Page 10 - FY21 BUDGET booklet for residents PRELIMINARY V 073120 FINAL
P. 10
Summary
2019 2020 2021
OTHER EXPENSES: YEAR -END APPROVED PROPOSED RESERVES - This
ACTUAL BUDGET BUDGET category represents the
DEPRECIATION $ 30,566 $ 30,000 $ 30,000 annual contribution to the
ENHANCEMENT FUND $ 1,280 $ 750 $ 750 reserve funds to provide
REPLACEMENT RESERVES $ 2,784,567 $ 2,911,022 $ 2,810,498 for large replacement and
RESERVES RESTRICTED RESERVES $ 2,746,519 $ 2,746,000 $ 2,746,524 repair expenses.
OPER CONTINGENCY $ 9,000 $ 100,000 $ 100,321
STABILIZATION FUND $ 60,000 $ 60,000 The Reserve is divided
INTEREST CONTRIBUTION $ 134,671 $ 10,000 $ 10,000 into two categories,
TOTAL OTHER EXPENSES $ 5,766,603 $ 5,857,772 $ 5,698,093 Replacement and
Restricted Reserves.
TOTAL EXPENSES AND RESERVES $ 15,735,564 $ 16,450,937 $ 16,718,808
Restricted Reserves
account for the
Association’s loans that
allowed for major repairs.
Replacement Reserves
accounts for all reserve
items outside of the
loans.
GENERAL OPERATING
CONTINGENCY-This line
item provides funding of
$100,000 for any
unanticipated events that
may arise during the year.
STABILIZATION FUND -
The Budget Committee
recommended to hold off
contributing $60,000 into
the Stabilization Fund for
this year.
INTEREST TO
RESERVES - This line
item is for the interest
earned on the reserve
investments and allocates
the interest to the
Reserve account. This
amount does not equal
the interest income
because some of the
interest is related to the
operating accounts.
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