Brentwood of Palatine Condominium Brentwood of Palatine Condominium Board Meeting 2.14.2007Board Meeting 2.14.2007
Financials– Budget discussion
Approval of Minutes / Resolutions Gate status
– Alternatives pending Contract updates Audit status SOS Filing status Real Estate Taxes Parking lot repairs Path Lighting details Frozen pipes (heat) Water Heater (1455) Rules and Regulations update
December 2006 FinancialsDecember 2006 Financials
Assets 2006 ending– Operating Accounts - $ 21,077.75– Receivables - $ 28,830.67– Reserve (CDs)- $110,000.00
Total Assets - $159,908.42 2/14/2007 current detail:
– Operating accounts - $ 44,177.00 est.– Receivables - $ 25,746.51– Reserve (CDs)- $110,000.00 Total Assets - $179,923.51 est.
Budget DiscussionBudget Discussion•Assumptions made for 2006
•Time constraints
•Better granularity
•Needs identified & quantified
•Specifics outlined
•Adapt, Adjust, Amend
•Next Steps
Contract Updates etc. Contract Updates etc.
•Jani-King / JTW (Cleaning)
•Martinez (Landscaping)
•Cochran & Cochran (Audit)
•Elliot & Associates (Real Estate Tax)
•SOS
Asphalt ConditionAsphalt Condition
Asphalt Condition cont.Asphalt Condition cont.
2 Estimate received so far
Costs range from $20,000 to $30,000 for repairs, sealing and striping of parking drive and fire drive asphalt surfaces
Fresh evaluation of budgeted line items and future planned expenditures.
Path Lighting UpdatePath Lighting Update
Path Lighting UpdatePath Lighting Update
27 New Path lights (Pole/Base/Head) $9,000
Conduit (Pipe) 2140’ $1,000
Wire (12#, 3 strand) 6500 ft $ 900
Junction Boxes 48 $ 350
Concrete (40lb bags) 2200 lbs $ 200
Total est. $11,450
Budgeted $12,000
Frozen Pipes (Super Bowl)Frozen Pipes (Super Bowl)
Frozen PipesFrozen Pipes1485 & 1489 front entry halls
Frozen PipesFrozen PipesActions and remedies inside Units
Water Heater ReplacementWater Heater Replacement1455 Hot Water Heater Failure
Water Heater ReplacementWater Heater Replacement1455 Hot Water Heater Failure
•Multiple bids solicited
•Wide range of quoted costs
•2 new water heaters to be purchased for $2885 ea. Delivery this week.
•Installation to occur ASAP. 24 hour notice will be given to 1451, 1455 & 1459 indicating hot water unavailability during installation. Est. duration – 5 hours
•Installation cost est. $2100
•Total estimated cost of failure of the heater: $4,985.00
Rules and RegulationsRules and Regulations Association attorney has vetted the
proposed Rules and Regulations. Final formatting and preparations will
take only a few days. Prepared copies shall be provided to all
Owners of the Association. A Members meeting will be scheduled to
discuss the proposed Rules and Regulations.
Final set will be approved at a Board meeting.
Exact time frame not set, but will be less than 30 days from today.
Thank YouThank You
Thanks from your Board for attending this evening’s Board meeting for February 14th, 2007
