Brentwood of Palatine Condominium Board Meeting 12.27.2006 Budget discussion and open forum Annual...
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Brentwood of Palatine Brentwood of Palatine Condominium Board Meeting Condominium Board Meeting 12.27.2006 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
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Budget Specifics
Transcript of Brentwood of Palatine Condominium Board Meeting 12.27.2006 Budget discussion and open forum Annual...
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
