Bill Coleman writes to Eugenia Volcheck – October 18, 2021

Bill Coleman writes to Eugenia Volcheck – Octuber 18, 2021

 

William (Bill) J. Coleman is the Director of Condominium Operations of Atlantic Pacific Co. Atlantic Pacific is the management firm for the Aquarius Condominium Association. Mr. Coleman supervises about one hundred Associations similar to Aquarius. This note came to this blog via an Administrative Assistant of the Aquarius Management Office.
This blog is open to post any communication relevant to the life of the community. Offensive, divisive content will not be posted. All material should be sent directly to ceciliob@gmail.com by the author.

Good afternoon,

I appreciate your communication.

Your overview is inaccurate. You are commingling revenue (assessments), expense (cost of projects and projected cost of projects), and liability (loans).

Revenue (assessments) directly/indirectly pays for expenses.

  • Directly: cash on hand utilized to pay an expense for a
  • Indirectly: assessments collected/charged to pay for a liability (loan) that is utilized to pay an expense for a project today when the cash on hand is not available

Expenses are the cost, or projected cost, of projects.

Liability (loans) are taken to fund expenses for projects that are being completed today, but the assessment is not charged/collected in full today. It is charged and collected based on a repayment schedule (amortization schedule) that allows the association to spread the expense to the owner over many months for an expense that is incurred today for a project being completed today.

In your breakdown, you recognize the following:

  1. Year 2017 – $ 15,000,000 Special Assessment adopted by the board
  2. Year 2018 – $  1,194,000 Insurance deductible was collected
  3. Year 2019 – $  2,500,000 New Line of Credit was opened
  4. Year 2020 – $  1,314,562 Proceeds for IRMA hurricane claim received
  5. Year 2021 – $  7,632,237 Special Assessment adopted again by the board

Total                     $ 27,640,799. 

Here are the actual numbers broken down:

Expenses:

Expense Sum of Balance
40 Year ($14,665,268.28)
Claim ($1,284,574.07)
Elevator ($1,846,090.70)
Interest ($167,126.26)
Professional ($1,896,036.84)
Hallways ($2,385,708.94)
Contingency ($207,682.57)
Interest ($60,278.44)

 

Expense Sum of Balance
40 Year ($14,665,268.28)
Claim ($1,284,574.07)
Elevator ($1,846,090.70)
Interest ($167,126.26)
Professional ($1,896,036.84)
Hallways ($2,385,708.94)
Contingency ($207,682.57)
Interest ($60,278.44)
LOC Credit Cost ($19,758.97)
Grand Total ($22,532,525.07)
Revenue :
2017 SA $15,000,000.00
SA Irma Deductible $1,119,000.00
Insurance Claim Proceeds $1,314,562.09
Total Revenue $17,433,562.09
Net Deficit: $5,098,962.98
Loans to cover deficit:
2017 SA (original $15m) $2,603,000.09
$2.5m LOC $2,500,000
Total Outstanding Loans $5,103,000.09
2022 SA:

Loans to cover deficit

$5,103,000.09
Additional projects $2,500,080.00
Total 2022 SA $7,603,080.09

 

I hope this covers all your questions and concerns.

Sincerely,

William Coleman

.o0o.


Grandfather: a pretty good description

 

“A grandfather is a man who doesn’t have small children, that’s why he likes other people’s children.

Grandparents have nothing to do but just to be there.

When they take us for a walk, they walk slowly and don’t step on the pretty flowers or caterpillars.

They never say: Get away from here! Will sleep! Not now! Go to your room and think about you have just done!

They’re usually fat, but they still manage to button up our shoes.

They always know what we want. Only they know the food we want to eat like no one else in this world.

Grandfathers  wear glasses and sometimes even manage to remove their teeth.

Grandfathers do not need to go to the hairdresser, as they are bald or always

have their hair neatly combed.

When they tell us stories, they never skip parts and they don’t mind telling the same story over and over again.

Grandparents are the only grownups who always have time for us.

They are not as weak as they say, although they die more often than we do.

Everyone should do their best to have a grandfather, even more if they don’t have a television set.”

 

Ana Paula,
8 Years old, Florianópolis, Santa Catarina, Brazil.

.o0o.

