personnel to each shift, Don proposed to allocate some of the existing personnel from the mornings to the weekends so there is more security activity on Friday and Saturday nights. It was also discussed the possibility of hiring one or two police officers to patrol on those two evenings. Either way, I would like to see the detailed allocation of this massive increase. Also, are there any plans to get at least three different quotes from other security companies?
· As you can see the whole $870,502 budget goes to Elite. I am not sure how the 456 hours per week is calculated and how many guards do we have at once. Also the 48 hours for the supervisor. I was confused with Guillermo’s explanation. Is he one of the rovers?
Why is there a difference in number of hours per week for the security guards? The budget says 456 hours / week and the contract says 296 hours / week.
Why is there a difference in the hourly rate between the budget and the contract for all staff related to security?
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Contracts / Security Legal Fees
Legal Fees
Legal Fees
Neighborhood Neighborhood In all cases, it looks like the budget is offering them more money that what the contract shows. Of course, the contract doesn't seem to show the cost for vehicles and technology.
· Legal Fees - Why are the legal fees totaling $850,000 so high? What are the explanations / justifications for each line item?
· Legal Expenses Budget
Line 50045-01 (Assoc. Matters), 08 (Legal Fees - Legal Settlement) and 8a (Legal Fees, Legal Exp): We are seeking details on the allocation of US$750,000 for Legal Expenses. Kindly provide information on all individuals being compensated and the purpose of this compensation.
· Please provide details about the pre-
receivership obligations pending by Hammocks neighborhoods. How much needs to be paid and by when?
· Live Oak Neighborhood Budget
- On the items for which the budget amount is $0 Should it be assumed that is because the cost will be absorbed by the Master Association?
· Live Oak neighborhood Budget Pest Control
– on the item 70211: The budget is $0, but I don’t see a line for this item in the Master Association budget. There won’t be a budget for pest control at all? Not even during the rainy season for mosquitoes?
Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Overall
Overall · Why do all of the communities have $0.00 for pest control? · How much will be budgeted in Cedar Landing for Wall/Fence? Money Wasn’t allocated and I have reported some fences issues. · Fences need to be fixed in Oakwood Estates that have been broken since Hurricane Irma or before. · Was an estimate provided just for tree trimming in all communities? Is there any money allocated, per community, for the removal of stumps? If yes, could you please provide details per community?
· Pelican Point – Why is there nothing budgeted for walls and fencing, common expenses, or pest control? · Item 54050-00 Electricity. What is the explanation for these charges? For example, in our neighborhood community of Oakwood Estates, that line is for $4,500. Why? We have only 15 light posts, which at approximately $82 per light post per year, should total $1,230 per year. What will the difference of $3,270 be used for?
· We would like to see the actual FPL invoices for the last few months for our community of Oakwood Estates.
· Could you please let me know How much on electricity will be budgeted in my community, Cedar Landing? Money wasn’t budgeted, see below.
· Has money been accrued for all capital improvement repairs in all communities? If yes, could you please detail?
· The budget proposal should have been accompanied by explanatory statements, detailing each line item and what it specifically would cover or entail. In addition, there should have been an Actual / Annualized amount on the draft budget so we could have seen what was spent.
Overall Overall Overall Overall Overall Overall Overall Overall R&M
R&M
· Did we get quotes from vendors other than the ones that we currently employ to see if we could reduce costs for the budget? · What will the allocation(s) be for the 2 million dollars from the insurance settlement? What will this money be earmarked or used for?
· Will the excess neighborhood monies, not used up in that year, remain in that specific neighborhood reserves?
· Reserves
-why there is no line in the budget for Reserves? One approach to answer many questions may be to provide an annotated Chart of Accounts. That is, a one line (4-6 words maybe) of what charges are assigned to each expense category.
The other major help for the homeowners to understand what's going on in 2024 budget prep is to provide the 2023 budget to actual year-to-
date. Column healing could be:
For example, I'd guess that Pest Control is actually part of Repairs and Maintenance in the Master Assessments, rather than parcel out to each community. But, we should know where that expense is included.
Is there a way to determine what the dollars recouped (or will be recouped) from the forensic accounting process?
· Contingency
– on the item 70289-00. What is the justification for the decrease in the contingency budget from US$350,000 to US$150,000? · Repairs and Maintenance-Beach
– on the item 70018. Why $0 budget? The beaches are not being maintained nor repaired if needed in 2024?
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R&M
Salaries Salaries Salaries Salaries Utilities - Electricity
Utilities - Electricity
Utilities - Telephone
· Under which chart of account in the GL will be allocated Wall/fence budget?
· Why does it seem as if the budget is top heavy with managers instead of the people that we need to do the work?
· Salaries-Management Services
– on the item 63000-88: Is the Master Association paying the salaries of FSR employees? I would like to see the contract where this is stipulated.
