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SAVANNAH OAKS <br />2005 BUDGET NOTES <br /> <br />EXPENSES <br />General Administrative $9,5'76 <br /> Advertising - $25 per month for yellow pages and listing in <br /> senior directories <br /> Telephone - 4 business lines (Office, Fire panel, Front Entry, Elevator) plus cell <br /> phone. 5th phone line for resident's computer and internet service. <br /> Office Supplies - $65/mo. for copying expenses, stationary, general supplies, etc. <br /> Includes purchase of an office computer in January. <br /> Postage - $33 per month <br /> Miscellaneous expense - Social activities, extraordinary expenses, etc. <br /> $150 per month <br /> <br />Insurance and Real Estate Taxes <br /> Property Insurance premium - $20,129 projected per year paid in April <br /> Based on 2004 premium plus 5%. <br /> P.I.L.O.T. Payment- based on projected 2004 income less utilities. <br /> Assessments - Assumes $1,500 for Dysprosium St. improvements <br /> <br />$41,677 <br /> <br />Salaries <br /> Per current staffing costs <br /> Payroll taxes- 9.65% based on FICA, SUI, etc. <br /> Employee Benefits - Worker's Comp and health insurance. <br /> Increase due to rising rates for both insurances. <br /> <br />$26,099 <br /> <br />Professional Fees <br /> Management Fee- $976 plus t.5% effective revenue <br /> HRA Management fee -$1,521 per month per proforma <br /> Accounting and Legal - for yearly audit <br /> <br />$37,119 <br /> <br />Contract Services <br /> Paging Service - $9/month per current costs <br /> Exterminating - $64/month for rodents (garage), insects <br /> Rubbish Removal - $90/month ' <br /> Snow removal - amortized for winter months, based on <br /> historical averages. <br /> Landscaping~lawn Service - amortized for summer months, <br /> based on historical averages. Assumes irrigation open and close <br /> in April and September. Assumes $300 in April for tree pruning. <br /> Assumes additional $4,295 in May for landscape upg-rades, to include <br /> removal and replacement of 4 trees, adding mulch and tree rings and <br /> dressing up the rock beds. <br /> Other Service Contracts - monthly cable for community, monthly <br /> alarm monitoring, annual inspections, par'king lot sweep in April, <br /> <br />Savunn~ Oaks of Ramsey 2005 Budget Note~ April 2, 2004 <br /> <br />$24,394 <br /> <br /> <br />