 

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Eugenia Volchek, 3rd. Note, Financial Matters of Aquarius

Eugenia Volchek, Third Note, Financial Matters of Aquarius

 

Dear Proud Owners,

Let me present myself. I have been living in Aquarius for 12 years. I am a retiree with the following background: accounting, computer programming, real-estate sales. I also served on two different condominium boards. I am expecting any our discussions and opinions.

I would like all of you to be aware of some financial facts:

  1. Aquarius board and management deliberately misrepresented the amount of debt (5,3 million) they put the community in. Actually, today the condominium owes 10 million to Bank of Popular. This amount includes 7.5 million unpaid 2017 credit line and a newly opened 2019 credit line for 2.5 million.
  2. Hopefully, 7.5 million will be paid off by the owners currently paying monthly for future 15 years. 2019 additional credit line was taken to cover 2017 assessment overspending. This credit line has not been billed to unit owners and now it is included in 2021 new Special Assessment (SA). In the meantime, interest payments required by the bank have been made from our annual budget.
  3. This action does not seem to be legal according to Florida Statute 718 (Condominium Law). The Law does not allow commingling Special Assessment and Budget funds. Nevertheless, our authoritarian board and management do not care about Condominium Law compliance. Therefore, they originally wanted to include Reserves into 2021 new SA, ignoring the law of reserves. But they have been stopped by unit owners.
  4. New Project estimation increased in every publication from 2,1million to 2.5 million.
  5. There is an ‘Overages’ amount of 2.6 million in the new 2021 SA. Neither board nor management can explain this item. Is this amount covers waste of money in previous years, or this is a fund for future undefined spending?

It looks to me, the board again uses the failed approach: asking unit owners to pay the SA in-full (without interest). Instead of repaying the loan, they may use the pool of collected cash to produce a new debt.

Eugenia Volcheck, Apt. 802N
M  516.448.7290    H  954.458.6989
eugeniavolchek@gmail.com

.o0o.


Laughing Mater

Reality versus Linkedin

Reality:

I got my driving license

Linkedin:

I am honored and thrilled to announce that I have been selected among the top 5 applicants who participated in professional and the most-respected exam which evaluates the skills and ability to operate fuel-based vehicles. I cannot wait to see what the next chapter holds, and I cannot express my appreciation to the ministry of transportation, Wendy’s, Google, NASA, my neighbors who supported me during this difficult journey.

.o0o.

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Downtown Hollywood activities this Saturday October 16th

Downtown Hollywood activities this Saturday October 16th

FloridasHolywood.org/ArtWalk

.o0o.


Musical moment:

You are having a quiet and nice lunch at La Guerite, Cannes and then… …. surprise!

Cold Heart

Lyrics:

It’s a human sign
When things go wrong
When the scent of her lingers
And temptation’s strong
Cold, cold heart
Hardened by you (oh)
Some things lookin’ better, baby
Just passin’ through (no, no, no, no, no)
And I think it’s gonna be a long, long time
‘Til touchdown brings me ’round again to find
I’m not the man they think I am at home
Oh no, no, no
And this is what I should have said
Well I thought it, but I kept it hid
Cold, cold heart
Hardened by you (oh)
Some things lookin’ better, baby
Just passin’ through (no, no, no, no, no)
And I think it’s gonna be a long, long time
‘Til touchdown brings me ’round again to find
I’m not the man they think I am at home
Oh no, no, no (no, no, no, no, no)
And this is what I should have said
Well I thought it, but I kept it hid
Cold, cold heart (oh)
Hardened by you
Some things lookin’ better, baby (oh)
Just passin’ through (no no, no, no, no)
And I think it’s gonna be a long, long time
‘Til touchdown brings me ’round again to find
I’m not the man they think I am at home
Oh no, no, no (no, no, no, no, no)
And this is what I should have said (and I think it’s gonna be a long, long time)
(‘Til touchdown brings me ’round again to find)
Well I thought it, but I kept it hid (I’m not the man they think I am at home)
(Oh no, no, no) (no, no, no, no, no)
Sugar (oh)
Sugar
Sugar (oh)
Sugar
(No, no, no, no, no)

Source: LyricFind
Songwriters: Bernard J.P. Taupin / Elton John / Nicholas George Littlemore / Peter Bruce Mayes / Samuel David Littlemore
Cold Heart lyrics © Universal Music Publishing Group

.o0o.