· Management Services – What is the approximately 300k in management services going to? Is there a margin of the budget that FirstService is getting? · Salaries – 1.8 million dollars seems very high for the 31 employees. What does this line encompass besides salaries? · Does FPL provide invoices per community? Is this an estimated budget for all communities? If yes, could you please detail FPL invoices per community over this year, from January to August 2023? · Why has the electricity in the community skyrocketed from where it was last year? · Telephone
– on the item 54100-00. Which phones and how many to justify $2,000/month?
Answers The Association's accounting expenses will be charged to this line item "50008 Accounting Fees-CPA" on your proposed 2024 budget. The Receiver estimated the Hammocks could incur up to $200,000 in Accounting Fees in 2024 for the services of your forensic accounting firm and your auditor. This estimate takes into consideration the costs of our forensic auditor, Kapila Mukamal, who is rebuilding the accounting books for the Hammocks and supplying information supporting Hammocks' insurance claims. These expenses were authorized by the Receiver and Judge Butchko. The efforts of our forensic accountants significantly contributed to the recovery of the recent $2 million settlement with our Directors' and Officers' Insurance Policy Carrier. Additionally, the same work is being used to support our claim for $1 million from the Crime Insurance Policy Carrier. Moreover, because the forensic accountants are almost done rebuilding the accounting records of the Hammocks, we are hiring an independent CPA, HOA Books, LLC, to serve as the auditor of the Hammocks and audit the books from 2019 through 2022. The cost of HOA Books, LLC, also will be paid from this account.
This account recognizes that some of the assessments due from owners will not be collected. Bad debts are an offset of the TOTAL Assessment Income budgeted for 2024.
This amount is set aside to cover the legal fees the Association will incur when pursuing collection efforts on unpaid assessments from defaulting owners. This is the amount FirstService estimates it will charge to engage in its preliminary collection efforts from defaulting owners. FirstService will bill this amount upfront to the Hammocks but subsequently recover it from the defaulting owner. Amounts recovered from a defaulting owner will be shown as additional income but not budgeted as an income line item. Once the account is brought current, the Hammocks will not be out of pocket for those expenses.
To the extent this question refers to the sum of lines 50045-01 and 50045-04, please see answer above concerning 50045-04. As to 50045-01, this amount is budgeted for your Association Counsel's legal representation of the association regarding its governance, the Advisory Board through the end of the Receivership, and the new board of directors (whether by Mr. Jomarrón or another attorney if the new board decides to hire new counsel).
This is an initial estimate based on the events currently anticipated for the Hammocks. The Finance Committee and the Advisory Board can make recommendations to the Receiver to increase this budget for Hammocks events.
Please see answer above concerning Accounting Fees. FirstService does not bill for accounting fees on this line. Their financial preparation is included in their management fee listed under contracts and is billed line item "50064-05 AdminAccounting Fees."
This is included on the "Lawn" tab at the bottom of this Excel sheet.
The replacement of plants, trees, or shrubs is charged separately by the landscaping company, Turf Management, and will be billed to this line item. There is a big tree trimming project going on in 2023. We are hoping that once this is completed, there will be a routine schedule moving forward. The costs charged by FirstService for property management services are consistent with the costs of similar services to communities similarly situated in our market. A copy of FirstService's contract detailing the fees they charge is available on the Hammocks website. The services provided by FirstService to the Neighborhoods are billed separately from what is billed to the Hammocks Master Association. Separating the expenses this way on the budget will allow for the future implementation of allocations of employees and funds to the Neighborhoods.
FIXED fees paid to FirstService are broken down in the Management Contract as follows: (1) Management, (2) Maintenance / Accounting, and (3) Community Technology. Management Fees are budgeted under line item 61000. Maintenance Fees refers to the accounting fees charged by FirstService and are budgeted under line item 50064-05. Community Technology Fees refers to the administrative computer fees charged by FirstService and are budgeted under line item 50064-10. The basis for each FIXED fee is highlighted for you from the FirstService Management Contact under the Management tab at the bottom of this Excel sheet.
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See answer to Contracts / Security above.
See answer to Contracts / Security above.
VARIABLE fees paid to FirstService are broken down in the Management Contract as follows: (1) Collection; (2) Membership Mailouts; and (3) On-Site Staff and Benefits. Collection Fees are budgeted under line item 50054. Membership Mailouts refers to the fees charged by FirstService to send notices and packages to the owners and are budgeted under line item 50064-97. On-Site Staff Fees and Benefits refers to the salaries and benefits paid to the individuals working at the Hammocks and are budgeted under line items 65000-02,65000-05, 65000-11, 65000-27, 65000-86, 65000-88, and 65065-04. The basis for each VARIABLE fee is highlighted for you from the FirstService Management Contact under the Management tab at the bottom of this Excel sheet.
