To: Dorothy Tetro, UCO Treasurer
From: Bob Marshall Date: 7/17/08
Subject: UCO Budget and its presentation
The following are items and questions that I'd like answers to at the budget presentation. I do plan to ask them there and am writing to you now in order for you to know of these questions and have time to be prepared to answer them rather than springing them on you at the presentation.
Please list all of the reserve accounts and their balances, any activity during the past year and any planned additions contained in the 09 budget. This list should include the following but not necessarily be limited to them.
1. The legal reserve fund, that fund used to pay the attorney costs when associations have voted to reject an applicant for buying or renting a unit.
2. The paving fund, the reserve fund that will pay for the repaving of the blacktop areas in the village. What is the balance, when is this repaving planned for and what is planned in this 09 budget?
3. What reserves do we have for the maintenance of the building owned byUCO? What reserves if any, do we have for insurance claims on these buildings, both for wind and casualty loss? What is our deductible for windloss?
4. Also, please explain each budget line item that represents more than$10,000. Such as Beautification--what are individual expense items and what is their cost?
5. How much money has been spent on engineering studies for the erosion control project? What erosion control steps, if any, have been taken and what did these cost?
6. What is the remaining balance in the reserve fund that was funded by HBO? If money was spent from these funds what are the items purchased? When will a meeting of the Finance Committee be convened to consider the 09 budget? When will copies of the 09 budget be available?
Bob Marshall
Tuesday, July 22, 2008
Budget Preparations
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9 comments:
Bob,
As per Ques. 2.
Considering the price of a gallon of crude today, what is the current cost estimate of the resurfacing project. Is it being properly funded based upon the useful remaining life?
Correction:
"barrel" of crude (oil) today...
There is a difference between resurfacing and repaving.As I remember except for a very few areas we repaved. Unlike northern climate areas we do not get a lot of paved areas breaking up. With new technology around there may be a more cost effective way to do the job. I am in no way an expert in this area but I am sure that we do have people in the village with the proper knowledge and we need their input.
When will the Treasurer answer these questions? She reads this blog daily!
Randall, that is exactly the question we need answers to, especially with the rapid approach of the budgeting process.
I have had discussions with persons I believe are qualified to answer some of the questions relative to this topic and they seem to think that some blacktop removal will be necessary.
I'm reasonably sure that this was never considered when previous dollar amounts and timetables were developed.
Also your point relative to the cost per barrel is on the mark. This single cost is probably increased by a factor of at least 2 and perhaps as much as 4 by the time the project is actually bid.
WE need to know the life of the existing roadways, the timetable and the real cost at the time of work. Given this we can use the formula for estimating the amount that should be going into the reserve for that activity.
We also need to clarify just what this project entails. I've been told that all roadways and parking areas are included but some disagree and think that the individual associations will be paying for their parking areas. I'm not recommending one way or another but the answer to this must be agreed upon prior to any estimate being done.
An after thought that does not pertain to the subject but to a post to this article.
George, one shalom was quite enough!
The treasurer has no obligation to respond to anything on this blog. It is in not an official publication of United Civic Organization, Inc. The UCO Reporter is according to our bylaws.
And that is one of the reasons the memo was hand delivered to the UCO office several days prior to posting it here.
The information requested is very important information and needs to be considered in developing the '09 budget.
You are right anon 339. This blog is not an official site for UCO, nor is the forum, the UCO website or channel 63.No UCO officer has to answer anything here and should not be chastised if they do not. Ask your questions at the delegate meeting.If you do not get your answer there then you have a beef.
Right you are Bob Marshall. The questionsYou put forth should be answered. I have been very upset with how,(My feelings), the Lowenstein Admin. handled the way expenditures were made; i.e....what reserves certain monies were coming from. I hope oneof the first things to be done, when the new exec. officers are in place is an audit by a reliable outside firm.Do we still have enough money to resurface the road, and how about the erosion project?
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