Tuesday, February 26, 2008

Treasurer's Report

Dear Owners,

In 2007 your Board approved the installation of High Speed Internet access at a cost of $24,000. There are some programming issues. The AOAO pays the monthly expense of $583 for this access with NO additional Maintenance Fee increase to the owners. Maintenance Fees have not increased in nearly 15 years.

The income generated from the 1st floor rentals is now $55,000 per month. In 2007, the AOAO collected $567.496 in income from the 1st floor merchants. We continue to do well in this area.

The AOAO is researching the cost to replace our aging Cable TV lines and service with Satellite TV. This upgrade would bring us into the 21st Century with the advent of HDTV with more and better quality programming.

The building Emergency Generator is operational and will help to maintain essential operational building requirements in case of a power outage.

In 2008 we will replace the garage sewer drainage pipes at a cost of approximately $30,000. These 48 year old lines are in bad shape and replacement is necessary.

Even though our insurance costs increased considerably in 2007, especially in Property, Flood and Worker's Compensation categories, and is currently about $120,000 per year, the Association is in excellent financial condition with $294,870 in Cash and Reserves going into 2008.


Ted Simon
Treasurer - Board of Director