Attached is the proposal from Elite Guard on the Security tab at the bottome of this Excel sheet. The cost of security services will fluctuate depending on the need for increased or decreased security. Questions regarding increasing or modifying security services and personnel should be directed to the Finance and Public Safety Committees
The proposed 2024 budget for Contracts / Security was estimated based on a proposal made by Elite Guard for services in 2024. Elite Guard is the current security company of the Hammocks. This amount does not represent a current charge by Elite Guard. A copy of Elite Guard's proposal is attacehd to the Security tab at the bottom of this Excel sheet. The Receiver has not yet decided on the schedule or number of security guards that will be included in the proposed 2024 budget. The Receiver referred those details for review and discussion to the Finance and Public Safety Committees.
See answer to Contracts / Security above.
This accounts for the Legal Fees the Hammocks is expected to incur in 2024: (1) $150,000 for “Association Matters” is budgeted for your Association Counsel's legal representation of the association regarding its governance, the Advisory Board through the end of the Receivership, and the new board of directors (whether by Mr. Jomarrón or another attorney if the new board decides to hire new counsel); (2) $100,000 for “Collections” is budgeted for the legal fees the Association will incur in collecting on unpaid assessments from defaulting owners; (3) $500,000 for “Legal Expenses” is budgeted for the anticipated Receivership legal fees in 2024; (4) $100,000 for “Legal Settlement” is partially for the settlement of the pre-receivership legal fees; and (5) the $150,000 designated as “Contingency” is budgeted also to pay for pre-receivership legal fees.
The $750,000 allocated for legal fees in 2023 is designated for “Association Matters”; those fees were the anticipated Receivership legal fees for the budget period of 2023--i.e., April 1, 2023, through December 31, 2023. The designation of those fees will be revised to “Legal Fees” (as they are for 2024).
That determination has not yet been made, as it is subject to approval by Judge Butchko, and that matter has not yet been submitted to her for her consideration. We anticipate that the matter of at least Mr. Jomarrón’s pre-receivership legal fees will be submitted to Judge Butchko within the next 30 to 60 days. In total, Mr. Jomarrón and Mr. Kaufman are seeking approximately $400,000 in pre-receivership fees.
Security Services will be paid by the Master; Common Expense was converted to Repair and Maintenance (R&M) General. R&M Fence was never previously budgeted. There is no current contract for Pest Control. There is no current contract for Pest Control. FirstService has not determined a need for pest control services at this time.
See answer above.
The Association has not created any reserve accounts at this time.
These items were not historically budgeted for. If there are repairs it will be allocated to R&M General. Note that perimeter fences are the responsibility of the Master.
FirstService is diligently working to address all fence issues throughout the community. Broken fences are of primary concern. Please continue to contact FirstService with any fence concerns. The overall tree trimming project started in 2023 and remains ongoing. The removal of certain trees, shrubs, and stumps are being evaluated by FirstService under separate bids. These items were not historically budgeted for. If there are repairs needed, it will be allocated to Repairs and Maintenance (R&M) General. Note that perimeter fences are the responsibility of the Hammocks Master Association. There is no current contract for Pest Control. Please see "Oakwood Estates" tab at the bottom of this Excel sheet.
There are no meters assigned to Cedar Landing. This line remains at 0. There is a "DRAFT 4" tab at the bottom of this Excel sheet that includes the annualized information used when creating the proposed 2024 budget.
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The association has not created any reserve accounts at this time.
No. FirstService has not been instructed by the Receiver to secure additional quotes from new vendors. The Receiver has requested the Finance Committee make recommendations concerning the use of the $2 million settlement received from the Directors' and Officers' Insurance Policy Carrier.
No, the Association has not created any reserve accounts. There are no reserves allocated per Neighborhood. Excess funds remain in the Hammocks operating account and can be used for projects or other day to day maintenance items. FirstService annotated the proposed 2024 budget for the benefit of the owners. It is available on the Hammocks website.
This is included in the "DRAFT 4" tab at the bottom of this Excel sheet.
Costs for Pest Control would not be allocated under Repairs and Maintenance. Instead, it would be allocated under Contracts. But there is currently no Pest Control contract. The only similar expense paid has been for Beehive Removal, which is not a regular Pest Control service. The efforts of the forensic accountants are to recreate your books dating back to 2018. Once your books are recreated, they can be audited by an independent CPA (HOA Books, LLC), and FSR can update owner accounts. Additionally, the work of the forensic accountants directly contributed to the recovery of the $2 million settlement from the Directors' and Officers' Insurance Policy Carrier. The same work also is being used to make claims against your Crime Insurane Policy Carrier, claims against the former attorneys of the Hammocks, and to assist the State Attorney's office with the prosecution of the prior board of directors.
