2017 BUDGET LINE ITEM SUMMARY
June 14, 2017
Page 1 of 12 last updated on 6/14/2017
INCOME
I. ASSESSMENT OPERATIONS [GL: 500]
a. 2017 Assessments based on ownership from 101 owners; Receive $120,595 quarterly. Reserves
are 27% of the operating budget.
i. Operations: $1,079,592
ii. Reserves $ 363,202
b. Delinquent units:
i. Currently have three
II. REGISTRATION FEE [GL: 502]
a. This line item used for the registering guests
III. OWNER LATE FEE [GL: 504]
Per Governing Document Bylaw 8.9
• Late fees are calculated at $25.00; received from owners paying after the 15th of the
month the quarter assessment is owed
• Interest of 18% is charged which is maximum allowed
IV. LAUNDRY INCOME [GL: 506]
Washer and dryers : Laundry lease agreement of ___washers and ___dryers for monthly fee of
$34.99 each. All equipment is leased and serviced by WASHCO. A seven-year automatic
renewal lease was signed on _______2017. Washco pays the sales taxes. It is noncacancellable
except upon mutual consent of both parties. (Still in process)
V. RENTAL PROGRAM INCOME [GL: 507]
a. Miscellaneous; background checks and estoppels
VI. INTEREST INCOME-OPERATING [GL:508]
Interest received from operating monies
VII. INTEREST INCOME-RESERVES [GL:509]
Interest received from reserve monies
2017 BUDGET LINE ITEM SUMMARY
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VIII. INCOME ~ OTHER [GL: 510]
IX. SALES TAX CREDIT [GL: 511]
X. REIMBURSED EXPENSES [GL: 512]
Expenses incurred by unit owners and reimbursed to Association
EXPENSES
I. ACCOUNTING [GL: 701]
• Cavanaugh & Company monthly bookkeeping fee of $375.00.
o RNS reconciliation
o Association Bank accounts reconciliation
o ADP Payroll
• FINANCIAL REPORTS ~ ‘AUDIT’
CPA, audits the accounting records and files the income tax returns. A condominium
association that operates with fifty (50) or more units, with Association revenue of $500,000 –
and above- excluding reserves, shall prepare an “Audit Financial Statement” of annual receipts
and expenditures. Owners may access these reports on our website under the private financial
tab. A 2016 full ‘Audit’ is currently being done by Cavanaugh.
II. ADVERTISING [GL: 703]
• Annual Siesta Key Fireworks ($1,500)
III. AUTO EXPENSE-GAS / REPAIRS / MILEAGE [GL 704]
IV. BANK SERVICE CHARGES [GL: 705]
V. COMPUTER & INTERNET [GL: 707]
• IT 24/7
• Real Tech $285.00 monthly ~ allocated 100% Rental
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June 14, 2017
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VI. CONTRACT LABOR [GL: 709]
VII. CREDIT CARD CHARGES [GL: 711]
Rental credit card charges due to Vacation Rental
VIII. CABLE TV [GL: 713]
Comcast cable: 5-year contract signed 10/01/2012 with fees of $38.59 per unit until 1/1/2013
$24.95 per unit with no more than 4% annual increases.
$38.59 x 101 units = $1,913.45 (until
1/1/2013) then it will be $24.95 x 101
= $2,519. 85 per month
$2,519.95.45 x 12
months =
$30,239.40
Plus annual tax of $170.00
$30,239.40 plus $170.00 = 30,409.40
There will be a 4% increase every year from 2013-2017
2014: $30,239.40 x 4% = $ 1,209.57 = $31,448.97
2015: $31,448.97 x 4% = $ 1,257.95 = $32,706.92
2016: $32,706.92 x 4% = $ 1,308.27 = $34,015.19
2017: $34015.19 x 4% = $ 1,360.60 = $35,375.79
$35,375.79 / 101 units (then divided by 12 months) = $29.18 per unit
IX. DEPRECIATION [GL: 721]
2016 depreciation was in the amount of $8,798
X. DUES & SUBSCRIPTIONS [GL: 723]
Siesta Key membership and dues
2017 BUDGET LINE ITEM SUMMARY
June 14, 2017
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XI. ELECTRICITY [GL: 731]
Account: 35659-45759
a. Address: 757 Beach Road
HOUSE 1 Meter KL68872:
Our rates are as follows:
Fuel Actual cost of the fuel used to produce and deliver
electricity.
