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NOVEMBER 2011

BOARD MEETING

President Eileen Bendis
Pres Eileen Bendis
The meeting of The Regency Tower Board was called to order at 7:00 p.m. on Tuesday, November 8, 2011, in the Rendezvous Room of The Regency Tower by the President.

Roll Call - The roll call showed the following Board Members present: Iris Anastasi, Eileen R. Bendis, Eric Berkowitz, Bernard Larkin (via speakerphone), Catherine Lenz and Fern McBride. Margaret Thompson was absent.

Approval of Minutes - Eric Berkowitz made a motion to approve the minutes of the October 13, 2011 meeting, which was seconded by Cathie Lenz and unanimously passed.






Cathie Lenz, Treasurer
Dwight Lyons, Manager

Treasurer Cathie Lenz
Treas Cathie Lenz
We have a new format for our budget; the grouping is no longer alphabetical but rather by account number - aligned with the way we account for and publish our income and expense.

The projected figures for total income, expense and partial reserve funding for 2012 are identical to those of this year: $1,462,747.00. There will be a slight increase of approximately $6.00 in each unit’s quarterly invoice due to an increase of $5,061.00 in Comcast contracted rates. Comcast contract renewal is scheduled for next year.

  • Account 4019 - Account number 4019 reflects a decrease in rental income from $30,000.00 to $16,500.00 due to the sale of apartment 1401. Rental income is based solely on apartment 1508.

    Click to John R. Frazer website
    Manager Dwight Lyons
    Mngr Dwight Lyons
    We project a net income figure for this year, so we have determined that a reserve study would be a prudent undertaking at this time. The Board has contracted with J.R.Frazer, R.S. to complete a Reserve Study for the Regency Tower. We feel that we are underfunded in our Reserves and that there is a need to add additional line items in our reserves per Florida Statute 718. We expect the completed study in approximately 10 days.

  • Account 5000 (Salaries and Benefits) - In expense account 5000, there is an increase in salary and wages from $481,678.00 to $485,988.00. This is due in part to an increase in salary for the manager’s position (bringing it in line with salaries earned by other Galt Ocean Mile building managers) and an increase in Workmen’s Comp Insurance.

  • Vice President Eric Berkowitz
    V.P. Eric Berkowitz
    Account 5800 (Insurance & Taxes) - Account 5800 has been increased from $342,329.00 to $350,000.00 because we expanded coverage on our insurance policies by adding Boiler and Machinery and Garage keepers policies.

  • Account 5900 (Utilities) - In account No.5900 – Utilities — we factored in anticipated increases in water and sewer rates, taking the figure from $153,000.00 to $162,454.00.

  • Account 6000 (Contracted Services) - In account 6000 – Contracted Services - the only increase is that of Comcast. The amount for “Exercise Equipment” has been reduced from $3,300.00 to $800.00. We have negotiated a quarterly maintenance agreement for all gym equipment; the previous agreement had been allowed to lapse.

  • Secretary Fern McBride
    Sec Fern McBride
    Account 6200 (Operational Expenses) - Account No. 6200 – Operational Expenses- reflects a large increase in “Comm Area A/C Units” from $3,500.00 to $33,500.00. In our audited financial statements for year-end 2010, the reserve balance for this item was ‘0’; the remaining estimated life was 5 years and the estimated cost of replacement was $140,000.00. This increase is meant to partially address the shortfall.

  • Account 6295 (Operational Contingency) -The amount for account 6295 – “Operational Contingency” has been increased from $30,000.00 to $40,000.00, pending results from the afore-mentioned Reserve Study and also due to expenses associated with Unit 1508. The accounts receivable balance on 1508 is already close to $25,000.00 and, once the bank has foreclosed on the unit, the bank would only have to reimburse the Association the lower of two (2) figures: 1% of the mortgage amount or twelve (12) months’ assessments.

  • Iris Anastasi
    Iris Anastasi
    Account 6300 (Administration) - Account 6300 – “Administration” remains at $27,700.00. The 2012 budget reflects more detail.

  • Account 6700 (One Time Expenses) - One time expenses in account 6700 have been reduced from $72,096.00 to $6,000.00, due in main part to the sale of 1401 ($48,006 incurred in 2011) and to the one time North Fire Doors’ expense ($33,000) budgeted for this year. $6,000.00 has been added for Unit 1508.

Adjournment - A motion was made by Iris Anastasi and seconded by Eric Berkowitz to adjourn the meeting at 7:30 p.m.



Fern McBride
Board Secretary

 

EVENTS

NOVEMBER 2011

Annual Holiday Fund for Employees

The Holiday Season will soon be here and, as is our custom, we are asking everyone to contribute to the Regency Tower Employees’ Holiday Fund for 2011. This fund shows our appreciation to all members of our staff for everything they have done during the past year to make living at the Regency Tower safe, comfortable and pleasant.

The total amount received will be divided among all members of our staff. Although many residents give more, a minimum of $50.00 is suggested. Please be aware that all employee salaries have been frozen until 2012; therefore, we thank you for your generous response to this request.

Please make your check payable to “R. T. Employees’ Holiday Fund” and deposit it into the HOLIDAY FUND box on the Security Desk. If you are not in residence, please mail your contribution addressed to: Regency Tower Employees’ Holiday Fund by December 1, 2011 so that distribution may be made at the Employees’ Holiday Party.

Our committee wishes you and your family a joyous Holiday Season, as well as happiness and good health throughout the coming year.

Please keep in mind that many of our employees extended themselves far beyond their respective “job descriptions” before, during and after every emergency. Their actions contributed heavily to moderating the inconvenience and damage costs faced by our Association during and after each hurricane and tropical storm, when the garage door was on the fritz, during every flood, and during dozens of other instances that pass unnoticed BECAUSE THEY DO THEIR JOB SO WELL. This is an opportunity for each of us to show our gratitude and reward their dedication. Please DON’T ALLOW IT TO PASS without being heard from - editor

Employee Holiday Fund Committee

Ofelia Alleguez
Heida Boucher
Shirley Hopkins

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