This item on the 2023 budget for $350,000 was used to estimate the amount due for pre-receiversihp legal fees. In 2024, the line item also is designated for pre-receivership legal fees that may be due.
The amount budgted in 2023 was for a specific beach project. This project will be completed in 2023 and will not need to be allocated in 2024.
Repairs and Maintenance (R&M) General
Please see "Management" tab at the bottom of this Excel sheet.
There are 31 employees included in this budget. Only 3 of which are managers. The staff is proposed by FirstService based on the community's needs and size. FirstService has been evaluating the needs of staffing for the Hammocks over the last year. FirstService in its experince believes this number of employees is necessary and required to properly manage the Association.
Please see "Management" tab; this is the monthly management fee. Please see "Management" tab at the bottom of this Excel sheet; this includes salaries, benefits, taxes. This is broken down on the "Electricity Bills" tab at the bottom of this Excel sheet.
The budget for 2023 was prepared based off estimates. We did not have solid information to base it on at that time. The 2024 budget was based on data/bills for the first 6 months of the year. This represents the contract with AT&T for the phones and internet at the Clubhouse as well as Wild Lime Center's internet.
THE HAM
2023 Estimated Bud
GL
Description
EXPENSES
**ADMINISTRATIVE
50008 Accounting Fees-CPA
12,500
50012-00
Bad Debts-
1,250
50015 Bank Charges
0
50017 Maint/Office Vehicle Expense & Gas, Toll
750
50045-01
Legal Fees- - Assoc Matters
62,500
50045-04
Legal Fees- - Collections
3,333
50045-08
Legal Fees - - Legal Settlement 0
50047 Technical Support
808
50050-00 License,Taxes,Permit-
1,188
50053 Corporate Annual Rep
5
50054 Administrative Collection Fee
4,767
50055 Meetings
200
50059 Social Events
208
50064-05
AdminAccounting Fees
4,264
50064-10
AdminComputer Maint/Supp
100
50064-97 AdminMailouts
3,690
50065 Office Equipment
833
50075 Office Supplies
450
50076 Employee Uniforms 0
50078 Software for Office
150
50082 Printing & Postage
1,200
50094 Storage - Archives
2,379
50113 Loan Principal/Int Popular
36,961
50113 Loan Principal/Int SBA
641
**TOTAL ADMINISTRATIVE
138,177
**PROPERTY INSURANCE
52030 Multiperil Insurance
51,608
52062-15
Insurance - Other-Finance - Doc Stamps & Service Fee
1,304
**TOTAL PROPERTY INSURANCE
52,913
**UTILITIES
54050-00 Electricity-
3,000
2023 Estimated Monthly Budget
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54070-00
Water & Sewer-
5,000
54080 Gas/Fuel Oil
2,500
54096 Waste Services
5,000
54100-00 Telephone-
1,000
**TOTAL UTILITIES
16,500
**CONTRACTS
60010 Alarm Monitoring
200
60030 Copier Lease
375
60046-21
Equipment Contract- Fitness Room
78
60072 Outdoor Equipment - Financing 0
60085 Lake Maintenance
1,829
60090 Lawn Maintenance
36,417
61000 Management Services
26,793
61020 Pool/Spa Contract
3,733
61045-00
Security Services
45,186
61068 Vehicle Financing 560
**TOTAL CONTRACTS
115,171
**SALARIES & BENEFITS
65000-02
Salaries- - Maintenance
14,145
65000-05
Salaries- Janitorial
10,234
65000-11
Salaries- - Admin
29,208
65000-27
Salaries- Recreation
36,839
65000-86
Salaries- Health Insurance
15,356
65000-88
Salaries- Management Services
16,605
65065-04
Payroll Taxes Prior Staff 0
**TOTAL SALARIES & BENEFITS
122,386
**REPAIRS/MAINTENANCE
70005 R&M-Air Conditioning
292
70018 R&M-Beach
20,417
70032 R&M-Common Area
5,417
70076 Maintenance Supplies
1,667
70097-00
R&M - Pool-
10,000
70111 R&M-Rec Center
2,500
70216 R&M Janitorial Supplies
2,000
70289-00 Contingency-
29,167
70138
Tree Trimming
11,600
**TOTAL REPAIRS/MAINTENANCE
83,058
**TOTAL EXPENSES
528,205
MMOCKS COMMUNITY
