ANNUAL OPERATING BUDGET REPORT - Part One
													Page 4
		PROJECT:		SUNSET OCEANVIEW TERRACE
		BUDGET PERIOD:		JANUARY	2003	THRU	DEC	2003		2003
		PREPARED BY:		JAMES SMITH
		CURRENT MONTH:		SEPTEMBER
		BEGINNING OF YEAR RESERVES:		135,000
		PREVIOUS MAINT. FEE INCREASE:		5.00%
			YEAR	TAKE	THIS	EXPECTED	NEXT	FIRST		TOTAL	CATEGORY	EXP. TYPE	FIRST
			TO	AWAY	YEAR'S	CURRENT	YEAR'S	MONTH		ANNUAL	ANNUAL	MNTHLY-M	BUDGET
			DATE	ONE	TYPICAL	YEAR	TYPICAL	TO		%	TOTAL	BIMNTH-B	MONTH
			TOTAL	TIME	MONTHLY	TOTAL	MONTHLY	SHOW		CHANGE	DOLLARS	QTRLY-Q	FOR
			AS OF	ONLY	DOLLAR	DOLLAR	DOLLAR	BUDGET		CALCU-	BUDGETED	ONCE-O	THIS
			SEPT	AMT	AMOUNT	AMOUNT	AMOUNT	CHANGE		LATED		10 PAY-P	ITEM
		REVENUE
		MAINTENANCE FEES	610,500		67,833	814,000	71,293	JAN	1	5.1%	855,514	M	JAN
		INVESTMENT INTEREST	3,000		333	4,000	300	JAN	1	-10.0%	3,600	M	JAN
		CHECKING INTEREST	100		11	133	10	JAN	1	-10.0%	120	M	JAN
		SPECIAL MAINT FEES	200		22	267	20	JAN	6	-47.5%	140	M	JUN
		VENDING INCOME							1
		RENTAL INCOME	4,200		467	5,600	VBL	JAN	1	-1.8%	5,500	V8	JAN
		LATE FEES	350	20	37	460	50	JAN	1	30.4%	600	M	JAN
		GATE OPENERS	300		33	400	15	JAN	1	-55.0%	180	M	JAN
		MISCELLANEOUS	150		17	200	20	JAN	1	20.0%	240	M	JAN
									1
		O/INC SUBTOT (EXC INT)	5,200		576	6,927	105			-3.8%	6,660
		TOTAL REVENUE	618,800		68,753	825,060	72,158			4.9%	865,894
		UTILITIES
		ELECTRICITY	35,000		3,889	46,667	4,000	JAN	1	2.9%	48,000	M	JAN
		TV CABLE	7,500		833	10,000	850	JAN	1	2.0%	10,200	M	JAN
		WATER	12,000		1,333	16,000	1,500	JAN	1	12.5%	18,000	M	JAN
		SEWER	9,000		1,000	12,000	1,000	JAN	1	0.0%	12,000	M	JAN
		TELEPHONE	2,700		300	3,600	325	JAN	1	8.3%	3,900	Q	JAN
		GAS	750		83	1,000	100	JAN	1	20.0%	1,200	B	JAN
									1
									1
									1
									1
									1
									1
									1
									1
									1
		TOTAL UTILITIES	66,950		7,439	89,267	7,775			4.5%	93,300
		MAINTENANCE
		BUILDING	25,000		2,778	33,333	2,250	JAN	1	-19.0%	27,000	M	JAN
		ELEVATOR							1
		GROUNDS CONTRACT	75,000		8,333	100,000	10,000	JAN	1	20.0%	120,000	M	JAN
		TREE TRIMMING	1,200		133	1,600	125	JAN	1	-6.3%	1,500	P	JAN
		GROUNDS MATERIALS	2,500		278	3,333	225	JAN	1	-19.0%	2,700	M	JAN
		EQUIPMENT R&M	2,250		250	3,000	275	JAN	1	10.0%	3,300	M	JAN
		ELECTRICAL/LTNG	1,250		139	1,667	100	JAN	1	-28.0%	1,200	M	JAN
		PLUMBING R&M	4,350		483	5,800	400	JAN	1	-17.2%	4,800	M	JAN
		POOL SUPPLIES	6,000		667	8,000	650	JAN	1	-2.5%	7,800	M	JAN
		PAINTING	75,000		8,333	100,000	10,000	JAN	1	20.0%	120,000	M	JAN
