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<br />CHAUNCEY BARETT GARDENS I and II <br />2005 CONSOLIDATED BUDGET NOTES <br /> <br />Professional Fees <br />Management Fee - $950 plus 1.5% effective revenue (Less <br />HRA Levy and Interest Income) <br />HRA management fee based on proforma <br />Accounting and Legal - Extraordinary expenses only <br /> <br />$33,715 <br /> <br />Contract Services $19,365 <br />Exterminating - based on historical avareages <br />Rubbish Removal-- $1800/year based on current rates with heavier usage during <br />early move in months. <br />Snow Removal - Amortized for winter months <br />LandscapinglLawn Service--Amortized for summer months <br />Includes fall and spring clean-up and <br />fertilization. <br />Other service Contracts/Cable -- Monthly cable for the community <br />room, monthly alaim monitoring and <br />annual inspections, annual parking lot <br />sweep, window washing in June and water <br />softener service for Phase II <br /> <br />Utility Expense <br /> <br />$ 39,135 <br /> <br />Electricity - House - Heating the entries in the winter, cooling the <br />halls during the summer, all exterior lighting and internal <br />common area lighting. <br />Electricity - Vacants - Cost of electricity in vacant units. <br />Gas - Fuel to heat building and domestic hot water <br />Water and Sewer - Service to the entire building <br /> <br />Repairs and Maintenance $9,030 <br />HV AC Repair --$50/month <br />Appliance Repair -- $50/month <br />Building supplies -- Purchase oflight bulbs, cleaning supplies, etc. <br />Painting -- Interior and exterior painting, includes <br />turnovers, common area touch-ups. <br />General Repair and Maintenance - <br />Building repairs and preventati ve maintenance <br />Equipment Expenses - Purchase of tools and equipment <br />Key and Lock Repair - Changing of locks, key duplication and . <br />lock repairs. <br />Garage Maintenance - repairs and preventative maintenance <br />on the garage door. <br /> <br />Prepared by Great Lakes Management <br /> <br />Page 3 <br /> <br />June, 2004 <br />