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Dear Mr. W. Coleman, from Eugenia Volcheck

Dear Mr. William (Bill) Coleman, an open letter from Eugenia Volcheck

 

Dear Mr. William Coleman,

On October 4, 2021 before Aquarius Special Assessment Meeting, you, as well as board members, received my email outlining very big differences between your Presentation of 2017 Special Assessment collections/spending versus the same items in Aquarius financial reports. Many Aquarius unit owners also got this information either online or by a hard copy.

All unit owners have a right to demand serious answers. Whom should they believe: the board, the management, or financial reports? Usual BOD ignorance of unit owners’ communications must not work in this case. The fact that you hold a high position in AP management and you made this Presentation, makes it necessary for you to address each discrepancy one by one.

Everybody understands that something is wrong in Aquarius condominium. The following enormous statistics indicate the board’s uncontrolled spending and the board willingness to collect more and more money:

  1. Year 2017 – $ 15,000,000 Special Assessment adopted by the board
  2. Year 2018 – $ 1,194,000  Insurance deductible was collected
  3. Year 2019 – $ 2,500,000  New Line of Credit was opened
  4. Year 2020 – $ 1,314,562  Proceeds for IRMA hurricane claim received
  5. Year 2021 – $ 7,632,237  Special Assessment adopted again by the board

               Total        $ 27,640,799.

In spite of current 10 million deficit (7,5 million unpaid 2017 Special Assessment and 2,5 million 2019 credit line also unpaid), the Board was in a hurry to accept a new Special Assessment for 7,6 million dollars. The new projects estimation as well as inclusion of unpaid 2019 credit line summarize in 4,9 million. The rest amount of 2,7 million needs serious explanation, especially considering 1,6 million available cash reported by the board president.

We, Aquarius unit owners, insist on receiving ASAP a written explanation of every indicated discrepancy. This is our money and we cannot be indifferent in spending it.

On behalf of concerned unit owners,

Eugenia Aulov-Volchek
Apt.  802N

.o0o.


Laughing is good for your health:

God is watching!!!

.o0o.

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Letter to Aquarius Board President by Eugenia Volcheck

This open letter was received October 4th, 2021.

Dear Mr. President Bhagwan (Buck) Gupta,

In your letter to unit owners regarding the new 2021 Special Assessment, you specifically mentioned that every penny is accounted for by professionals of AP Management producing our financial reports. I agree with that. But it also looks to me that Aquarius financial reality of 2017 Special Assessment is very different from ‘virtual reality’ presented to us by management and board. As I compared your presentation with financial reports, I found a huge discrepancy in every detail item of the expenses and funds to cover them. The differences range from few hundred thousand dollars to few million dollars.

According to financials, the board collected tremendous amount of money: $23,017,400. The detail description of each fund of money is shown below:

  1. 65 percent of community paid their share of $15,000,000 in full giving total of cash $9,750,000. Adding here 35 percent unit owners’ monthly payments brings the cash total to $11,549,000. This is the real amount billed and collected (as opposed to your unsupported presentation of $15,000,000 received)
  2. Immediately after hurricane IRMA, the board collected from unit owners Insurance deductibles amount of $1,195,000.
  3. During years 2017-2018, the total withdrawal from 15 million credit line equaled $10,000,000. In subsequent years, only $2,500,000 was repaid, leaving us with a debt of $7,500,000 payable monthly by 35% of community up to year 2032.
  4. In October 2019 a new line of credit $2,500,000 to finance cost overruns was taken by the board. This money has been spent already, but the payment should have been started the first of October, 2021. This loan is for 4.6% interest, 15 years term ending in year 2036. The board have not discussed this loan-credit line with the community and signed it without voting on a Board Meeting. The information about this loan-credit line in included in 2020 Audit Report. The payments have not been started and now the Board wants to include this amount in the new Special Assessment 2021.
  5. Hurricane Insurance claim settlement check #33251 was received in the amount of $1,314,562. Payments to MERLIN LAW GROUP PA for $495,394 and HURRICANE FUND BAL for $546,206 were deducted from that amount. Therefore, the correct figure of insurance claim is now $275,482 (as opposed to $1,314,562 in your presentation).
  6. Interest income on collected Special Assessment payments is reported in total of 9,157.

