Candidates for the Board of Directors
for 2011 Election
1. Capano, Joseph
2. Clark, Stan
3. McConnell, Sherri
4. Moore, Tom
5. Smith, Sally
6. Trey, Alois
7. Verstay, Roger
8. Ward, Carol
9. Weeks, Edna
NEWSLETTER December, 2010
The final Board meeting of this calendar year held November 30, 2010, covered details of Association business this year. To summarize, both our finances and our building are in good shape. Full copies of the Manager and Committee reports will be posted to our website, www.daytonabeachtowers.com, and are available from the office.
Debbie Kilsheimer continues to keep the accounting straight each Monday. New fees were put in place, with 12 payments instead of 13. to allow 10% of the budget to be set aside in Reserves. Our Receivables were reduced from $84,000 at the end of fiscal 2009 to $23,000 at the end of this fiscal year. Significant savings were negotiated on our insurance premium and many major projects were completed without the need for a special assessment.
The balcony restoration and waterproofing of the building is complete except for some "punch list" items; the lobby and elevators have been updated; the cooling tower was refurbished; the 12 stack hot water risers and hot water pipes on the roof were replaced; all sewer lines were cleaned out; the roof was cleaned and repaired; an expansion joint on the south side was repaired to stop garage leaks and the north parking lot was patched and resealed. Our maintenance crew have handled many special projects including the painting of balcony dividers; painting the front entrance and shuffleboard court; installation of fans and a new door for the bike room; and new doors and painting in the clubhouse area with repairs to the pool bathrooms. They also replaced some sod in the pool area and spread 32 yards of mulch in planting areas.
Our new manager, Dianne Gordon, has exceeded expectations. She and the staff have all worked hard on our behalf. Special thanks to Maintenance Supervisor Jim Bineger, Pete Wright, Faith Rose, and Troy Sorrell for keeping things in good shape; and to Front Desk Supervisor Donald Steele, Paul Hood, Renee Hall, Cara Hull and Michael Neuvirth for helping things run smoothly.
The committees have put in a great deal of extra effort this year. We appreciate the time and expertise of Building & Grounds members Bill Badger, Joe Capano, Lisa Chamberlin, Fred McDaniel, Ed McConnell, Roger Mullally, Tom Roam and Bill VanderVeen; Finance members Stanley Clark, Brenda Mohler, Mary Jean Mullally and Bill Vanderveen; Personnel members James Dixon, Mary Jean Mullally, and Tom Roam.
Board of Directors - Edna Weeks, Tom Moore, Sally Smith, Roger Verstay, Sherri McConnell, Carol Ward and Edna Gottlieb
NEWSLETTER AUGUST, 2010
Good news this quarter is a new Florida law was enacted to give condo associations help in collecting delinquent maintenance fees. Mortgage companies are now required to pay 12 months back fees, instead of 6 months, on foreclosed properties; delinquent owners are to be denied use of common amenities; if a unit is rented, we can demand rent be paid directly to the association to cover the past due fees; and voting rights of delinquent owners may be restricted.
Not such good news is the necessity for an increase in annual fees for our next fiscal year beginning November 1, 2010. For a number of years there have been 12 equal monthly invoices to fund the general Operating Expenses, plus an additional 13th invoice each July to fund a Reserve Account. So just under 8% has been set aside annually for major capital expenses. Nearly all mortgage lenders now require a Reserve set aside equal to at least 10% of the annual budget.
A proposed Budget Ballot for 12 equal monthly invoices representing 90% for Operating Expenses and 10% for the Reserve Fund would provide a better cushion against the need for "Special Assessments" to meet an unexpected crisis and would reflect well on outside scrutiny of our Financial Statement.
Our current invoices total $57,912 per month x 13 = $743,496 annually. This amounts to $57,192 per year to Reserves and $686,304 per year for Operating An increase of the annual $743,496 by 7% to $795,540 with 10% set aside would amount to $79,554 per year to Reserves and $715,986 per year for Operating.
Reducing the number of payments to 12 annually would have the following affect: Currently $246 x 13 = $3198 annually for a 1 bedroom unit Suggested $279 x 12 = $3348 annually - an increase of $150 per year.
Currently $283 x 13 = $3679 annually for a 1 bedroom deluxe unit Suggested $322 x 12 = $3864 annually - an increase of $185 per year.
Currently $357 x 13 = $4641 annually for a 2 bedroom unit Suggested $418 x 12 = $5016 annually - an increase of $375 per year.
This proposed change would give us a modest increase in Operating funds, but a significant increase in Reserve Funds. These increases will be discussed at the 9/14/10 Board meeting and are subject to Board approval. Suggestions and comments are welcome. Our email address is Daytonatowers@cfl.rr.com and the webpage is www.Daytonabeachtowers.com.