The Treasurer's Report

Treasurer's Report

1. As of December 2008, the Association has over $369,000 in Cash and Reserves, which does NOT include about $63,000 owed to the Association by owners who have Assessment loans outstanding.

2. Our 2009 Budget was approved at the Nov 21 Board Meeting with my recommendation that we NOT increase maintenance fees for 2009. This was unanimously passed by the Board of Directors. These fees remain unchanged since 1993.

3. A new Reserve Study was completed in September which indicated what our Reserve funding should be over the next 20 years. Our building manager, Mike, has reviewed these numbers for accuracy. He assures us we can do many of the maintenance items in-house, which should save a significant amount and allow us to adequately fund the Reserves to the 50% level required by Hawaii statute.

4. Our Utility costs, specifically electric, gas, and sewer are still averaging about 40% more than budgeted for 2008. This is mostly due to the energy surcharge added by these companies. Hopefully with crude oil prices dropping, these surcharges will become less in 2009. We have, however, budgeted for an increase in 2009.

5. We have completed the sewer line replacement in the parking garage at a cost of $31,000.

6. Because of some maintenance issues such as railing repairs, spalling at the Makai side of the building, water heater maintenance, and maintenance staff turnover, the storage lockup rebuilding has been delayed. We are hoping this can be completed by the April Owner's Meeting.

7. The Association is researching the feasability of installing several Solar Panels on the roof section at the Mauka end of the building. We are trying to determine whether this could reduce our gas therms usage for water heating and the cost effectiveness of such a retrofit.

8. If you are interested in reviewing past Meeting Minutes, CCR's, ByLaws, House Rules, and other Waikiki Shore items, you can now do that at the Hawaiiana Management Co. web site. Here is how you can access the Waikiki Shore specific site:

a. go to http://aoaoweb.hmcmgt.com
b. scroll down and click on 'Waikiki Shore Apts'
c. Click on any menu button for information

We will update the site information periodically.

Happy Holidays to all the owners!

Ted Simon
Treasurer