Expenses total, according to Balance Sheet is $22,563,500 (You presented total expenses $938,000 less, only 21,625,663).

 The amount of Special Assessment money left is: $23,017,400 – $22,563,500 = $453,900 (contrary to your claim of cash available $1,617,101). This fund needs to be explained in details by the board.

I also would like to note that the amount of Special Assessment 2017 for every unit owner according to his share in the property amenities was calculated from the total amount of $15,000,000. In reality, withdrawals from the credit line totaled only $10,000,000.

Therefore, unit owners who paid the 2017 Special Assessment in full, already overpaid their share of the loan. The other unit owners with monthly payments will overpay the total amount by the end of the loan term. This is not the only example of the board neglecting unit owners’ interest. The board behaves very ignorant, never confirms receiving any communications or any emails from the community members, and does not answer them. The board always rejects unit owner’s proposals and offers as well.

Mr. President, you also mentioned in your letter how hard the board wanted to be transparent in all dealing. This is simply not true. Until last week, none of the financial reports have been posted on the website. The two pages of Balance Sheet attached to every meeting agenda is not understandable to a person without accounting skills. Our treasurer V. Rocha never talked about Special Assessment overruns and always mentioned that we are in a good shape (not in red) in regards to collecting maintenance money. The Board during last five years practically was bathing in money, overspent significantly, and suddenly, out of the blue came up with a new Special Assessment of $14,000,000 with refinance, followed by $9,400,000 without refinance.

Why does this board like to take loans-credit lines? These instruments are very expensive. We have already paid for opening Bank Popular Lines of credit (we have two LOC) $19,760. In addition, total loan interest paid by community is already $1,485,500.

The new Proposed Special Assessment project list represents only estimates and wishful thinking. Nobody explained to unit owners emergency condition of any items included in the Special Assessment New projects totaling $2,439,800.

2.5 million credit line is already financed for 15 years with a good 4.6% interest rate.  There is no need to include it in the new proposed Special Assessment.

A mystery item of Overages 2.6 million needs to be detailed explained and seriously discussed.

Reserve Contributions of 1.8 million should be excluded from Proposed Special Assessment breakdown since unit owners voted against Reserves in 2021 and it is also against the condominium law (Condominium Statute 718) to fund reserves by a loan.

I also have to remind the board that 2017 Special Assessment 15 million credit line have a balance of 7.5 million.  Currently, 7.5 million is still available to withdrawals as needed. Therefore, the funds for every current new project could be taken from the existed 2017 credit line after specifications have been done, bids received, and contractor selected. These new projects are not needed to be taken all concurrently

In my opinion, the bottom line is:

THE PROPOSED NEW ASSESSMENT IS NOT NEEDED.

Eugenia Aulov-Volchek. Unit 802N, eugeniavolchek@gmail.com

.o0o.

Sway in Amsterdam. A moment of enchantment.

 

.o0o.

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Should we, at Aquarius, go back to 2015?

Should we, at Aquarius, go back to 2015?

This whats was happening at Aquarius in 2015. The recently elected Board  was eventually, recalled. The recall did not happen by the majority of the votes. The recall was result of the Board not to properly respond to an inquire of the DBPR/FL.

TV Channel 10 visits Aquarius Condo. Broadcasted June 17, 2015 | Aquarius Condominium, Hollywood Florida (aquariusuno.com)

Should we, at Aquarius, go back to 2015?
  
 
In 2015 Aquarius had the East Deck and Pool not usable. The roof of the Lobby had collapsed and was not usable. The entrance was only pssoble by the Service Gate in the North end of Aquarius.

We believe the lock of supports on the structure, the corrosion present on the supports due to several years of water leaks from the upper deck and the water increosing the weight of the stucco finish, have make the area collapse. Andre Caycedo, President of the ACG Engineering Inc.

