2015 Annual Budget

2015 Annual Budget, updated 6/16/16, 10:15 PM

The very best sunsets are at Driftwood Sands overlooking the Gulf of Mexico.

Driftwood Sands is a cozy beachfront 45 unit complex in Indian Rocks Beach.

About Driftwood Sands

Prestigious Driftwood Sands (DWS) is a private beachfront complex   located in scenic Indian Rocks Beach, Florida overlooking the Gulf of Mexico and its timeless sunsets.

The spacious condominiums feature 2-4 bedrooms, with many master bedroom suites overlooking the Gulf of Mexico, large double or walk in closets, laundry room, garage private storage lockers and private balconies all with gulf views.

The complex is a well-managed community with an active Board of Directors, Building maintenance superintendent, grounds committee and Property Management Company.

Amenities include assigned covered & guest parking, dual elevators, library/meeting suite, shuffleboard, poolside restrooms, direct beach access, outdoor shower, a beachfront pool, sundeck with lounge chairs and tables, and a waterfront covered pavilion equipped with gas/charcoal barbeques, granite countertop, sink and serving areas for all your entertaining needs. The Pavilion may be partially reserved by owners for private or family gatherings.

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IDWS 2015 Budget Final 11.7.14.xls
12/11/2014 1:19 PM Page 1
DRIFTWOOD SANDS CONDOMINIUM
Board Signature:

Adopted Budget
For 1/01/2015 to 12/31/2015
Approval Date:
i2 I ll70 1
2014
2015%
2014 Annual Projected 2015 Proposed Increase
Budget
Expenses w/Full Reserves (Decrease)
INCOME
1010-Maintenance Fees
1040-Miscellaneous
1045-Kayack Storage
1050-Application fee
1800-Operating Interest
TOTAL OPERATING INCOME
OTHER INCOME
1900-Prior Years' Surplus
1995-Reserve Interest
TOTAL OTHER INCOME
TOTAL INCOME
EXPENSES & RESERVE FUNDING
MAINTENANCE & REPAIR
2020-Pool/Pool Heater
2040-Building Repair
2050-Building Supply
2055-Maintenance Salaries
2060-Elevator
2061-Elevator-Monitor
2071-Grounds-Maintenance
2078-Fire Alarm
2080-Exterminating
TOTAL MAINTENANCE & REPAIR
286418.00 286,117.68
286,119.00
0.00%
0.00
0.00
0.00
0.00%
600.00
500.00
600.00
0.00%
2,004.00
3,000.00
2,250.00
1228%
0.00
285.14
0.00
0.00%
288,722.00 289,902.82
288,969.00
0.09%
0.00
0.00
49,100.00
100.00%
0.00
1,996.08
0.00
0.00%
0.00
1,996.08
49400.00
100.00%
288,722.00 291,898.90
338,069.00
17.09%
4,200.00
3,211.72
3,415.00
-18.69%
11,800.00
5,850.78
20,620.00
74.75%
15,000.00
8,063.19
10,500.00
-30.00%
46,464.00
43,488.02
47,600.00
2.44%
7,500.00
6,223.20
7,500.00
0.00%
600.00
507.24
600.00
0.00%
3,600.00
2,314.92
2,800.00
-22.22%
5,004.00
8,137.79
5,450.00
8.91%
5,208.00
4,278.70
5,600.00
7.53%
99,376.00
82,075.56
104,085.00
4.74%
DWS 2015 Budget Final 11.7.14.xls
DRIFTWOOD SANDS CONDOMINIUM
Adopted Budget
For 1/01/2015 to 12/31/2015
UTILITIES
Board Signature:
Approval Date:
2014 Annual
Budget
12/11/2014 1:19 PM Page 2
2014
Projected
Expenses
2015 Proposed
w/Full Reserves
2015 %
Increase
(Decrease)
4010-Electric
8,400.00
8,175.65
8,500.00
1.19%
4020-Water
7,284.00
9,380.44
7,650.00
5.02%
4025-Gas
5,652.00
5,190.70
5,652.00
0.00%
4030-Sewer
24,876.00
23,684.40
24,876.00
0.00%
4040-Trash
7,764.00
7,457.28
7,794.00
0.39%
4050-Telephone
5,520.00
6,171.32
6,386.00
15.69%
4070-Cable TV
18,084.00
18,111.98
18,996.00
5.04%
TOTAL UTILITIES
77,580.00
78,171.77
79,854.00
2.93%
ADMINISTRATIVE
5010-Management Fee
10,872.00
10,775.16
11,314.00
4.07%
5011-Office
2,400.00
2,912.73
3,100.00
29.17%
5015-Division Fees/Corp Fee
252.00
61.25
260.00
3.17%
5016-License & Fees
336.00
325.00
345.00
2.68%
5030-Professional Fee
1,500.00
6,298.93
2,000.00
33.33%
5032-Accrued Collection Income
0.00
(70.00)
0.00
0.00%
5036-IRS Taxes & Tax Prep
900.00
580.00
900.00
0.00%
5056-Insurance-Employee
6,600.00
6,700.56
6,900.00
4.55%
TOTAL ADMINISTRATIVE
22,860.00
27,583.63
24,819.00
8.57%
TOTAL OPERATING EXPENSES
199,816.00 187,830.96
208,758.00
4.48%
RESERVES
9010-Painting
559.00
558.96
635.00
13.60%
9020-Roofing
7,994.00
7,994.04
7,961.00
-0.41%
9030-Paving
88.00
87.96
145.00
64.77%
9051-Balcony/Landings
0.00
0.00
145.00
100.00%
9052-Gazebo/Deck
2,078.00
2,078.04
2,060.00
-0.87%
9060-Seawall
1,333.00
1,332.96
1,385.00
3.90%
9064-Elevator
2,027.00
2,027.04
23,181.00
1,043.61%
9065-Generator
1,105.00
1,104.96
1,748.00
58.19%
9070-Pool/Pool Heater
21,334.00
21,333.96
2,862.00
-86.58%
9075-Hazard Insurance
38,602.00
38,601.96
26,677.00
-30.89%
9076-Flood Insurance
8,218.00
8,217.96
7,923.00
-3.59%
9087-Entry Doors
4,565.00
4,565.04
9,255.00
102.74%
9090-Deferred Maintenance
1,003.00
1,002.96
45,334.00
4,419.84%
9095-Reserve Interest
0.00
1,996.08
0.00
0.00%
TOTAL RESERVES
88,906.00
90,901.92
129,311.00
45.45%
DWS 2015 Budget Final 11.714.xls
12/11/2014 1:19 PM Page 3
DRIFTWOOD SANDS CONDOMINIUM
Board Signature:

