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<br />CHAUNCEYBARETT GARDENS I and II <br />2005 CONSOLIDATED BUDGET NOTES <br />person with a 3% increase in December 2005. <br /> <br />Parking Concession ' <br />One parkjng stall each for the resident manager and caretaker. <br /> <br />Apartment Vacancy Loss ($77,133) <br />Occupancy assumptions are base on a lease-up period for <br />Chauncey Barett II during the flIst half of the year. Assumptions <br />are noted on the budget spreadsheet. <br /> <br />Parking Vacancv Loss ($12,450) <br />Parking Vacancy loss is based on the industry standard of 5%. <br /> <br />Net Revenue $381,918 <br /> <br />EXPENSES <br /> <br />General Administrative $12,460 <br />Advertising - assumes a higher volume during lease up period. <br />Telephone - 3 business lines (Office shared with Phase II, Fire Panel, <br />Front Entry) in Chauncey Barett 1. Three additional lines for Phase II <br />including elevator, fire panel, and entry panel. $3840/yr. <br />Office Supplies - $950/year for copying costs, stationary, general <br />supplies, etc. Assumes additional supplies when Phase two <br />is in start-up. <br />Postage- $40 per month <br />Miscellaneous Expense - Special Occasions/parties, extraordinary <br />expenses, $200 per month plus $590 in January <br />for annual rental registration. <br /> <br />Insurance and Real Estate Taxes $20,130 <br />Property Insurance premium - Assumption based on current rate/unit <br />Payable in July. <br />P.1.L.O.T. Payment - based On estimated 2004 income less utilities. <br />Assessments - None planned at budget time. <br /> <br />Salaries <br />Per estimated staffing costs when Phase II is in operation. <br />Maintenance salary is in the form of a rental concession. <br />Payroll taxes - 9.65% based on FlCA, SUI; etc. <br /> <br />$7,666 <br /> <br />\ <br /> <br />Prepared by Great Lakes Management <br /> <br />Page 2 <br /> <br />June, 2004 <br />