Brentwood of Palatine Condominium Brentwood of Palatine Condominium Board Meeting 12.27.2006Board Meeting 12.27.2006

Budget discussion and open forum Annual election schedule Update on gate referendum Call to order

– 11.22.06 minutes approval– Financial Report– 2007 budget approval– Contracts (Jani-King, JTW, Northwest Recovery, Redmonds

Towing)– Work orders, Alterations, Violations

Executive Session Adjourn

2007 Budget Summary2007 Budget Summary

Assessments virtually unchanged No Special Assessments planned Re-allocation of finite resources

– Reduction in operating & Administrative Expenses– Increase in Maintenance

Greater self-reliance Capitol Investments

– Roofs– Laundry Equipment– Lighting– Carpeting– Painting

Budget SpecificsBudget Specifics2007 Expense Composition

Operating36%

Maintenance22%

Taxes etc12%

Financial19%

Admin11%

Budget Specifics Budget Specifics cont.cont.

3 Year Expenses Comparison

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2005 2006 2007Operating Maintenance Financial Administrative Taxes & Insurance

Budget Specifics Budget Specifics cont.cont.

2007 Capitol Improvments Schedule

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

JAN

FEB

MA

R

APR

MA

Y

JUN

JUL

AU

G

SEP

OC

T

NO

V

DEC

$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000

Carpet Replacement Laundry Equipment Path Lighting Roof Replacement

3 Year Comparison3 Year Comparison

2005 2006 2007

Total Income 623704 632602 648810

Total Expenses 648771 614794 648810

See Detailed Budgets

Timeline InformationTimeline Information September 28th- New Board elected October 10th- No records turned over, 1st communication from

Association Attorney– October 27th – Non-financial documents returned to

Association Nov 22nd – In person request from PSI to former Board member Nov 27th – 2nd communication from Attorney

– Dec 7th- Checkbook turned in to Attorney– Dec 11th – 2 monthly account ledgers turned in to PSI

Dec 13th – 3rd and final communication from attorney prior to filing civil suit– Dec 21st – Receipts, invoices, monthly account ledgers

turned in to attorney

Executive SessionExecutive Session Board Business

– Approval of Minutes– Contract Approvals

Thank you all for your involvement and attendance

this evening