Adopted Budget
For 1/01/2015 to 12/31/2015
Approval Date:


2014
2015 %
2014 Annual Projected 2015 Proposed Increase
Budget
Expenses w/Full Reserves (Decrease)
MISCELLANEOUS DISBURSEMENTS
TOTAL MISC DISBURSEMENTS
0.00
0.00
0.00
0.00%
TOTAL EXPENSES/RESERVE FUNDING
288,722.00 278,732.88
338,069.00
17.09%
NET(INCOME LESS EXPENSES)
0.00
13,166.02
0.00
0.00%
DM 2015 Budget Final 11.7.14.xls
12/11/2014 1:20 PM Page 1
DRIFTWOOD SANDS CONDOMINIUM
Maintenance Fee
Adopted Fee Schedule for Year
1/01/2015 to 12/31/2015
Maintenance Fees With Fully Funded Reserves
Class
% Own by
2014
2014
2015
Proposed
2015
Proposed
Description
Type
% of Own
# Units
Class
Monthly Annual
Monthly
Annual
Maintenance Fee
MN1
2.120000%
5
10.600000%
505.48 6,065.76
505.48
30,328.61
Maintenance Fee
MN2
2.070000%
20
41.400000% 493.55 5,922.60
493.56 118,453.27
Maintenance Fee
MN3
2.390000%
1
2.390000%
569.85 6,838.20
569.85
6,838.24
Maintenance Fee
MN4
3.340000%
4
13.360000%
796.36 9,556.32
796.36
38,225.50
Maintenance Fee
MN5
2.170000%
5
10.850000%
517.40 6,208.80
517.40
31,043.91
Maintenance Fee
MN6
2.200000%
5
11.000000%
524.55 6,294.60
524.55
31,473.09
Maintenance Fee
MN7
2.080000%
5
10.400000%
495.94 5,951.28
495.94
29,756.38
Totals
45 100.000000%
286,119.00
Number of Payments Each Year
12
DWS 2015 Budget Final 11.7.14.xls
12/11/2014 1:21 PM Page 1
DRIFTWOOD SANDS CONDOMINIUM
Adopted Reserve Plan
for 1/01/2015 to 12/31/2015
Reserve Item
Repair/
Replace
Cost
Anticipated
2014 funding
exp
less exp as of 10/01/2014-
9/30/2014
1213112014
Estimated
Reserve
Balance on
1/01/2015
Remaining
Unreserved
Funds
Est New
Life
Rem Life
Yrs
2015 Reserve
Required
9010-Painting
82,400.00
79,859.64
0.00
79,859.64
2,540.36
5
4
635.00
9020-Roofing
185,915.00
42,610.73
0.00
42,610.73
143,304.27
19
18
7,961.00
9030-Paving
13,500.00
13,065.59
0.00
13,065.59
434.41
4
3
145.00
9052-Gazebo/Deck
42,745.00
5,661.15
0.00
5,661.15
37,083.85
19
18
2,060.00
9060-Seawall
73,336.00
6,860.05
0.00
6,860.05
66,475.95
74
48
1,385.00
9064-Elevator
150,000.00
10,912.29
0.00
10,912.29
139,087.71
30
6
23,181.00
9065-Generator
49,492.00
5,797.83
0.00
5,797.83
43,694.17
25
25
1,748.00
9070-Pool/Pool Heater
47,639.00
39,021.91
20,000.00
19,021.91
28,617.09
10
10
2,862.00
9075-Hazard Insurance
44,730.00
34,053.22
16,000.00
18,053.22
26,676.78
1
1
26,677.00
9076-Flood Insurance
8,600.00
(1,376.53)
0.00
677.00
7,923.00
1
1
7,923.00
9087-Entry Doors
10413.00
858.16
0.00
858.16
9,254.84
14
1
9,255.00
9090-Deferred Maintenance
46,000.00
29,665.55
29,000.00
665.55
45,334.45
1
1
45,334.00
9095-Reserve Interest
0.00
25,834.22
0.00
25,834.22
0.00
Totals
129,166.00
The Association's board of directors estimated the remaining useful lives and replacement costs
of the reserve items. The estimates were based on internal projections.
The Association's current policy is to not allocate interest monthly unless a motion is made by
the Board of Directors. The association's reserves were/were not waived for the period.