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Beaver Lake Homeowners Association 2007 Annual Financial Report.

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Presentation on theme: "Beaver Lake Homeowners Association 2007 Annual Financial Report."— Presentation transcript:

1 Beaver Lake Homeowners Association 2007 Annual Financial Report

2 Good News Expenses were $17,597 or 0.9% lower than last year Key drivers Labor costs (salary, benefits, payroll taxes) $656, 174 – Down $18,231 or 2.7% – Short one job in the office for several months

3 Beaver Lake Homeowners Association Labor Costs Salaries, wages and benefits – Down 2.6% over the past four years Consumer Price Index over same period – up 15% Troy’s Deployment

4 Good News Key drivers Repairs & Maintenance -- $299,934 – Down $6,523 or 2.1% – Includes: Water and Sewer Plant, Roads, Common Areas, Pool and Clubhouse, Equipment, and Contract Labor

5 Beaver Lake Homeowners Association Repairs and Maintenance Repairs and Maintenance – up 8.0% over the past five years Consumer Price Index over same period – up 15%

6 Good News – Interest Expense $146,624 – Down $11,364 or 7.2%

7 Beaver Lake Homeowners Association Interest Expense Water Treatment Plant accounted for $124,206 or 85% or interest expense

8 Bad News Taxes (real estate & personal property) - $137,205 – Up $22,341 or 19.4%

9 Beaver Lake Homeowners Association Real Estate and Personal Property Tax Taxes – up 82% over the past five years Consumer Price Index over same period – up 15%

10 Bad News – Insurance -- $160,440 Up $17,677 or 12.3%

11 Beaver Lake Homeowners Association Insurance Insurance – up 89.6% over the past five years Consumer Price Index over same period – up 15%

12 Sources of Revenue $1,957,914 Maint. Fees$1,135.3 Utility Fees$319.7 Murray Sewer$40.7 Utility Expansion$271.8 Meter Hookup Fees$87.8 Other$99.3

13 Where the Money Goes $1,981,828 Labor $ Deprec. $ Taxes $ Interest & Fees $ Insurance $ Water & Sewer $ Other $ Depreciation - $408,589 Capital Budget -- $391,450 Excess Expenses over Revenue -- $23,914

14 How About Revenue? Membership Dues – a 10-year history $ $ $ Membership dues have $ increased 13.0% over the $ the past 10 years – $ – $ The Consumer Price Index has 2006 – $ gone up 28% in that same period $ $690.48

15 Utilities at Beaver Lake - Water and Sewer Rates – a 10-year history $ $17.41 – Special Assessments $96.00 Utility Expansion Fee $ Utility Expansion Fee Based on 3,000 gallon minimum

16 Cost of Living at Beaver Lake - – Total Association Costs $ $1, » +25.7% » Core CPI +28%

17 Utilities in Cass County Cass County Rural Water – $27.50 minimum + water usage – $2.76 per 1,000 gallons Monthly charge for 3,000 gallons-- $35.78 Annual Charge -- $ (but no sewer) Annual Utility Cost (3,000 gallons per month) – Cass County Rural Water -- $ – BL (water & sewer) $ $168 (assessment) Total -- $376.92

18 History of Debt at Beaver Lake Phase II 1998 – Wastewater Treatment Plant $1,200,000 – 2002 – Road Paving Project Renegotiated WTP loan – Old Balance $458,330 – New Balance $800,000 – 2005 – Dredge – Old balance $475,930 – New Balance $486,918 (Murray sewer - $265,000) – Current Balance $231,649

19 History of Debt at Beaver Lake Phase III 2003 – Water Treatment Plant -- $3,246,791 Why we built the water plant!! Nebraska Clean Water Act Regulations Capacity Issues – eliminate rationing Remove odor and taste from water Old plant was deteriorating

20 Current Debt Water Treatment Plant $3,017,007 GMAC $12,757 Road/Dredge/Sewer Plant $231,649 » Total -- $3,261,414

21 Living at Other Lakes Copper Dollar Cove Mill Levy – Association Dues – A lots -- $1,519 – Off lake -- $1,145 No sewage treatment – sewage lagoon Cass County Rural Water -- $ (3,000 gallons) Cost of living – $100, $3, Beaver Lake $2, (-23.2%) – $350, $8, Beaver Lake $7, (-10.5%)

22 Living at Other Lakes Lake Wa Con Da Mill Levy – (SID – ) Association Dues – $300 – Possible future assessment for dike work – Assessment in 2005 for dredging Cass County Rural Water -- $ (3,000 gallons) Cost of living – $100, $3, Beaver Lake $2, (-13.4%) – $350, $10, Beaver Lake $7, (-23.9%)

23 Living at Other Lakes Buccaneer Bay Mill Levy – (SID – ) Association Dues – $300 for those who live on lake – Golf memberships are additional Buccaneer Bay Debt (SRF Loan) -- $6,924,794 Water/Sewer $14.98 per month + $22 debt reduction assess. – $ annually (3,000 gallon minimum) Cost of living – $100, $3, Beaver Lake $2, (-15.4%) – $350, $10, Beaver Lake $7, (-25.7%)

24 Living in Other Communities Plattsmouth Mill Levy – Association Dues – None – But no lake Plattsmouth Sewer & Water – billed by cubic foot – 3,000 gallons would equate to $ annually Cost of living – $100, $2, Beaver Lake $2, % – $350, $8, Beaver Lake $7, %

25 Living in Other Communities Murray Mill Levy – Association Dues – None – But no lake Cass County Rural Water -- $ (3,000 gallons) Sewage – BLA --$ Cost of living – $100, $3, Beaver Lake $2, (-1.3%) – $350, $8, Beaver Lake $7, (-13.0%)

26 Capital Expenditures Budget for $391,450 $112,583 principle for Dredge/Road/WTP Loan $119,527 principle on Water Plant Loan $ 6,600 principle on truck loan $152,740 left for projects/maintenance – Water tower maintenance, Lift stations, water meters, dam site #2 sedimentation project, seawall, one ton Budget for $473,186 $93,211 principle for Road/WTP Loan – Computers, skid loader, clubhouse retaining wall, retrofit lift station, s water tower repainted, clubhouse renovation, boat ramp restroom, lift station warning system, sander/snow blade, water meters, access area docks, etc.


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