dget - 6 month Financial Position 150,000
110,305
18,384
0
240,000
350,305
15,000
7,500
1,250
0
0
7,500
0
4,139
690
0
0
4,139
9,000
1,565
261
3,000
0
4,565
750,000
693,283
115,547
0
1,200,000
1,893,283
40,000
0
0
0
0
0
0
0
0
0
49,000
49,000
9,700
54,191
9,032
0
0
54,191
14,251
222
37
0
0
222
62
0
0
0
0
0
57,200
198
33
0
0
198
2,400
4,578
763
150
0
4,728
2,500
140
23
0
0
140
51,165
26,358
4,393
25,580
0
51,938
1,200
400
67
600
0
1,000
44,275
10,026
1,671
0
0
10,026
10,000
5,495
916
0
0
5,495
5,400
245
41
3,000
0
3,245
0
1,648
275
0
0
1,648
1,800
7,700
1,283
8,076
0
15,776
14,400
13,649
2,275
1,500
0
15,149
28,544
72,369
12,062
14,960
0
87,329
443,536
0
0
0
89,782.52
89,783
7,692
0
0
0
0
0
1,658,124
1,014,011
169,002
56,866
1,578,783
2,649,660
619,300
252,835
42,139
268,667
0
521,502
15,650
6,243
1,041
0
0
6,243
634,950
259,078
43,180
268,667
0
527,745
36,000
95,716
15,953
60,000
0
155,716
2023 Estimated Annual Budget
YTD ACTUAL - January - JUNE Monthly Average July - December Contracted Remaining Year Expenses July - December Additional Expenses Estimated ANNUALIZED
Jan-Dec
60,000
9,253
1,542
12,000
0
21,253
30,000
0
0
0
0
0
60,000
23,222
3,870
36,000
0
59,222
12,000
17,859
2,977
30,000
0
47,859
198,000
146,050
24,342
138,000
0
284,050
2,400
0
0
0
0
0
4,500
0
0
0
0
0
935
465
78
0
0
465
0
0
0
12,803
2,134
14,936
21,950
11,289
1,882
23,250
0
34,539
437,000
362,246
60,374
171,677
0
533,923
321,516
160,758
26,793
160,758
0
321,516
44,800
21,150
3,525
21,840
0
42,990
542,230
281,930
46,988
273,953
0
555,883
6,719
61,062
10,177
0
0
61,062
1,382,049
898,900
149,817
664,280
2,134
1,565,314
169,737
112,062
18,677
87,360
0
199,422
122,803
19,444
3,241
15,360
0
34,804
350,501
139,834
23,306
94,080
0
233,914
442,066
38,866
6,478
46,080
0
84,946
184,272
11,168
1,861
16,752
0
27,920
199,254
115,115
19,186
108,384
0
223,499
0
11,496
1,916
0
0
11,496
1,468,633
447,985
74,664
368,016
0
804,505
3,500
1,250
208
0
9,800
11,050
245,000
97,400
16,233
65,000
0
162,400
65,000
12,035
2,006
0
125,000
137,035
20,000
674
112
12,000
0
12,674
120,000
150
25
0
50,000
50,150
30,000
2,447
408
0
3,000
5,447
24,000
3,819
637
6,000
0
9,819
350,000
34,896
5,816
0
0
34,896
139,200
190,725
31,788
75,000
0
265,725
996,700
343,396
57,233
158,000
187,800
689,196
6,338,457
3,109,420
518,237
1,653,829
1,768,716
6,520,469
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200,305
-7,500
4,139
-4,435
1,143,283
-40,000
44,491
-14,029
-62
-57,002
2,328
-2,360
773
-200
-34,249
-4,505
-2,155
1,648
13,976
749
58,786
-353,753
-7,692
942,535
-97,798
-9,407
-107,205
119,716
2023 Annual Estimated Variance
-38,747
-30,000
-778
35,859
86,050
-2,400
-4,500
-470
14,936
12,589
96,923
0
-1,810
13,653
54,343
183,265
29,685
-87,999
-116,587
-357,120
-156,352
24,245
-664,128
7,550
-82,600
72,035
-7,326
-69,850
-24,553
-14,181
-315,104
126,525
-307,504
133,012
21 / 48
THE HAMMOCKS COMMUNITY
2023 Amended Proposed Estimated Budget April 1, 2023 - December 31, 2023
Description
**REVENUE
Master Assessments-
436,610
5,239,320
Rental Income
77,508
930,090
Commercial Income-
2,521
30,247
Boat Storage Rental
6,800
81,600
Late Fee Income
4,767
57,200
Facility Rent
0
0
**TOTAL REVENUE
528,205
6,338,457
EXPENSES
**ADMINISTRATIVE
Accounting Fees-CPA
12,500
150,000
Bad Debts-Write Offs (Non-cash)
1,250
15,000
Bank Charges
0
0
Maint/Office Vehicle Expense & Gas, Toll
750
9,000
Legal Fees- - Assoc Matters
62,500
750,000
Legal Fees- - Collections
3,333
40,000
Legal Fees- Legal Exp
0
0
Legal Fees - - Legal Settlement 0
0
Technical Support
808
9,700
License,Taxes,Permit-
1,188
14,251
Corporate Annual Rep
5
62
Administrative Collection Fee
4,767
57,200
Meetings
200
2,400
Social Events
208
2,500
AdminAccounting Fees
4,264
51,165
AdminComputer Maint/Supp
100
1,200