 
The new Board, in 2015,  decided to make these two areas livable again. For that a Special Assessment was proposed. The reaction of a group of owners was not positive. The idea was that the previous resources had not been properly used, and the new attempt would have the same disappointing results.
In reality both projects were completed on time and on budget and some money left to repair the ceiling of the gym and other details of the gym. Before the end of 2015, the West Deck, the Valet Deck and the East Pool were open for enjoyment. A couple of months later the Lobby was back to use.
What happened? It seems that Aquarius had for many, many years a maintenance budget that did not cover the current expenses. Some 3.7 million received from the neighboring Trump Building had been used to cover the day-to-day operations in the course of 6 years. Aquarius had a regular assessment (maintenance fee) that was a fraction of any building of the neighborhood would charge.
A very good explanation of the use of the money received by Aquarius from the firm next door is given by    Sam Schmuter Responds to TV Channel 10 report June 24,2015 | Aquarius Condominium, Hollywood Florida (aquariusuno.com)
Why the number of problems at Aquarius accumulated over the years? Insufficient maintenance fees (regular assessment) and projects done without the necessary funds to be properly completed. The frustration of the owners is understandable. What is not understandable is the permanent ignoration of the real costs of proper maintenance.
It seems that the old sentiment of unsustentable low fees has now has gained again some new strength. The idea that a building may go on for years and years of without proper maintenance has had sour results. Champlain Towers has tragically shown to all of us what may happen.

Champlain Towers, Surfside, FL, after the June 2021 tragedy

Minor problems if not treated immediately tend to become large problems with increased cost.
Should you go back to 2015 or should we confront the reality and keep the building in its proper shape? 
2025 sentiments were caused by total lack or reserves and underfunded budget for day-to-day operations (regular assessment). Do we prefer to pay as we go or have large special assessments with repairs that could have a much smaller cost if treated as they become needed?
Let’s think about it! To do the same thing and expect different results is not a sign of sanity (A. Einstein).
.o0o.

If you like music, if you like the movies this clip is for you

 

Posted in Social | 1 Comment

A Report of Meetings with the Board of Aquarius and the Director of Operations of A|P

A Report of Meetings with the Board of Aquarius and the Director of Operations of A|P

This is a summary of meetings between some Aquarius Board members, the Atlantic Pacific Director of Operations and Aquarius Initiative Group:

  1. The Bord of Directors – BOD represents the Aquarius Condominium owners, and are held accountable to them. The Board and Management aren’t informative enough to residents about projects executed, spending, or financial operations. Condominium Owners would like to know in detail the contractors’ election procedures, invoices paid (not year’s later, when residents become debt hostages). At meetings we ask Management and Board members to communicate better in regards to new project details, financial assessment and bill payments. We also ask the Board to be more open using emails, websites, open discussion, taking advice or opinions from residents who had professional skills in construction, legal, technical and financial fields. The Board is an elected organization and should have a mutual understanding and trust with residents. Mismanagement: yearly maintenance requirements, hiring engineering company which caused conflicts of interest, and negligence in some ways. (So, it should be called bad Management). Why claim “Irma” only to the insurance company? No one called the construction company and engineers responsible for water damage, electrical problems, or for the negligence while removing the balconies. Nor for the roof condition after the construction left. This resulted in huge engineering and legal Fees.
  2. It was confirmed that the payment schedules presented are based on $9.3M and include an additional $1.8M reserve for possible future projects. Mr. Gupta acknowledged receipt of a letter from Aquarius residents with a request to not include these “Reserve” funds in the new assessment. It was confirmed that the collection of a reserve fund would be voted by all residents since currently it’s not a mandatory FL state requirement.
  3. The new assessment will include funds according to Mr. Coleman’s presentation: a total deficit of $5,311,101 and additional funds for new projects $2,112,800. Total of $7,423,901. The new assessment will be discussed and approved at the next Board meeting.
  4. The hallways expense of $2,385,708 was questioned since it exceeded the budgeted $1,500,000. It would be helpful if the Board provided a break down: work and amount actually included and how they were paid. A similar break down should be provided for the Elevator Modernization and Professional Fees since they substantially exceeded original budget projections.
  5. It was confirmed that the amounts for new projects are budgetary estimates. Actual work estimates will be solicited and selected based on a public bidding process. All bids obtained and scopes of work included will be presented for owners to review before acceptance.
  6. It was explained by Mr. Gupta that three financing instruments were presented in Mr. Coleman’s presentation: #1-New loan $4M, #2-Remainder of $15M loan and #3. $2.5M credit line would be consolidated into one loan.

