1. Treasurers Report June 16 2018
Quail Hollow
Treasurers Report June

2. QH Treasurers Report June 16, 2018
2017 / 2018 Year End Operating Budget Results
Actual of 519,138 vs 532,329 budget or 13,191 under budget for the year.
Excludes 39,000 paid from Special Assessment for maintenance, repair and landscaping and 18,362 for storm recovery
Did not need to spend 10,000 budgeted for Dish repair
2018 / 2019 May Operating Budget Results
Actual of 50,150 vs 50,564 budget
Includes 2 Repipes for 2,700 and 2,273 for irrigation
Insurance Fund
Have paid in full 110,620 for 2018/2019 for all insurance except dunes flood insurance
Estimated dunes flood insurance at 26,000
Projected year end balance of 168,500 vs estimated 2019/2020 cost of 150,700

5. QH Treasurers Report June 16, 2018

6. QH Treasurers Report June 16, 2018

7. QH Treasurers Report June 16, 2018
2016 Hurricane Insurance Account
Balance of 107,489 vs estimated costs of 106,315
Estimated costs includes
28,709 for unit repairs for A8 3D
10,000 for A/C for A4 3U, A5 2U, A6 2D, B5 4U
67,607 for electrical closet and storage room repair
Need to continue work to close this out:
A8 3D in progress, funds tied to that unit
I think deadline for A/C has passed – should we notify the owners and move the 10,000 to reserves?
Electrical storage – nothing immediate needs to be done. We have 36,164 in the reserve schedule now for 2022/2023 for electrical not covered by the hurricane and there is a line item in the reserves for electrical covered by insurance that says the cost is 36,164 but assumes already paid.
Suggest we move the 67,607 to the reserves, increase reserve electrical amount by 36,164 to 72,328

8. QH Treasurers Report June 16, 2018
General Reserves
Based on current reserve needs from 2017 study and current year budget and assessment:
$289,786 short 2023/2034 (2,841 per unit)
If we continue to have the 13th month payment each year, would make up short fall ion 2024/2025, 6 more years
We have potential additions to the reserves of 9,240 from 2017/18 special assessment and about 31,000 net form the 2016 Hurricane account
We have spent 88,450 on balconies so far and have an estimated 76,000 more to spend
We have approved 28,000 for pool resurface this year
Need to take a closer look at the scheduled reserve expenses cost and timing in the 2017 study:
We need to resurface the asphalt soon. The schedule has 7,000 asphalt reseal in 2018/2019 and 52,000 for overlay in 2022/2023. We need an overlay now and to reseal before overlay is a waste of $. Suggest we get quotes on a resurface now. Longer we wait, the more it will cost.
The dunes stairways needs repair now, esp. the far north and south stairways. The stingers are rotting and are a safety hazard. Need to also look at the railings on the short step from the pool on the north side. Suggest we get evaluation and quotes now from a couple of vendors.
Suggest consider replacing the door on the dunes crossover. It is very heavy, slams shut and breaks the lock. We have repaired the lock twice in the last year. Consider an aluminum door where the wind blows through
We should check the reserve scheduled 2017 estimates on Roof replacements (Barber), security gates (how much did they originally cost), dunes crossover (FCC), and painting