AdminMailouts
3,690
44,275
Office Equipment
833
10,000
Office Supplies
450
5,400
Employee Uniforms 0
0
Software for Office
150
1,800
Printing & Postage
1,200
14,400
Storage - Archives
2,379
28,544
Loan Principal/Int Popular
36,961
443,536
Loan Principal/Int SBA
641
7,692
**TOTAL ADMINISTRATIVE
138,177
1,658,124
**PROPERTY INSURANCE
Multiperil Insurance
51,608
619,300
Insurance - Other-Finance - Doc Stamps & Service Fee
1,304
15,650
**TOTAL PROPERTY INSURANCE
52,913
634,950
2023 Estimated Monthly Budget
2023 Estimated Annual Budget
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22 / 48
THE HAMMOCKS COMMUNITY
2023 Amended Proposed Estimated Budget April 1, 2023 - December 31, 2023
Description
2023 Estimated Monthly Budget
2023 Estimated Annual Budget
**UTILITIES
Electricity-
3,000
36,000
Water & Sewer-
5,000
60,000
Gas/Fuel Oil
2,500
30,000
Waste Services
5,000
60,000
Telephone-
1,000
12,000
**TOTAL UTILITIES
16,500
198,000
**CONTRACTS
Alarm Monitoring
200
2,400
Copier Lease
375
4,500
Equipment Contract- Fitness Room
78
935
Outdoor Equipment - Financing 0
0
Lake Maintenance
1,829
21,950
Lawn Maintenance
36,417
437,000
Management Services
26,793
321,516
Pool/Spa Contract
3,733
44,800
Security Services
45,186
542,230
Vehicle Financing 560
6,719
**TOTAL CONTRACTS
115,171
1,382,049
**SALARIES & BENEFITS
Salaries- - Maintenance
14,145
169,737
Salaries- Janitorial
10,234
122,803
Salaries- - Admin
29,208
350,501
Salaries- Recreation
36,839
442,066
Salaries- Health Insurance
15,356
184,272
Salaries- Management Services
16,605
199,254
Payroll Taxes Prior Staff 0
0
**TOTAL SALARIES & BENEFITS
122,386
1,468,633
**REPAIRS/MAINTENANCE
R&M-Air Conditioning
292
3,500
R&M-Beach
20,417
245,000
R&M-Common Area
5,417
65,000
Maintenance Supplies
1,667
20,000
R&M - Pool-
10,000
120,000
R&M-Rec Center
2,500
30,000
R&M Janitorial Supplies
2,000
24,000
Contingency-
29,167
350,000
Tree Trimming
11,600
139,200
**TOTAL REPAIRS/MAINTENANCE
83,058
996,700
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FIXED Management Fees
FIXED Maintenance Fees
FIXED Community Technology Fees
VARIABLE Collection Fees
VARIABLE Membership Mailout Fees
VARIABLE On-Site Staff Fees and Benefits
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Landscaping PER CUT
0001-Belmont
72
$ 280.00 0002-Cedar Landing
136
$ 528.00 0003-Chantarelle/Ravena
178
$ 691.00 0004-Corella
61
$ 237.00 0005-Ensenada I
85
$ 330.00 0006-Ensenada II
117
$ 454.00 0007-Haciendas
134
$ 520.00 0008-Juniper
170
$ 660.00 0009-Lakeside
141
$ 548.00 0010-Live Oak
95
$ 370.00 0011-Oaklake
110
$ 427.00 0012-Oakwood
85
$ 330.00 0013-Paseos I
52
$ 202.00 0014-Paseos II
80
$ 311.00 0015-Pelican Point
55
$ 214.00 0016-Skylark
56
$ 218.00 0017-Spicewood
52
$ 202.00 0018-Sunflower
86
$ 335.00 $6,857.00 $6,857.00 *Per Turf
Building# / Neighborhood
Number of Units TOTAL
Total Per Cut:
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Account #
Service Address
Community January 02112-26402
9010 SW 150TH AVE #ST LTS
Corella
$541.66 09743-61461
15765 SW 112TH TER # PMP
Ensenada 1
$30.45 12353-66356
9661 SW 148TH PL # A
Pelican Point
$28.23 12723-67317
14883 SW 96TH TER # OL
Pelican Point
$25.07 13157-21157
9632 SW 151ST AVE #ST LTS
Haciendas
$695.18 13180-33451
9970 SW 147TH CT # LT
Live Oak
$465.66 20307-60397
9201 HAMMOCKS BLVD # PK/LTS
Corella $28.23 21858-64382
8890 HAMMOCKS BLVD # PMP
Spicewood $31.99 30608-11514
11200 SW 159TH CT #ST LTS
Encenada 1-2
$984.60 33068-21558
15621 SW 112TH WAY # LTS
Sunflower
$234.74 33433-86292
10619 SW 147TH CT #ST LTS
Jupiter
$926.28 35653-73127
Belmont (Christina)
$429.48 45192-68256
9504 SW 148TH AVE #ST LTS
Skylark
$374.95 50218-15385
15960 SW 105TH ST # LT
Oakwood Estates
$804.71 56545-14578
15751 SW 112TH LN # LTS
