1. The garage sewer pipe has been purchased for $15,000. Replacement should cost about $17,000 and will begin late October. The AOAO had budgeted $50,000 for this expenditure for 2008. Our total cost of about $32,000 will be a considerable savings.
2. As of July 1, 2008 we were able to reduce our annual Association Property, Liability, Workers compensation, etc. premium for a nearly $32,000/year savings with NO decrease in insurance coverage. Our new policy coverage is through the Atlas Insurance Agency.
3. We are currently receiving approximately $50,000 per month from our first floor concession rentals and Castle office, storage rooms, and parking lease fees.
4. Our building maintenance costs are down by nearly 20% for the year. However, our utility costs continue to rise due to the high cost of energy. Utilities currently are averaging 13% higher than 2007. Some Utilities are nearly 40% higher than 2007. Our 2009 budget will reflect this increase plus anticipated additional increases from the utility companies.
5. Our management and administrative costs are lower so far in 2008 and therefore, we are ON BUDGET and have over $450,000 in Cash and Reserves. The Board has commissioned an independant Reserve Study which we will have by November to determine whether our Reserves are adequately funded for future expenditures.
6. At this time we DO NOT anticipate a monthly maintenance fee increase for 2009.