$0.028200 per kWh
Non-fuel Includes all costs of producing and delivering electricity ~
except fuel.
$0.024750 per kWh
Demand Cost to provide the maximum power used during the
billing period.
$10.00 per kW
b. Account: 15929-41726
Address: 797 Beach Road
c. HOUSE 2 Meter KL68871
Fuel Actual cost of the fuel used to produce and deliver
electricity.
$0.028200 per kWh
Non-fuel Includes all costs of producing and delivering electricity ~
except fuel.
$0.024750 per kWh
d. Account: 25869-043736
Address: 777 Beach Road
HOUSE 3 Meter KL68870
Fuel Actual cost of the fuel used to produce and deliver
electricity.
$0.028200 per kWh
Non-fuel Includes all costs of producing and delivering electricity ~
except fuel.
$0.024750 per kWh
e. Account: 25119-43785
Address: 777 Beach Road
PUMPS Meter KLL0814
Fuel Actual cost of the fuel used to produce and deliver
electricity.
$0.028200 per kWh
Non-fuel Includes all costs of producing and delivering electricity ~
except fuel.
$0.063890 per kWh
f. Account: 25109-45757
Address: 797 Beach Road
REC Meter KU32216
Fuel Actual cost of the fuel used to produce and deliver
electricity.
$0.028200 per kWh
Non-fuel Includes all costs of producing and delivering electricity ~
except fuel.
$0.024750 per kWh
Demand Cost to provide the maximum power used during the
billing period.
$10.60 per KW
2017 BUDGET LINE ITEM SUMMARY
June 14, 2017
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XII. ELEVATOR MAINTENANCE [GL:733]
NOTE: elevators should have a smoke detector in the ceiling of the elevator shaft.
ELEVATOR CONTRACT [GL: 60035]
• FLORIDA ELEVATOR Maintenance Agreement:
o A five (5) year agreement with Florida Elevator Company, Inc. was effective on
_________. A maintenance contract fee is paid in one lump sum of $________ in August.
There are a total of three hydraulic elevators and one handicap (in lobby area). Five-year
load test was done in ______. As per Florida Statute §399.15; a lock box, accessible by
master key issued to the fire department, and contain the keys to all elevators in the
building. Annual inspections are performed.
o Five year contract does NOT automatically renew. Emergency monitoring is part of the
maintenance contract.
o Five year full-load test done on ________ by Frank Pather (will be due 2017).
o ADA Compliant:
▪ (work in process) ???Our emergency telephones are owned by ______ and meet the
requirements of the Americans with Disabilities Act and all state Accessibility
Codes, allowing easy access and usage by people who are physically, visually,
hearing or speech impaired.
BUILDING & GROUNDS MAINTENANCE [GL: 735]
BUILDING MAINTENANCE [GL: 735.10]
BOOSTER PUMP
• Pumps are monitored annually for operational function
• Contract with KW Water Pump {Kendall Wilson} $300 PER YEAR
BACKFLOW PREVENTER
g. Replaced on 07-13-2010
i. 3” Wilkins 975-OS&Y “USA made” OS&Y-RW Clow-Fire valves
• Installed on ________ by ___________
• Installed a 3” Wilkins 975-OS&Y backflow preventer with “USA Made” )OS&Y-RW CLOW-
FIRE valves
• Warranty items: all replaced parts two-year warranty (expires _____) and one year certification
Cost $________ at the time of install.
DOORS
• Rubecham used for greasing hinges
• Lobby and Banquet room doors replaced _________
FIRE DOORS (FIRST FLOOR)
a. (work in process)
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June 14, 2017
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GENERATOR ~ TAW (wired to service fire pump, three elevators, and lights in both stairways)
• Lease contract with ______________________ for use during emergencies
• 3 – 200 amp
• 1 – 100 amp 3 phase manual transfer switches wired deownt o a multi tap buss bar in a weather
proof wire way.
