Welcome To the Blue Tree Resort at Lake Buena Vista Condominium - PowerPoint PPT Presentation

Welcome To the Blue Tree Resort at Lake Buena Vista Condominium Association, Inc. 2018 Budget Meeting October 14, 2017 9:00 AM EST Blue Tree Resort at Lake Buena Vista Check-In Facility

Call To Order

Proof of Notice

Notice of Mailing STATE OF SOUTH CAROLINA CERTIFICATE OF MAILING COUNTY OF HORRY I hereby certify that I have caused to be mailed on 9/26/2017, the Budget Meeting Notice of the Blue Tree Resort at Lake Buena Vista Condominium Association, Inc., to be held Saturday, October 14, 2017, at 9:00 A.M. at the Blue Tree Resort, 12007 Cypress Run, Orlando, Florida. Said Notice was sent to all owners of record. Kelly Gercak Kelly Gercak, Executive Administrator – SPM Resorts, Inc. Agent for Blue Tree Resort at Lake Buena Vista Condominium Association, Inc. Date: 9/26/17

Election of Chairman

Minutes

New Business

Budget Documents

Annual Maintenance Fees 2008 – 2018 For 2 Bedroom Executive Unit (includes Reserves and Property Taxes) 700 600 500 400 300 200

2018 Maintenance Fees Comparison (2 Bedroom Units) $1,400 $999 $1,046 $1,084 $1,168 $1,200 $1,000 $886 $750 $720 $800 $651 $600 $400 $200 $-

2018 Maintenance Fee Summary • Maintenance Fees - Operating: $500.67 • Maintenance Fees - Reserves: $ 59.81 • 2 Bedroom Deluxe Property Tax: $ 96.52 • 2 Bedroom Executive Property Tax: $ 90.98 • 1 Bedroom Property Tax: $ 54.52 Maintenance fees by Unit Type: Ø Two Bedroom Deluxe $657.00 Ø Two Bedroom Executive $651.46 Ø One Bedroom Executive $615.00

BLUE TREE RESORT AT LAKE BUENA VISTA CONDOMINIUM ASSOCIATION, INC. PROPOSED 2018 OPERATING BUDGET WITH 2017 COMPARISONS AND VARIANCES 2018 Variance from 2018 2017 Budget 2017 2017 PROPOSED BUDGET FORECAST BUDGET $ % REVENUE Maintenance Fee - Operating 6,448,695 6,448,695 7,021,897 573,202 8.89% Maintenance Fee - Reserve 719,763 719,763 838,835 119,072 16.54% Maintenance Fee - Property Tax 1,105,745 1,105,745 1,184,842 79,097 7.15% Delinquent Owner Rental/HOA Rental 1,921,621 1,554,746 1,797,319 (124,302) -6.47% Late Fees 84,000 68,367 71,400 (12,600) -15.00% Interest on Delinquent Fee 48,405 45,485 44,746 (3,659) -7.56% Other Revenue 1,047,480 935,293 861,979 (185,001) -17.71% Gross Revenue 11,375,709 10,878,094 11,821,018 445,309 3.91% Reserve For Replacement 719,763 719,763 838,835 119,072 16.54% Net Operating Revenue 10,655,946 10,158,331 10,982,183 326,237 3.06%

BLUE TREE RESORT AT LAKE BUENA VISTA CONDOMINIUM ASSOCIATION, INC. PROPOSED 2018 OPERATING BUDGET WITH 2017 COMPARISONS AND VARIANCES 2018 Variance from 2018 2017 Budget 2017 2017 PROPOSED BUDGET FORECAST BUDGET $ % OPERATING EXPENSES Utilities 575,400 526,402 541,230 (34,170) -5.94% Housekeeping 1,230,760 1,241,508 1,147,924 (82,836) -6.73% Maintenance 275,964 315,975 306,854 30,890 11.19% Management Fee 280,000 280,000 280,000 - 0.0% Administrative & General 611,178 534,210 488,059 (123,119) -20.14% Salaries & Wages 1,767,856 1,784,454 1,573,350 (194,506) -11.00% Payroll Taxes, Benefits & Related Expenses 479,462 416,732 406,797 (72,965) -15.21% Property Tax Expense 1,105,743 1,105,743 1,184,842 79,099 7.15% Insurance 199,985 178,397 194,605 (5,380) -2.69% Bad Debt Expense 2,730,486 2,730,486 3,256,407 525,921 19.26% Leases/Contracts/Other 1,399,112 1,381,141 1,602,115 203,003 14.51% Total Operating Expenses 10,655,946 10,495,048 10,982,183 325,937 3.06% Operating Profit/(Loss) - (336,717) -

BLUE TREE RESORT AT LAKE BUENA VISTA CONDOMINIUM ASSOCIATION, INC. PROPOSED 2018 RESERVE BUDGET WITH 2017 COMPARISONS AND VARIANCES 2018 Variance from 2018 2017 Budget 2017 2017 PROPOSED BUDGET FORECAST BUDGET $ % Reserve Fund Revenue Reserve Contribution 719,763 719,763 838,835 119,072 16.54% Reserve Interest 24,000 35,427 24,000 -0- 0.00% Other Reserve Income 1,500 905 1,500 -0- 0.00% TOTAL RESERVE FUND REVENUE 745,263 756,095 864,335 119,072 15.98% Total Reserve Expenses 993,176 773,305 955,193 (37,983) -3.82% Net Income/(Loss) (247,913) (17,210) (90,858) 157,055 -

