Thursday, November 22, 2012

2013 BUDGET NOTICE AND OPERATING BUDGET


IMPORTANT NOTICE

Your Association is in the process of changing the lock box where payments are sent.  Please be sure to mail your payments to the new lock box address that will be listed on your coupon book.  If you use automatic bill pay through your bank, please be sure to update the address and verify that you are using the correct account number.  If you are unsure of your account number, please email customerservice@rpmanagement.com.  If you are signed up for automatic withdraw through RPM, you will not need to make any changes.

THE VILLAS AT RIVERBEND CONDOMINIUM ASSOCIATION

Notice of 2013 Budget and Condominium Fees

November 2012

Pursuant to the Declaration of The Villas at Riverbend Condominium Association, a budget has been established and approved by your Board of Directors for the calendar year 2013.


The monthly condominium fees will increase to $196 and $219 respectively,
effective January 1, 2013. 

Coupons for payment of your 2013 fees will arrive in December.  If you are on the “Auto Payment Plan” with RPM you will not receive coupons and your fee will continue to be automatically deducted. If you are not on the “Auto Payment Plan” with RPM and would like to start getting your monthly fee deducted from your bank account, you will find in your coupon book a form that you can send to our office with a voided check or you can call our office to get a form via e-mail or regular mail.



Unit Type

2012 Fee

2013 Fee

Villa, Chateau
$176.00
$196.00
Abbey, Canterbury
$199.00
$219.00


The Board has a fiduciary duty to operate the Association in accordance with sound fiscal practice. The Directors have approved the budget to ensure that operating and capital needs are adequately funded.

If you have any questions about the budget notice, please contact Stephanie Soroky at Real Property Management, Inc., 9054 Cotter Street, Lewis Center, Ohio 43035, by e-mail ssoroky@rpmanagement.com or call at (614) 766-6500.

By Order of the Board of Directors,

The Villas at Riverbend Condominium Association

2013 Adopted Budget


THE VILLAS AT RIVERBEND CONDOMINIUM ASSOCIATION

November 2012

The OPERATING BUDGET provides funding for routine operational requirements.

A portion of your monthly fee is paid into the RESERVE FOR CAPITAL REPLACEMENTS.  Accumulating these funds annually accomplishes two goals;

A.         It tends to minimize the need for special assessments or steep fee increases in high expense years, and
B.         Payment of the replacement cost is associated with those homeowners who are actually consuming the asset; it is a "pay as we go" system of finance.

Separate accounting and separate funds have been established for each budget.

OPERATING REVENUE

Association Fees; $353,016 - The primary funding source for the Association. Every owner pays a monthly fee to fund the Association as prescribed in the Declaration and Bylaws.

Collection & Legal Assessments; $1,000 - The amount the Association collects in legal & collection charges due to delinquencies.

Clubhouse Use Fees; $650 - Amount collected from unit owners as a fee for the private use of the clubhouse.

Operating Interest; $36 - The amount earned on Association monies in the bank.

Late Charge Assessments; $500 - The amount assessed to owners who fail to pay fees by the due date.

OPERATING EXPENSE


Management Fees; $25,200 - This is the agreed contract amount for the professional services provided by Real Property Management, Inc.

Insurance; $25,582 - The primary coverage purchased by the Association is all risk, replacement cost property coverage on the common buildings, elements, liability coverage for the Association, and for directors and officers who serve the Association. 

Legal & Accounting; $1,195 - The anticipated cost for legal advice, costs incurred for collection activity and corrective action to address violations in the community.  This also includes the cost for the preparation of tax returns.

Administrative/Miscellaneous Expense; $2,166 - The costs associated with copies, postage, supplies, printing, faxes and payment coupons.

Electric; $5,759  - The cost to operate common area lighting.
Natural Gas; $2,420 - The cost of natural gas for the clubhouse.

Water & Sewer; $79,358 - The cost of all water and sewer charges billed for all water consumed by residents of Villas at Riverbend. 

Telephone; $480 - The cost to have a pool phone as required.

Trash Removal; $21,786 - The amount paid to a private hauler for weekly removal of refuse.

Repairs & Maintenance; $15,000 - This budget provides for elements of labor, supplies, services, and special projects.  Most of the work done is corrective, in response to unit owner requests.  An effort is made to plan for preventative maintenance tasks where beneficial, to help reduce cost and minimize service interruptions.

Clubhouse Maintenance; $2,000 - The allowance for any repairs or services that need performed on the clubhouse or in the fitness center.

Landscape Maintenance; $79,336 - Expenses associated with mowing, edging, pruning, fertilization, and aeration of the Association’s lawn and common landscape bed areas.

Pool; $6,280 - The cost for opening and closing the pool each season and the chemicals required to maintain the water properly.

Snow Removal; $20,000 - The anticipated cost of snow removal.

Capital Reserve Transfer; $64,608 - Portion of Association fee that goes to the reserve fund for future needs.

Social Functions/Other; $300 - Anticipated costs associated with planning and implementing social events for the community.

Contingency Expense; $3,732 - Amount allocated for any unanticipated operating expenses.

CAPITAL RESERVE REVENUE


Capital Reserve Assessment; $64,608 - The portion of the Association fee that goes to the reserve fund for future needs.

Initial Reserve Assessments; $2,490 - Amount received from each purchaser of a condominium at The Villas at Riverbend, each owner must pay at closing two month condominium fees into the reserve fund.

Capital Reserve Interest; $1,900 - The amount earned on reserve monies in the bank.

CAPITAL RESERVE EXPENSE


Street; $22,000 - Cost to repair the street in front of clubhouse and seal-coat the entire community.

Painting; $29,000 - Cost to paint 12 buildings – phase 2 of 3.
THE VILLAS AT RIVERBEND CONDOMINIUM ASSOCIATION

2013 Adopted Budget

OPERATING REVENUE
                                   
                                    Association Fees                                353,016
                                    Collection & Legal Assessments            1,000
                                    Clubhouse Use Fees                                650
                                    Operating Interest                                       36
                                    Late Charge Assessments                        500                       

                                    Total Operating Revenue              $355,202

OPERATING EXPENSE

                                    Management Fees                               25,200
                                    Insurance                                             25,582
                                    Legal & Accounting                                1,195
                                    Administrative/Misc. Expense                2,166
                                    Electric                                                   5,759
                                    Natural Gas                                            2,420
                                    Water & Sewer                                     79,358
                                    Telephone                                                 480
                                    Trash Removal                                     21,786
                                    Repairs & Maintenance                        15,000
                                    Clubhouse Maintenance                        2,000
                                    Landscape Maintenance                      79,336
                                    Pool                                                        6,280
                                    Snow Removal                                     20,000
                                    Capital Reserve Transfer                     64,608
                                    Social Functions/Other                              300
                                    Contingency Expense                            3,732
                                                                                                           
                                    Total Operating Expense               $355,202

CAPITAL RESERVE REVENUE

                                    Capital Reserve Assessment               64,608
                                    Initial Reserve Assessments                  2,490
                                    Capital Reserve Interest                        1,900

                                    Total Capital Reserve Revenue      $68,998

CAPITAL RESERVE EXPENSE

                                    Street                                                   22,000
                                    Painting                                                29,000

                                    Total Capital Reserve Expense       $51,000