		SEWER REPAIR & MAINT							1
		PEST CONTROL	1,027		114	1,369	192	JAN	1	68.3%	2,304	M	JAN
		REFUSE	2,960		329	3,947	395	JAN	1	20.1%	4,740	M	JAN
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
		TOTAL MAINTENANCE	196,537		21,837	262,049	24,612			12.7%	295,344
		ADMINISTRATION
		OFFICE & ADMIN	2,250		250	3,000	275	JAN	1	10.0%	3,300	M	JAN
		TAXES & LICENSES	125		14	167	10	JAN	1	-28.0%	120	M	JAN
		MISCELLANEOUS EXP.	675		75	900	80	JAN	1	6.7%	960	M	JAN
		MANAGEMENT SERVICES	45,000		5,000	60,000	5,050	JAN	1	1.0%	60,600	M	JAN
		AUTO EXPENSE	900		100	1,200	100	JAN	1	0.0%	1,200	M	JAN
		ASSOC. MEETING EXP.	3,555		395	4,740	400	JAN	1	1.3%	4,800	M	JAN
		LEGAL FEES	7,500		833	10,000	1,000	JAN	1	20.0%	12,000	M	JAN
		AUDIT	2,000		222	2,667	175	JAN	1	-21.3%	2,100	M	JAN
									1
									1
									1
									1
									1
									1
									1
		TOTAL ADMIN	62,005		6,889	82,673	7,090			2.9%	85,080
		PAYROLL & BEN.
		PAYROLL-ADMIN.	20,250		2,250	27,000	2,000	JAN	1	-11.1%	24,000	M	JAN
		PAYROLL-GROUNDS	120,000		13,333	160,000	14,500	JAN	1	8.7%	174,000	M	JAN
		PAYROLL-VACATION	6,000		667	8,000	700	JAN	1	5.0%	8,400	M	JAN
		PAYROLL-BONUS	4,500		500	6,000	550	JAN	1	10.0%	6,600	M	JAN
		WORKER'S COMP INS	9,500		1,056	12,667	1,000	JAN	1	-5.3%	12,000	M	JAN
		TEMP. DISABILITY INS	600		67	800	75	JAN	1	12.5%	900	M	JAN
		EMPLOYEE BENEFITS	9,500		1,056	12,667	1,100	JAN	1	4.2%	13,200	M	JAN
		PAYROLL TAXES	13,500		1,500	18,000	1,550	JAN	1	3.3%	18,600	M	JAN
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
									1
		TOTAL P/R & BENEFITS	183,850		20,428	245,133	21,475			5.1%	257,700
		OTHER EXPENSES
		INSURANCE	45,449		5,050	60,599	5,500	JAN	1	8.9%	66,000	M	JAN
		INSURANCE HHRF						JAN	1			M	JAN
		BAD DEBT EXPENSE	2,775		308	3,700		JAN	1	-100.0%		M	JAN
		DEPRECIATION	6,000		667	8,000	700	JAN	1	5.0%	8,400	M	JAN
		GENERAL EXCISE TAX	879		98	1,172	100	JAN	1	2.4%	1,200	M	JAN
		CONTINGENCY	9,000		1,000	12,000	1,100	JAN	1	10.0%	13,200	M	JAN
		FEDERAL INCOME TX	7,881		876	10,508	900	JAN	1	2.8%	10,800	M	JAN
		STATE INCOME TAX	1,638		182	2,184	200	JAN	1	9.9%	2,400	M	JAN
									1
									1
									1
									1
									1
									1
		TOTAL OTHER EXP.	73,622		8,180	98,163	8,500			3.9%	102,000
		TOTAL OP'TING EXP.	582,964		64,774	777,285	69,452			7.2%	833,424
		TOT. RESERVE CONTRIB.	35,836		3,980	47,775	2,706			-32.0%	32,470
		( - )
		INTEREST & OTHER INC.	8,300		920	11,060	415			-6.1%	10,380
		( = )
		NET RESERVE CONTRIB.	27,536		3,060	36,715	2,291			-39.8%	22,090