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NOVEMBER 2012

BOARD MEETING

President Eileen Bendis
Pres Eileen Bendis
The meeting of the Regency Tower Board of Directors was called to order at 7.00 P.M. on Wednesday, November 7, 2012, 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, Catherine Lenz and Gene Sicoli. Abe Ben-Aviv and Margaret Thompson were absent.

Approval of Minutes - Eric Berkowitz made a motion to approve the minutes of the March 20, 2012 meeting as written, and seconded and passed by general consent.






Cathie Lenz, Treasurer
Dwight Lyons, Manager

Click to John R. Frazer website
Treasurer Cathie Lenz
Treas Cathie Lenz
Cathie Lenz, assisted by Dwight Lyons, presented the revised proposed 2013 budget at the meeting. Cathie began by stating how the reserve amounts were determined. The funding for full reserves amount of $463,500 was based on the recommendations of the specialist who carried out a full reserve study for us earlier this year. He indicated that the first year funding amount, based on his analysis, should be $513,500. Since we had already established a new reserve account and funded it with $50,000.00, we derived the new total. Funding with partial reserves was simply an amount carried over from 2011 and 2012 budgets.

  • Proposed income for 2013 reflects a slight decrease ($3,100) from the 2012 budget due to anticipated reduction in apartment rental income ($2,000.00) and the likelihood that Interest Earned would be $1,000, down from the 2012 budget of $2,000.00.

  • Proposed expenses for 2013 reflect an overall decrease of $7,100 from those for 2012. There are increases and decreases in several categories:

    • Salaries and Wages are up $26,795 reflecting the pay raises that will be given to most staff members, particularly to those whose salaries have remained constant for two or more years. The SUTA tax was under-budgeted in 2012; the amount for 2013 is based on the first three (3) quarters of 2012, extrapolated for the full 12 months. Workmen’s Comp Insurance and Employee Health Insurance are also slated to increase.

    • Insurance and Taxes’ projected expenses are due to increase by just under 8%. Click to Smith, Watson, Parker website Dwight and Cathie worked with our insurance agency, Smith, Watson, Parker, and were successful in getting a new team assigned to the R.T., a team that truly is making best efforts to keep our premiums under control. QBE, our General Insurance provider raised its premium by $30,000.00 per annum, but also wanted to raise our deductible for floods from $5,000.00 to $25,000.00. Our agent prevailed and QBE agreed to maintain the $5,000.00 amount.

    • Utilities Expense is 7% lower than the 2012 budget and the

    • Contracted Services category is $7,100.00 lower than this year’s budget. Telephone expense is down due to Abe Ben-Aviv’s initiative in suggesting that we secure a new service provider Click to Oracle Elevator website which we did and which resulted in our not having to pay long distance charges for any North American-destined calls. We renewed the Oracle elevator service contract at a lower rate and took advantage of an opportunity to renegotiate our waste management contract since our provider-FSR- was acquired by Choice Environmental. We also contracted with Integrated Waste Systems to reduce our expenses, with anticipated savings of $25,000.00 over a five year period. We are in the process of finalizing a new contract with Comcast, with costs being held to the same amount as those in 2012.

    • Operational Expenses’ budgeted figures are $60,500 less than those in 2012. Click to Oracle Elevator website Notable line items are the decrease in pool expenses since we replaced two of the three heat pumps in 2012 and don’t anticipate having to replace the third in 2013 and Comm Area A/C Units since we replaced three this year and have
      Manager Dwight Lyons
      Mngr Dwight Lyons
      had the opportunity to prevent the need for replacement of existing units through such things as changing the venting on the top floor A/C risers, installing mud legs, fan boards and the like. We have also reduced

    • Operational Contingency, moving amounts to more appropriate line items and changed Bad Debt Contingency to reflect that there is only one unit in foreclosure.

    • In Administration, we acquired a new copier/printer and networked all the office PCs to it, anticipating a significant savings in toner expense. The decrease in Miscellaneous Expense is due to more precise categorization of expense, booking the items to a more specific expense category.

The proposed total budgeted expenses for 2013 are $1,382,567.00.

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



Eileen Bendis for
Margaret Thompson

Board Secretary

 

EVENTS

NOVEMBER 2012

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 2012. 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, 2012 so that distribution may be made at the Employees’ Holiday Party in December.

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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