desert rose residents association - files.· desert rose residents association 2015/2016 budget...

Download DESERT ROSE RESIDENTS ASSOCIATION - files.· DESERT ROSE RESIDENTS ASSOCIATION 2015/2016 Budget Package

Post on 19-Aug-2018

212 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • DESERT ROSE RESIDENTS ASSOCIATION

    2015/2016 Budget Package May 01, 2015

    Re: 2015/2016 Budget & Reserve Analysis; Assessment & Reserve Disclosure; Insurance Summary Disclosure; Annual

    Policy Statement; Collection Policy; Enforcement Procedures; Alternative and Internal Dispute Resolution Disclosures;

    Architectural Procedure Summary; Email Authorization Form; and Opt-Out form.

    To: Desert Rose Homeowners

    Enclosed please find the above referenced documents. The Board has approved annual reserve funding in the amount

    of $152,628.00 for the 2015-2016 budget year. The Board of Directors does not anticipate the need for a special

    assessment this fiscal year. The monthly assessment will increase to $178.00 per unit/per month. New coupon books

    will be mailed under separate cover.

    As required by California Civil Code 5300(a)-(b), we have enclosed the Associations Insurance Summary Disclosure

    form. Please be advised that even though a claim may be covered, you may be responsible for all or a portion of the

    $5,000.00 deductible that applies. The Association strongly encourages you to contact your insurance agent or

    broker to acquire individual unit owner coverage.

    Also included per California Civil Code 5310 is the Annual Policy Statement, The collection Policy, Enforcement

    procedures, Architectural Requirement Summary, and per Civil Code 5975, a summary regarding Alternative Dispute

    Resolution (ADR) and internal dispute resolutions (IDR).

    Upon written request and during reasonable business hours, Minutes of Board Meetings and other records are available

    at Desert Resort Management, 42635 Melanie Place, Suite 103, Palm Desert, CA 92211.

    The Board of Directors would like to take this opportunity to thank owners who faithfully pay their assessments, which

    enables the Association to make timely payments to our service providers. Please note that in accordance with the

    governing documents of the Association the late fee for assessments is $17.80. The Board of Directors has been pro-

    active in addressing day-to-day maintenance as well as long-term replacement projects. This approach benefits

    individual owners through increased property value, longer asset life, and increased curb appeal, keeping Desert Rose

    the great place it is to live.

    Should you have any questions regarding the enclosures, please do not hesitate to contact your Community Association

    Manager, Ashley Layton at (760) 346-1161 or via e-mail to Alayton@drminternet.com.

    Sincerely,

    Board of Directors

    Desert Rose Residents Association

  • User: alaytonFri May 01, 2015 09:10 am

    Report: dwr_bx_summary_detail_rpt2 Ashley LaytonBudget Summary Report

    Desert Rose Residents

    Budget 2015

    Budget 2016

    Budget2016 Monthly

    Budget Per UnitMonthly

    2015-2016 Draft Budget - 161 units

    Operating Income4000 - Member Assessments 330,372.00 343,896.00 28,658.00 178.00

    4710 - Late Fees 0.00 0.00 0.00 0.00

    4805 - Fine Income 0.00 0.00 0.00 0.00

    4835 - Miscellaneous Income 0.00 0.00 0.00 0.00

    4900 - Interest Income 0.00 0.00 0.00 0.00

    Total Operating Income 330,372.00 343,896.00 28,658.00 178.00

    Total DESERT ROSE RESIDENTS Income 330,372.00 343,896.00 28,658.00 178.00

    Administrative5010 - Bad Debt 7,008.00 2,767.00 230.58 1.43

    5105 - Reserve Studies 495.00 1,224.00 102.00 0.63

    5210 - Postage & Printing 4,800.00 4,800.00 400.00 2.48

    5400 - Insurance Expense 30,000.00 34,500.00 2,875.00 17.86

    6300 - Permits & Licenses 1,265.00 1,008.00 84.00 0.52

    6495 - Professional Management 31,356.00 32,297.00 2,691.42 16.72

    9908 - Misc Expenses 0.00 0.00 0.00 0.00

    Total Administrative 74,924.00 76,596.00 6,383.00 39.64

    Professional Services7000 - Audit 1,800.00 1,600.00 133.33 0.83

    7020 - Legal & Professional Fees 2,000.00 2,000.00 166.67 1.04

    Total Professional Services 3,800.00 3,600.00 300.00 1.87

    Utilities6000 - Electric Service 13,000.00 10,000.00 833.33 5.18

    6005 - Gas Service 800.00 500.00 41.67 0.26

    6025 - Water Service 7,700.00 7,000.00 583.33 3.62

    6050 - Telephone Service 2,124.00 1,716.00 143.00 0.89

    Total Utilities 23,624.00 19,216.00 1,601.33 9.95

    Landscaping6100 - Grounds & Landscaping - Contract 54,700.00 54,766.00 4,563.83 28.35

    Total Landscaping 54,700.00 54,766.00 4,563.83 28.35

    Irrigation6200 - Irrigation Repair & Maintenance 500.00 500.00 41.67 0.26

    Total Irrigation 500.00 500.00 41.67 0.26

    Grounds Maintenance6432 - Misc Mainteance & Supplies 1,500.00 1,100.00 91.67 0.57