Ensenada 1
$32.34 57871-25490
15997 SW 110TH ST #ST LTS
Paseos 2
$462.48 57891-84180
11107 SW 147TH CT #ST LTS
Chantarelle
$969.36 61769-67369
10233 SW 156TH AVE # STLT
Lakeside
$32.88 61779-65396
10265 SW 156TH AVE # STLT
Lakeside
$34.00 61939-61304
10326 SW 156TH CT # STLT
Lakeside
$46.56 68686-52246
15004 SW 91ST TER #ST LTS
Corella
$300.66 74369-05413
15633 SW 100TH TER #ST LTS
Lakeside
$507.34 79822-66483
11270 SW 157TH CT # PMP
Ensenada 1
$28.23 80904-69399
11450 SW 147 AVE
Chantarelle
$1,373.62 81839-61385
15592 SW 103RD TER # STLT
Lakeside
$98.56 84739-88239
15965 SW 109TH ST # HL
Paseo 2
$963.51 89162-66425
11335 SW 158TH CT # PMP
Paseo 2
$29.54 89392-65420
11388 SW 158TH PL # PMP Paseo 1
$31.44 99658-92426
15022 SW 89 TERRACE RD # LT Spicewood $293.42 16102 SW 104TH TER #STREET LIGHTS
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February
March
April
May
June
July
$823.61 $1,110.01 $1,400.71 $568.51 $282.60 $282.60 $89.09 $144.33 $114.49 $33.23 $33.23 $33.23 $81.48 $109.71 $28.23 $28.23 $28.23 $28.23 $80.26 $110.43 $41.01 $39.59 $44.59 $43.40 $1,057.01 $1,424.53 $1,797.57 $366.49 $362.34 $362.34 $705.40 $948.93 $1,196.11 $240.06 $240.06 $240.06 $91.48 $119.73 $63.23 $28.23 $33.23 $33.23 $99.20 $131.59 $33.65 $33.10 $38.60 $38.12 $1,483.43 $2,004.94 $529.33 $521.81 $515.50 $515.50 $504.64 $747.10 $242.86 $240.61 $245.61 $243.73 $1,415.65 $1,912.73 $2,417.27 $495.61 $490.08 $490.08 $905.61 $1,348.86 $440.48 $437.45 $444.01 $441.44 $498.16 $623.23 $122.54 $243.70 $121.16 $121.16 $1,227.05 $1,656.04 $2,091.47 $850.06 $422.68 $422.68 $70.67 $133.43 $33.58 $33.71 $38.95 $39.04 $700.46 $942.21 $1,187.58 $479.47 $238.35 $238.35 $1,482.45 $2,003.64 $2,532.64 $1,033.61 $513.90 $513.90 $69.54 $130.69 $32.01 $31.52 $36.57 $36.24 $97.85 $135.54 $35.68 $34.63 $38.52 $38.36 $98.32 $170.99 $45.98 $41.20 $46.67 $45.20 $449.25 $599.69 $752.40 $149.63 $147.96 $147.96 $770.24 $1,037.29 $1,308.35 $266.36 $263.33 $263.33 $61.46 $119.71 $54.25 $28.23 $33.23 $33.23 $1,373.57 $1,175.12 $1,392.49 $1,573.65 $1,591.33 $1,683.01 $138.24 $203.23 $35.80 $34.64 $74.66 $39.21 $963.51 $2,834.07 $1,069.14 $937.22 $1,929.21 $2,889.07 $87.88 $121.20 $54.41 $61.66 $33.43 $33.34 $92.66 $154.81 $32.20 $31.11 $67.43 $36.42 $438.08 $732.97 $145.71 $145.71 $144.04 $144.04
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August
September
Total Average Annualized $279.81 $279.81 $5,569.32
$618.81
$7,425.76
$28.23 $28.23 $534.51
$59.39
$712.68
$28.23 $28.23 $388.80
$43.20
$518.40
$38.40 $38.40 $461.15
$51.24
$614.87
$358.87 $358.87 $6,783.20
$753.69
$9,044.27
$237.74 $237.74 $4,511.76
$501.31
$6,015.68
$33.23 $28.23 $458.82
$50.98
$611.76
$32.78 $33.40 $472.43
$52.49
$629.91
$510.21 $510.21 $7,575.53
$841.73
$10,100.71
$243.73 $238.73 $2,941.75
$326.86
$3,922.33
$485.43 $484.43 $9,117.56
$1,013.06
$12,156.75
$441.44 $434.92 $5,323.69
$591.52
$7,098.25
$120.01 $120.01 $2,344.92
$260.55
$3,126.56
$418.73 $418.73 $8,312.15
$923.57
$11,082.87
$33.30 $33.92 $448.94
$49.88
$598.59
$236.03 $236.03 $4,720.96
$524.55
$6,294.61
$509.03 $509.03 $10,067.56 $1,118.62
$13,423.41
$36.36 $31.48 $437.29
$48.59
$583.05
$39.25 $33.64 $487.47
$54.16
$649.96
$45.53 $61.62 $602.07
$66.90
$802.76
$146.58 $146.58 $2,840.71
$315.63
$3,787.61
$260.76 $260.76 $4,937.76
$548.64
$6,583.68
$28.23 $28.23 $414.80
$46.09
$553.07
$1,708.28 $1,174.52 $13,045.59 $1,449.51
$17,394.12
$39.33 $34.66 $698.33
$77.59
$931.11
$894.98 $1,057.33 $13,538.04 $1,504.23
$18,050.72
$28.34 $28.34 $478.14
$53.13
$637.52
$31.01 $31.60 $508.68
$56.52
$678.24
$142.66 $142.66 $2,329.29
$258.81
$3,105.72
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Oakwood Estates FPL Bills Account #
Service Address
January February
March
50218-15385
15960 SW 105TH ST # LT
