The following is the status of the special assessment collections as of today's date:
Bay Water: $219,634.65 billed/$129,767.64 paid/$89,867.01 outstanding.
The Villas: $384,770.38 billed/$220,928.24 paid/$163,842.14 outstanding.
TOTAL RECEIVED SPECIAL ASSESSMENTS IS $350,695.88.
TOTAL OUTSTANDING SPECIAL ASSESSMENTS IS $253,709.21.
On Monday, December 8, 2008, the Bay Water and The Villas Boards approved the following expenditures, which work is to be completed, hopefully, by December 31, 2008:
1. Kauffman Co. (the original contractor) for the fire sprinkler systems in the amount of $31,890. However, Kauffman was still surveying the backflow preventers and fire pumps so there will be a supplemental invoice to be paid.
2. Alarmtechs, Inc. for the fire alarm systems in the amount of $45,362.15.
The total of these two invoices is $77,252.15, which will be paid from the special assessments received, depleting the cash balance of the special assessments received to $273,443.73. Some additional invoices need to be paid from the special assessments so this will only leave whatever funds are left after these invoices and the supplemental Kauffman invoice to begin the unit restoration process in January. These funds will not restore very many units so the outstanding $253,709.21 is needed as soon as possible. Otherwise, we will be forced to wait until the second layer of insurance is received. There is another meeting tomorrow at Pointe West with the second layer insurance adjuster at which time we will give you a status update. Once all the appropriate fire systems are in place and approved by the authorities, hopefully by December 31st, the electrical can then be permanently turned on, which is good news for everyone.
Also, there has also been no official determination as yet from the flood insurance adjuster relating to the elevators.
You will be receiving your regular first quarter assessments within a few days which will be billed at the 2008 assessment rates and will need to be paid within the timeframe set forth in the invoices. Both Boards have been unable to reach an agreement on the 2009 budgets and we will be revisiting the issue next Monday. We have been advised that insurance rates on all the insurance policies will be increasing 10-15% and we are considering negotiating with the insurance companies about possibly increasing the deductibles to lower the premiums. This will be a major component of our budgets in 2009.
Many of you have been asking about the updated IRC reports, but we are still waiting for them.