HVAC Maintenance
• Wentzel Air Conditioning inspects and services all common area air conditioners
HOT WATER TANKS
• Location: Clubhouse (one in the janitors area, one in the men’s locker room; one in the kitchen;
one in the the fitness center)
LOCATION YEAR BRAND GALLONS SERIAL # MODEL #
Womens Locker
Men’s Locker
FIRE ALARM MONITOR CONTRACT
• Dehart Alarm Monitoring, Inc. monitors the 777 building fire panel
FIRE SPRINKLERS
• ______________ Sprinklers inspects the fire sprinklers on an annual basis
PLUMBING
• Plumbing repairs done by licensed and insured subcontractor
• Clearing out blockages
TRASH CHUTES
• the trash chute opening is _______________
Surveillance Cameras
GROUNDS MAINTENANCE [GL: 735.20]
LANDSCAPING
• Brightview Landscape Service
• Flanders gas for grills
• Signs
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BUILDING & GROUNDS MAINTENANCE
PARKING LOT [GL: 735.03]
Pavement repairs
ROOF [GL: 735.04]
MANSON ROOFING
XIII. INSPECTIONS [GL: 737]
FIRE EXTINGUISHER
• Annual extinguisher inspections by Gulf Coast Fire & Safety (941)
• We have _____ total. 7 are on a 12-year maintenance rotation which are recharged..
• The fee to inspect is $_______ annually
XIV. INSURANCE GENERAL [GL: 741]
Current Broker/Agent: Insurance Services of Sarasota; Erica
EXPENSE FOR 2016-2017
SUMMARY for 2016-2017
Property $ 71,095.99
Equipment Breakdown $ 642.00
General Liability $ 4,937.00
Crime / Fidelity $ 822.00
Directors & Officers $ 1,992.00
Umbrella $ 2,481.57
Flood: 777 Beach Road $ 21,639.00
757 Beach Road $ 19,639.00
797 Beach Road $ 19,680.00
Office / Rec Bldg $ 5,514.00
Pump House $ 815.00
Maintenance Bldg $ 933.00
Workers Comp $ 712.00
TOTAL $ 157,276.56
a. Health insurance provided as a monthly stipend to employees $350 per month
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INSURANCE APPRAISAL (done on March 7, 2016 by Chapman & Associates, Alan Major
Florida Statute 718.111 (11) INSURANCE
(a)Adequate property insurance, regardless of any requirement in the declaration of condominium
for coverage by the association for full insurable value, replacement cost, or similar coverage, must
be based on the replacement cost of the property to be insured as determined by an independent
insurance appraisal or update of a prior appraisal. The replacement cost must be determined at least
once every 36 months.
RESERVE STUDY :
Reserve specialists provide estimates of replacement costs and remaining useful lives of
common area components, the deferred maintenance expense or replacement costs of which
exceeds $10,000. Karins Engineering provided a reserve study in _______________ and will
continue to update as this format is the basis of the Reserve Schedule used each to determine
reserves.
XV. INSURANCE WORKERS COMPENSATION [GL: 743]
XVI. INTEREST EXPENSE [GL: 745]
XVII. LEGAL & PROFESSIONAL [GL: 749]
a. Attorney opinions for legal guidance and other professional fees
b. Legal documents regarding liens and foreclosures
XVIII. LICENSES & PERMITS [GL: 750]
a. Corporate Annual: A filing with the Division of Land Sales, Condominiums and Mobile
Homes for the purpose of remitting the annual fee required by the Condominium Act.
The amount of the annual fee is based on the number of residential units that the
association operates. The annual fee is $4.00 per residential unit. The fee must be paid
on or before January 1st of each year. F.S. 718.501 For Crescent Royale that
calculates 101 units x $4.00 = $440.00
b. Not-for-Profit Corporation annual: $62.00
c. Annual permits for the three elevators $75.00 each [total $225.00]; in addition to annual
inspections $250.00 for three.
d. Pool: County Health Department annual permit of $400.00 (53,200 gallons)
2017 BUDGET LINE ITEM SUMMARY
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e. Membership Fee: This is used for membership fees to Community Associations
Institute (CAI)
XIX. MAIDS & LINEN SERVICE [GL: 751]
• Ameri-Chem Janitorial
• Washco
• M & P Cleaning
• 5 Star Cleaning
• Palm Coast Linens
• Housekeeping carts
XX. MISC / NON-RECURRING EXPENSE [GL: 752]
One time event: reimbursement to owners who were charged inadvertently
XXI. OFFICE SUPPLIES & EXPENSES [GL: 753]
This line item is used for office organization, i.e. binders, paper, office machines, software,
computers, fax, print cartridges, computer repairs, electronic equipment, tech support.