Mr. Gupta informed that the Board had hired an independent structural engineer to verify completeness’ and accuracy of structural work managed by Hillman according to the contract as-built drawings.

Opinions here expressed do not necessarily represent the opinion of the editor of the aquariusuno.com site.

.o0o.


Laughing matter:

.o0o.

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Letter from the President of the Board to Aquarius Owners

Letter from the President of the Board to Aquarius Owners

 

AQUARIUS CONDOMINIUM ASSOCIATION, INC.

 

Dear Unit Owners\Neighbors

After much discussion with various residents, I have come to realize just how much misinformation is being shared by various segments of our community. I want to clarify the past expenditures related to the original assessment of $15 million dollars. You all have received a digital copy of PowerPoint presentation made by Mr. Coleman from AP Management. The expense breakdown shared with you was as follows:

As you can see, we far exceeded our projected costs in each of our original estimates based, not only on bids received, but also changes to our original scope of work. There is no mystery as to how the total project costs exceeded the original estimates. It is based upon the discovery of unforeseen conditions identified by our consultants and by us. The total expenditures identified above were funded by the following resources:

 

 

 

 

 

All change orders, purchases, and additional scope of work identified and completed, were reported to all unit owners through regular Board Meetings for the duration of these project.

At the end of each calendar year, an independent audit was conducted, reported to the State and was made available to all unit owners on an individual request basis.

It is very unfortunate coming across individuals questioning how the money was spent. Every penny received and spent by the Association has been documented and accounted for by professionals employed by AP Management and Office Support Staff. An Agenda listing all procurement items have been submitted to our residents along with monthly financial reports at each Board Meeting for review, discussion and approval. This Board, elected by you each year, has always tried very hard to be transparent in all of its dealings.

I do not receive any pleasure or satisfaction by having to adopt another special assessment at this time. As a matter of fact, I was hoping it would not be necessary. After all, I am being impacted as well. As hard as this Board tried not to have a special assessment, it became necessary due to the Age of Aquarius and also the lack of maintenance it received through the years. I believe this Board has done everything possible to maintain the safety and property value of Aquarius and for this reason, I will not be a party to having my integrity challenged as well as that of the rest of the Board of Directors simply because we are having to pay more money to protect our investment in the property we call “home.”

The list of projects I have idenfitied are in line with outstanding jobs to be completed at this time. Should anyone wish to meet with me to discuss any of the construction related issues, I will bemore than glad to do so. I apologize for the length of this letter, but I felt it was necessary to make my position very clear to anyone interested in dealing with facts.

Bhagwan (Buck) Gupta
August 31, 2021

Printer Friendly version of this letter

.o0o.


Thinking matter

Excuse me Sir. The train for a better world?

 

 

 

 

 

 

 

 

 

 

 

 

 

.o0o.


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William Coleman Presentation of August 16, 2021 – Aquarius Financials

William Coleman Presentation of August 16,  2021 –

Aquarius Financials

 

On August 16, 2021, Mr. Bill Coleman, AP Director and former Regional Manager including Aquarius gave a Zoom a presentation that may be of interest to Aquarius residents. The Management Office announced a discussion over the forthcoming financial matters. A careful exam of this material may enhance our understanding of the issues being considered.

Also attached is the most recent Aquarius ‘Reserves Study’. It is important to have an updated ‘Reserves Study.’ Best practices indicate that al least every two years the ‘Reserves Study’ is refreshed.

To fund the observed required reserves is a separate issue. The Legislative Branch of the State of Florida allows Homeowners to wave funding the Reserves provided there is a majority vote. However, following the recent structural problems in buildings in South Florida, i.e. Champlain Towers, the Legislature is inclined to remove the possibility to continue not funding reserves. If this is ever approved in Florida, it will follow similarly to most states that establish mandatory funding of Reserves. At this time, it is still legal to not have funds in reserve in Florida.

Click to open:

   Aquarius Bill Coleman Presentation 8.16.21mod

  2019 07 05 AQUARIUS Reserve Study 2019-compressed


AQUARIUS CONDOMINIUM ASSOCIATION, INC.