    6434 - Pest Control 3,600.00 5,916.00 493.00 3.06

    6535 - Deck Maintenance 0.00 0.00 0.00 0.00

    6545 - Lighting Maintenance 500.00 500.00 41.67 0.26

    6730 - Security 1,700.00 1,700.00 141.67 0.88

    6745 - Signage Repair & Maintenance 0.00 0.00 0.00 0.00

    Total Grounds Maintenance 7,300.00 9,216.00 768.01 4.77

    Building Maintenance6430 - Janitorial Services 6,000.00 6,000.00 500.00 3.11

    Page 1 of 2

  • User: alaytonFri May 01, 2015 09:10 am

    Report: dwr_bx_summary_detail_rpt2 Ashley LaytonBudget Summary Report

    Desert Rose Residents

    Budget 2015

    Budget 2016

    Budget2016 Monthly

    Budget Per UnitMonthly

    2015-2016 Draft Budget - 161 units

    Building Maintenance6515 - Building Repair & Maintenance 2,000.00 2,000.00 166.67 1.04

    6725 - Roof Maintenance 9,660.00 9,660.00 805.00 5.00

    Total Building Maintenance 17,660.00 17,660.00 1,471.67 9.15

    Pool & Spa Expenses6438 - Pool & Spa Contract 8,220.00 8,220.00 685.00 4.25

    6700 - Pool Service Extras 1,500.00 1,470.00 122.50 0.76

    Total Pool & Spa Expenses 9,720.00 9,690.00 807.50 5.01

    Taxes9000 - Federal Income Tax 0.00 0.00 0.00 0.00

    9005 - State Income Tax 0.00 0.00 0.00 0.00

    Total Taxes 0.00 0.00 0.00 0.00

    Reserve Contributions9105 - Reserve Contribution Expense 138,144.00 152,628.00 12,719.00 79.00

    Total Reserve Contributions 138,144.00 152,628.00 12,719.00 79.00

    Total DESERT ROSE RESIDENTS Expense 330,372.00 343,872.00 28,656.01 178.00

    Capital Reserves3128 - Rsv-Common Area 0.00 0.00 0.00 0.00

    3218 - Rsv-Painting 0.00 0.00 0.00 0.00

    3228 - Rsv - Pools & Spa 0.00 0.00 0.00 0.00

    3240 - Rsv-Roofing 0.00 0.00 0.00 0.00

    Total Capital Reserves 0.00 0.00 0.00 0.00

    Total DESERT ROSE RESIDENTS Equity 0.00 0.00 0.00 0.00

    Total Association Net Income / (Loss) 0.00 24.00 1.99 (0.00)

    Page 2 of 2

  • Assessment and Reserve Funding Disclosure Desert Rose

    Palm Desert, CA

    Date: Apr 28, 2015Units: 161

    Fiscal Year End: May 31, 2015Start Date: Jun 1, 2015

    1. The current average regular assessment per ownership interest is: $175.00 Per Month

    Note: if Assessments vary by the size or type of unit, the assessment applicable to this unit may be found on attached pages to beprovided by Board or Management.

    2. Additional assessments that have already been scheduled to be imposed or charged, regardless of the purpose, if they have beenapproved by the board and/or members:

    Date Assessment is Due Average Amount Per Unit Purpose Of Assessment

    Note: if Assessments vary by the size or type of unit, the assessment applicable to this unit may be found on attached pages, to beprovided by Board or Management.

    3. Based on the most recent reserve study and other information available to the board of directors, will currently projected reserve accountbalances be sufficient at the end of each year to meet the association's obligation for repair and/or replacement of major components duringthe next 30 years?

    Yes: * No: X

    4. If the answer to #3 is no, what additional assessments or other contributions to reserves would be necessary to ensure that sufficientreserve funds will be available each year during the next 30 years?

    Approximate date assessment will be due: Amount of Assessment Amount Per Unit

    2026 $681,518 $4,233

    Question #4 Note: Indicates the first year of a deficit based on the Current Reserve Funding Plan. The additional assessment amountindicates what will be required in that year to assure the reserve balance for the remaining years of the report will be above zero.Actual assessments may vary from year to year.

    5. All major components are included in the reserve study and are included in its calculations (Note below the status of components with a30+ yr. remaining life).

    Component Name Status

    Emergency Vehicle Gate To be Determined

    Entry/Patio Fixtures Individual Homeowner Responsibility

    6. Based on the method of calculation in paragraph (4) of subdivision (b) of section 5570, the estimated amount required in the reservefund at the end of the current fiscal year is $1,233,719, based in whole or in part on the last reserve study or update prepared byBarrera & Company, Inc. as of May 31, 2015 . The projected reserve fund cash Balance at the end of the current fiscal year is$266,729, resulting in reserves being 22% at this date. If an alternate, but generally accepted, method of calculation is also used, therequired reserve amount is $ N/A.

    7. Based on the method of calculation in paragraph (4) of subdivision (b) of Section 5570 of the Civil Code, the estimated amountrequired in the reserve fund at the end of each of the next 5 budget years is $ (column E), and the projected reserve fund cashbalance in each of those years,taking into account only assessments already approved and other known revenues, is $ (column D) ,le