$804.71 $1,227.05 $1,656.04 Jan-23
Feb-23
Commu
nity Oakwood Estates
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Mar-23
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Apr-23
May-23
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Jun-23
Jul-23
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Aug-23
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Sep-23
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April
May
June
July
August
September
Total Average Annualized $2,091.47 $850.06 $422.68 $422.68 $418.73 $418.73 $8,312.15
$923.57
$11,082.87
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Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
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Preparation of financial statements and interpretation of operating results
Below is the December 31, 2022 trial balance for Radnor City's General Fund.
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- Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardPreparation of financial statements and interpretation of operating results Below is the December 31, 2022 trial balance for Radnor City's General Fund. Trial Balance Account Debit Credit Estimated revenues-property taxes $500,000 Estimated revenues-intergovernmental 150,000 Estimated revenues-licenses and fees 100,000 Estimated revenues-fines 50,000 Budgetary fund balance Appropriations-general government 10,000 $159,000 Appropriations-parks and recreation 175,000 Appropriations-public safety 446,000 Appropriations-social services 30,000 Expenditures-public safety 441,000 Expenditures-general government 150,500 Expenditures-parks and recreation 170,500 Expenditures-social services 27,000 Cash 35,600 Property taxes receivable 67,200 Tax anticipation notes payable 10,000 Interest payable 800 Revenues-property taxes 497,000 Revenues-intergovernmental 154,000 Revenues-licenses and fees 99,000 Revenues-fines 48,000 Fund balance 62,000 Vouchers payable 21,000 Total $1,701,800 $1,701,800arrow_forwardRecord the entry for the annual budget at the beginning of the year. (General Fund) Record the end-of-year removal of budget entry. (General Fund)arrow_forward
- Record the entry for the annual budget at the beginning of the year. (General Fund) Record the end of year removal of budget entry. (General Fund)arrow_forwardplease help me solve for all 4 service renevue budgetsarrow_forwardConsider the following June actual ending balances and July 31, 2024 budgeted amounts for Octovios: 1(Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) = Payable + equity…arrow_forward
- Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Octovios: 1(Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) = Payable + equity…arrow_forwardPlease answer this financial accounting questionarrow_forwardWaterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Auditing Tax Consulting 3,040 3,840 1,920 Quarter 2 2,000 2,720 1,920 Quarter 3 Quarter 4 2,560 2,560 1,920 3,120 3,200 1,920 Average hourly billing rates are auditing $70, tax $80, and consulting $100. Prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.arrow_forward
- How do the following terms relate to the end of the budget year or the end of the grant period? Carryover Cash reconciliation Drawdown of fundsarrow_forwardWhich of the following statements is true concerning the recording of a budget? At the beginning of the year, debit Appropriations. A debit to the Budgetary Fund Balance account indicates an expected surplus. At the beginning of the year, debit Estimated Revenues. At the end of the year, credit Appropriations.arrow_forward6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or Falsearrow_forward
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