PAST
PRESENT
FUTURE


AGENDA

  • PAST – EXPENSE BREAKDOWN
  • SA 2017 EXPENSE
  • IRMA EXPENSES OVERAGES
  • PRESENT
  • 2021 PROJECTS
  • FINANCING
  • PAYMENT SCHEDULES
  • FUTURE
  • Q & A

  • PAST – EXPENSE BREAKDOWN

  • 40 RECERT       =     $14,665,268
  • HALLWAYS       =     $2,385,708
  • ELEVATORS      =     $1,846,090
  • PROF. FEES       =     $1,896,036
  • CONTINGENCY  =     $207,682
  • LOAN EXP & INT =    $167,126
  • CLAIM EXP          =     $242,598

PAST – EXPENSE BREAKDOWN

TOTAL PROJECT COSTS           =      $21,410,512

IRMA EXPENSES                         =             $215,151

TOTAL SA RELATED COSTS     =        $21,625,663


PAST – ATTRIBUTABLE INCOME

  • 2017 SA TOTAL INCOME        =    $15,000,000
  • IRMA INSURANCE CLAIM    =    $1,314,562
  • TOTAL INCOME                =    $16,314,562
  • TOTAL EXPENSES           =    $21,625,663
  • TOTAL DEFICIT                =    ($5,311,101)

Present – New Projects


PRESENT – FINANCING

 

FACILITY #1: NEW PROJECTS – LINE OF CREDIT = $4M, 18 MONTH LOC, 20 YEARS, 5.50%

FACILITY #2: PROJECT & OVERAGES – TERM LOAN = $7,528,994, 17.25 YEARS, 5%

FACILITY #3: PAYOFF LINE OF CREDIT – TERM LOAN = $2.5M, 20 YEARS, 5.2%


PROJECTS

FACILITY #1: NEW PROJECTS – LINE OF CREDIT = $4M, 18 MONTH LOC, 20 YEARS, 5.50%

$4M – $2.2M = $1.8M


PRESENT – PAYMENT SCHEDULES

(PAID IN FULL)


PRESENT – PAYMENT SCHEDULES

(MONTHLY PAYMENTS)’

 

 



FUTURE – YEARS OF RESERVE COMPONENTS

–  $1.8M FUNDS ALL RESERVE PROJECTS FORECASTED THROUGH 2030

– CURRENT TOTAL BUDGET = $2.8M, IF BEGINNING IN 2024, THE ASSOCIATION INCREASES THEIR OPERATING BUDGET BY 3% EVERY OTHER YEAR TO FUND RESERVES THROUGH 2039, AQUARIUS WILL BE FULLY FUNDED.

-THIS LONG TERM PLAN ENSURES NO FURTHER
SPECIAL ASSESSMENTS.


Q & A


.o0o.

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Broward County Structural Issues Public Hearing – August 23, 2021 2 PM

Broward County Structural Issues Public Hearing – August 23, 2021 2 PM

Condo Safety Questions Discussed

Condo Safety Questions Discussed by County Structural Issues Committee  -Meeting and Public Hearing Set for August 23rd- Pre-Register to Speak – 

BROWARD COUNTY, FL – The Broward County Condominium Structural Issues Committee will hold a public hearing on August 23rd beginning at 2PM. Committee discussion begins at 9:30AM, prior to public input at 2PM. You must pre-register to speak by noon on the day of the meeting. You may Pre-register by clicking here. Once you register, a phone number to call in will be e-mailed to you. Public comment will be taken from 2PM to 5PM. These meetings are webcast live through links on Broward.org homepage and on social media channels: Twitter and YouTube.

More information at:

https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwebapps6.broward.org%2Fnewsrelease%2FView.aspx%3FintMessageId%3D12713&data=04%7C01%7C%7C217e2172a24741cf161a08d9663c8911%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637653232450229418%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=iRLSGIztZ%2FMja8Glsp%2B4bp9qGXxTa1xnaRXEjsc8KCE%3D&reserved=0

“”Statutory building reserves are another issue which was discussed.  Costs to pay for structural improvements such as a new roof, painting, and pavement restoration are typically waived by a majority vote of the homeowners.  Questions have arisen about the wisdom of doing this, which leads to large special assessments.””

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