MADISON RIDGE CONDOMINIUMS, INC.

ANNUAL BUDGET 2011

Prepared by Suburban Realty

Proposed 12/15/10 BOD Approved: 12/15/10 Annual Mtg: 01/12/11

INCOME		EST '10	BUDGET '10	VARIANCE	NEW '11 BUDGET	REMARKS
Dues		41,376	43,200	-1,824	43,200	DUES: Units (1/12) - $300.00
Interest		79	75	4	75
Late Charges		793	200	593	200
Other		2	0	-2	0
Variance					-1,229
Sub Total		42,250	43,475	-1,229
TOTAL					42,246
EXPENSES
Insurance		4,005	3,698	307	4,005
Legal		770	1,400	-630	800
Office Expense		218	210	8	220
Audit & Taxes		325	300	25	325
Repairs- Misc.		3,577	5,850	-2,273	5,663
Lawn Service		1,156	925	231	1,200
Janitorial		1,535	1,500	35	1,550
Snow Removal		1,435	2,000	-565	2,000
Licenses & Fees		0	0	0	0
Electricity		1,593	1,500	93	1,600
Water - Sewer		2,976	3,050	-74	3,450
Gas		6,818	6,900	-82	9,000
Telephone		1,684	1,700	-16	1,700
Refuse		2,283	2,300	-17	2,300
Management		5,040	6,334	-1,294	5,040
Reserves*		5,288	5,288	0	7,645
Other		0	200	-200	200
Sub Total		38,703	43,155	-4,452	46,698
Variance				-4,452	-4,452
TOTAL					42,246

Unit Dues = (1/12) Monthly Dues =$300.00

*Reserves

Asset	Estimated Cost	Remaining life in years	Monthly	Collected to date	Transferred from savings to general acct to fund mold remediation	Assessment collected to date to replace funds transferred from savings	Current savings balance
Exterior paint (Bldgs)	11,149.01	5	50.51	8,118.31
Carport Paint	1,720.93	8	17.93	0
Interior hall paint	3,092..30	4	53.64	517.56
Roof replacement	20,031.15	18	79.31	2,899.62
Parking lot paving	23,523.39	23	55.84	8,111.1
Heating boiler replacement	28,413.52	28	78.42	2,063.1
Hot water heaters	9,189.49	6	86.86	2,935.39
Hall Carpet	2,600.11	4	18.59	1,707.62
5' Fence	11,776.35	14	45.77	4,086.31
3' Fence	2,999.32	17	14.7	0
Entry system	3,661.53	15	16	781.97
Retaining Wall 2'	3,235.12	33	8.05	48.48
Carport Roof	13,078.25	16	65.26	549.36
Common Area Deck	1,235.28	23	4.48	0
Insurance Deductible Reserve	1,000	1	41.67	500.04
Owner's dues deposits				5,525
Total			637.03	37,843.86	15,974.94	15,974.94	37,746.49