For the ten months ended October 31, 2012
With only two months left until we begin a new year, Meadow Hill, Inc. shows a net surplus of income over expenses in the amount of $30,738. November, however, will register a payment for annual sewer charges that should reduce the surplus considerably. In addition, legal charges, already $4,000 over budget, will increase as the board continues to ensure compliance with new laws and regulations regarding condominium complexes.
The cash balance at the end of October was $39,350.30, an increase of $5,485.91 over the previous month. The social savings account balance was reduced to $101.22 with the transfer of $400.00 to social checking which now carries a balance of $1012.11. The savings account will be closed soon with a final transfer to checking.
Cash held in reserve in money market accounts stands at $476,159.11, an increase of $6510.56 over the previous month. To date, the addition to reserves is $81,360. With completion of the recent sidewalk repairs, along with the purchase of a new TV for the clubhouse, money market reserves can be expected to decline by approximately $36,000 at year end (offset by the normal monthly increase from residents’ fees.)
– David Faxon