• Office Depot / Max
XXII. MEALS & ENTERTAINMENT [754]
XXIII. STAFF MEETINGS [GL: 756]
XXIV. POSTAGE & DELIVERY [GL: 758]
a. Postage: Mailing membership meeting notifications. Association utilizes the website
and emailing to help alleviate added postage.
b. Printing: ________________ prints our mass mailings, and other pertinent items for
distribution
c. Printing of code compliant signage requirements
d. Pitney Bowes machine
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PAYROLL EXPENSE
XXV. OFFICE SALARIES [GL: 760.10
XXVI. MAINTENANCE WAGES [GL: 760.20]
XXVII. PAYROLL SERVICE FEES [GL: 760.30
PAYROLL TAXES
XXVIII. FICA [GL: 762.10]
XXIX. MEDICARE [GL: 762.20]
XXX. FUTA [GL: 762.30
XXXI. SUTA [GL: 762.40]
XXXII. PENALTIES & FINES [GL: 764]
• Accident
• Credit Card late fees
XXXIII. PEST CONTROL – BUILDING [GL: 766]
NaturZone: Monthly service $415.00
XXXIV. PEST CONTROL – UNIT OWNERS [GL: 766.50]
POOL REPAIRS / SERVICE / SUPPLIES
XXXV. SERVICE [GL: 768.10]
POOL CONTRACT
a. Escape Pool’s provide chemicals. John is the certified pool tech.
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XXXVI. SUPPLIES [GL: 768.20]
POOL SUPPLIES
a. Pool Furniture repairs
a. Pool heater and pump repairs {Gas heater and Steiner pumps}
b. Supplies for the pool and spa
FILTER CARTRIDGE
c. Last replaced on ______________________
XXXVII. REPAIRS [GL:768.30]
POOL AREA TECO GAS (gas heater)
a. Gas heat used to heat pool
XXXVIII. RENTAL COMMISSION EXPENSE [GL: 722]
XXXIX. REPAIRS & MAINTENANCE (REIMBURSABLE) [GL: 774]
• Paid 100% to CR from RNS
XL. SECURITY [GL: 778]
CAI Access Gates
XLI. SEMINARS & PROFESSIONAL ADVERTISING [GL: 779]
XLII. TAXES – INCOME [GL: 780]
a. Each condominium association, whether organized for profit or not-for-profit, is
required to file an annual income tax return with the Internal Revenue Service. A
corporation not-for-profit organized under Chapter 617, F.S., is neither tax-exempt, nor
exempt from the filing of an annual tax return. The Internal Revenue Service Code
allows condominium association’s special treatment for some of the activities,
including the retention of reserve accounts, but proper accounting for these funds and
the filing of an income tax return are annual requirements for each condominium
community. This is due by March 15.
b. Line item used for payment of taxes
2017 BUDGET LINE ITEM SUMMARY
June 14, 2017
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XLIII. TELEPHONE [GL: 781]
• 7 dedicated phone lines:
Elevator (Frontier) (941) 346-7655
Internet Phone (Frontier) (941) 349-3539
Verizon Cell Phones: 1) 941-809-8546 2) 941-809-8548 3) 941-809-8550 4)
941-894-2607 5) 941-894-2595
Fax (941) 349-8960
XLIV. TRASH COLLECTION [GL: 782]
a. WASTE (garbage trash) AND RECYLCE Account # 4-30176-62004
1. Waste Containers: We lease three (3) 2-yard containers and three (3) 4-
yard containers. Fees to pick up trash on Monday, Wednesday and
Friday is $190.00 monthly.
2. Cardboard / Paper 2 yard Container: Pick up for Cardboard / Paper
ONLY is on Tuesdays (Service Agreement with Waste Management as
of _________ will renegotiate from $______ to $_____ monthly for the
2-yard container lease)
3. Recycle (Waste Management): There are ______ leased containers for
glass / plastic / aluminum. Sarasota classifies us as “multi-family” and
subcontracts to Waste Management the recycle ($____ x 101
units=$_________ monthly); picks up on Tuesdays
XLV. WATER & SEWER [GL: 783]
I. WATER / SEWER
a. WATER: Sarasota County Utility meter number:
• Meter # 08564206 ~ $2.83 per 1,000 gallon
b. SEWER: Sarasota County Utility meter number:
• Meter # 08503554~ $7.54 per 1,000 gallons
II. RECONCILIATION DISCREPANCIES [GL: 890]