ANNUAL OPERATING BUDGET REPORT - Part Two
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	PROJECT:				SUNSET OCEANVIEW TERRACE						CALENDAR  YEAR 2003
	PREPARED BY:				JAMES SMITH
	BUDGET PERIOD:				JAN	2003	THRU       DEC		2003
	CURRENT MONTH:				SEPTEMBER
	BEGINNING RESERVES:				135,000
	PREVIOUS YEAR'S MAINT. FEE INCREASE:						5.00%
	CURRENT YEAR'S MAINT. FEE INCREASE:						5.10%
	DESCRIPTION			JAN	FEB	MAR	APRIL	MAY	JUNE	JULY	AUG	SEPT	OCT	NOV	DEC	ANNUAL
				2003	2003	2003	2003	2003	2003	2003	2003	2003	2003	2003	2003	TOTAL
	REVENUE
	MAINTENANCE FEES		410,000	71,293	71,293	71,293	71,293	71,293	71,293	71,293	71,293	71,293	71,293	71,293	71,293	855,514
	INVESTMENT INTEREST		430,000	300	300	300	300	300	300	300	300	300	300	300	300	3,600
	CHECKING INTEREST		431,000	10	10	10	10	10	10	10	10	10	10	10	10	120
	SPECIAL MAINT FEES		433,000						20	20	20	20	20	20	20	140
	VENDING INCOME
	RENTAL INCOME							2,500				3,000				5,500
	LATE FEES			50	50	50	50	50	50	50	50	50	50	50	50	600
	GATE OPENERS			15	15	15	15	15	15	15	15	15	15	15	15	180
	MISCELLANEOUS			20	20	20	20	20	20	20	20	20	20	20	20	240
	O/INC SUBTOT (EXC INT)			85	85	85	85	2,585	105	105	105	3,105	105	105	105	6,660
	TOTAL REVENUE			71,688	71,688	71,688	71,688	74,188	71,708	71,708	71,708	74,708	71,708	71,708	71,708	865,894
	UTILITIES
	ELECTRICITY		511,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	48,000
	TV CABLE		512,000	850	850	850	850	850	850	850	850	850	850	850	850	10,200
	WATER		513,000	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	18,000
	SEWER		514,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	12,000
	TELEPHONE		515,000	975			975			975			975			3,900
	GAS		516,000	200		200		200		200		200		200		1,200
	TOTAL UTILITIES			8,525	7,350	7,550	8,325	7,550	7,350	8,525	7,350	7,550	8,325	7,550	7,350	93,300
	MAINTENANCE
	BUILDING		520,100	2,250	2,250	2,250	2,250	2,250	2,250	2,250	2,250	2,250	2,250	2,250	2,250	27,000
	ELEVATOR		520,110
	GROUNDS CONTRACT		520,200	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	120,000
	TREE TRIMMING		520,210	375	125	125	125	125	125	125	125	125	125			1,500
	GROUNDS MATERIALS		520,300	225	225	225	225	225	225	225	225	225	225	225	225	2,700
	EQUIPMENT R&M		520,400	275	275	275	275	275	275	275	275	275	275	275	275	3,300
	ELECTRICAL/LTNG		520,500	100	100	100	100	100	100	100	100	100	100	100	100	1,200
	PLUMBING R&M		520,600	400	400	400	400	400	400	400	400	400	400	400	400	4,800
	POOL SUPPLIES		520,700	650	650	650	650	650	650	650	650	650	650	650	650	7,800
	PAINTING		520,800	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	120,000
	SEWER REPAIR & MAINT		520,900
	PEST CONTROL		521,000	192	192	192	192	192	192	192	192	192	192	192	192	2,304
	REFUSE		521,100	395	395	395	395	395	395	395	395	395	395	395	395	4,740
			521,200
			521,300
			521,400
			521,500
			521,700
			522,100
			522,900