Blue Tree Resort at Lake Buena Vista 2017 Reserve Expense (By Project) 1 Mattresses & Box Springs: Replacement as needed (23) $5,917 2 Appliances: Replacement as needed (10) $12,042 3 Television: Replacement as needed (40) $8,269 4 HVAC: Evaporators, Fan Coils, Motors: Replacement as needed (15) $33,804 5 Tub Resurface (100) $25,020 6 Entry Door Lock Replacement: Building 13 $20,080 7 Pillar / Archway Replacement: Buildings 10, 13 & 18 $46,000 8 Perimeter Fence – Shopping Center $12,297 9 ADA Lift: Spa #1 $5,546 10 Pool Furniture Replacement: Pool #1 $14,376 11 Awning Replacement: Pool #1 $5,624 12 Pool Restroom Tile Replacement: Pool #1 & #3 $4,539 13 Pool Heater Replacement: Pool #4 $2,547 14 Mini Golf Concrete Repair $4,555 15 Water Valve Replacement $13,328 16 Soft Goods Replacement: Building 2 - 20 Units $194,649 17 Dressers, Nightstands & Headboards Replacement: Building 2 - 20 Units $62,900 18 Dressers, Nightstands & Headboards Replacement: Building 4 - 16 Units $50,320 19 Freight Costs: Buildings 2 & 4 - 36 Units $23,419 20 Popcorn Ceiling Removal, Install Knockdown Texture: Building 2 - 20 Units $106,824 21 Kitchen Backsplash Installation: Building 2 - 20 Units $7,000 22 Retexture Interior Walls: Building 2 - 20 Units $42,638 23 Paint Interior Walls New Color Scheme: Building 2 - 20 Units $62,765 24 Merrill Lynch Bank Fees $8,846 Total Reserve Expenses 2017 - By Project $773,305

Blue Tree Resort at Lake Buena Vista 2018 Reserve Expense (By Project) 1 Mattresses / Box Springs: Replacement as needed (42) $7,000 2 Appliances: Replacement as needed (22) $15,000 3 Television: Replacement as needed (34) $8,000 4 HVAC: Evaporators, Fan Coils, Motors: Replacement as needed (15) $25,500 5 Tub Resurface (100) $25,000 6 ADA Lift: Spa #3 $6,000 7 Pool Furniture Replacement: Pool #2 $29,100 8 Pool Restroom Renovation: Pool #2 & #4 $25,000 9 Mini Golf Additional Hole (3) $3,150 10 Mini Golf Entrance Installation (2) $8,400 11 Water Valve Replacement (40) $25,000 12 Administration Building Carpet Replacement $19,676 13 Soft Goods: Building 10 - 33 Units $122,184 14 Mattresses / Box Springs: Building 10 - 33 Units $37,290 15 Dressers / Night Stands / Headboards: Building 10 - 33 Units $100,056 16 Built in Closet & TV Chest Spare Bedroom: Building 10 - 33 Units $40,854 17 Sofa Sleeper Upgrade: Building 10 - 33 Units $54,780 18 Tile & Baseboard: Building 10 - 33 Units $160,343 19 General Contractor $157,245 20 Freight Costs: Building 10 - 33 Units $38,643 21 Tax: Building 10 - 33 Units $37,972 22 Bank Fees $9,000 Total Reserve Expenses 2018 - By Project $955,193

Adoption of 2018 Operating and Reserve Budget

Adoption of 2018 Assessments

2018 Maintenance Fee Summary • 2 Bedroom Deluxe 2018 Maintenance Fee: $657.00 • 2 Bedroom Executive 2018 Maintenance Fee: $651.46 • 1 Bedroom 2018 Maintenance Fee: $615.00

Summary of the Association’s Assessment Billing & Collection Policy • November/December: First maintenance fee billing is sent out which will include any prior balances. • January 1: Due date. All fees not paid by this date are late. • January 5: Late Fee Date. A $25.00 late charge plus interest at a rate of 18% per annum (1.5% monthly) will be added to all accounts on which payment was not received on or before 1/4. Past due notice will be sent. • March 5: Delinquent Date. All delinquent accounts will be sent to a collection agency to commence with a soft collection approach towards collecting outstanding maintenance fees. $15.00 lock out fee will be assessed and the Florida required lock out notice will be included. Delinquent units are placed in the rental program. • April 5: All accounts not paid will remain in collections and be subject to credit reporting and an active collections effort. • November 1: Return "unsettled or inactive" accounts from collection entity and possibly send to a second collection agency or an attorney for continued efforts which may result in foreclosure of acceptance of a deed- in-lieu of debt of all or partial debt dependent upon Resort approval.

Adoption of 2018 Billing and Collection Policy

Old Business

Adjournment