	TOTAL MAINTENANCE			24,862	24,612	24,612	24,612	24,612	24,612	24,612	24,612	24,612	24,612	24,487	24,487	295,344
	ADMINISTRATION
	OFFICE & ADMIN		531,000	275	275	275	275	275	275	275	275	275	275	275	275	3,300
	TAXES & LICENSES		531,100	10	10	10	10	10	10	10	10	10	10	10	10	120
	MISCELLANEOUS EXP.		531,200	80	80	80	80	80	80	80	80	80	80	80	80	960
	MANAGEMENT SERVICES		532,000	5,050	5,050	5,050	5,050	5,050	5,050	5,050	5,050	5,050	5,050	5,050	5,050	60,600
	AUTO EXPENSE		533,000	100	100	100	100	100	100	100	100	100	100	100	100	1,200
	ASSOC. MEETING EXP.		534,000	400	400	400	400	400	400	400	400	400	400	400	400	4,800
	LEGAL FEES		535,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	12,000
	AUDIT		536,000	175	175	175	175	175	175	175	175	175	175	175	175	2,100
	TOTAL ADMIN			7,090	7,090	7,090	7,090	7,090	7,090	7,090	7,090	7,090	7,090	7,090	7,090	85,080
	PAYROLL & BEN.
	PAYROLL-ADMIN.		537,100	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	24,000
	PAYROLL-GROUNDS		537,200	14,500	14,500	14,500	14,500	14,500	14,500	14,500	14,500	14,500	14,500	14,500	14,500	174,000
	PAYROLL-VACATION		537,300	700	700	700	700	700	700	700	700	700	700	700	700	8,400
	PAYROLL-BONUS		537,400	550	550	550	550	550	550	550	550	550	550	550	550	6,600
	WORKER'S COMP INS		537,500	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	12,000
	TEMP. DISABILITY INS		537,600	75	75	75	75	75	75	75	75	75	75	75	75	900
	EMPLOYEE BENEFITS		537,700	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	13,200
	PAYROLL TAXES		537,801	1,550	1,550	1,550	1,550	1,550	1,550	1,550	1,550	1,550	1,550	1,550	1,550	18,600
			537,802
			537,803
			537,809
			537,912
			537,920
			537,930
			538,300
			538,400
			538,500
			538,600
	TOTAL P/R & BENEFITS			21,475	21,475	21,475	21,475	21,475	21,475	21,475	21,475	21,475	21,475	21,475	21,475	257,700
	OTHER EXPENSES
	INSURANCE		541,000	5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500	66,000
	INSURANCE HHRF		543,000
	BAD DEBT EXPENSE		544,000
	DEPRECIATION		551,000	700	700	700	700	700	700	700	700	700	700	700	700	8,400
	GENERAL EXCISE TAX		553,000	100	100	100	100	100	100	100	100	100	100	100	100	1,200
	CONTINGENCY		554,000	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	13,200
	FEDERAL INCOME TX			900	900	900	900	900	900	900	900	900	900	900	900	10,800
	STATE INCOME TAX			200	200	200	200	200	200	200	200	200	200	200	200	2,400
	TOTAL OTHER EXP.			8,500	8,500	8,500	8,500	8,500	8,500	8,500	8,500	8,500	8,500	8,500	8,500	102,000
	TOTAL OP'TING EXP.			70,452	69,027	69,227	70,002	69,227	69,027	70,202	69,027	69,227	70,002	69,102	68,902	833,424
	TOT. RESERVE CONTRIB.			1,236	2,661	2,461	1,686	4,961	2,681	1,506	2,681	5,481	1,706	2,606	2,806	32,470
	( - )
	INTEREST & OTHER INC.			395	395	395	395	2,895	415	415	415	3,415	415	415	415	10,380
	( = )
	NET RESERVE CONTRIB.			841	2,266	2,066	1,291	2,066	2,266	1,091	2,266	2,066	1,291	2,191	2,391	22,090