Estimated Impact on Current
(2004) Condominium Fees if Complete Conversion to Public Sewer Took Effect
Instantly in 2004
Current (2004) Condominium
Fee Revenues
249,912
2004 Operating Budget Items
Eliminated*
Sewage Contract
26,400
Sewage Plant Supplies
3,000
Sewage Plant
Maintenance
4,000
Total Operating Items
Eliminated
33,400
Reduction in Reserve
Contributions
2004 Budgeted Reserve
Contrib.
- Recommended Reserve
Contrib.**
(59,404 - 51,337)
8,047
Total Reductions in Current
(2004) Budget
41,447
Less: County Wastewater
Charges (new budget item w/sewer) -3,600
Net
Reduction in Condominium Fees
37,847
Estimated Percent Reduction
in Condominium Fees from 2004 Level:
37,847 / 249,912 = 15.1%
*
Does not include reduction in electricity charges (rough estimate = 25% or 3,600
reduction)
**Based on adjusted 2004
Reserve Study completed by Miller and Dodson, Capital Reserve
Consultants
______________________________________________________________________________
Review of Billing Details on
Sewage Charges No Longer in Condominium Budget
1. Equivalent unit capacity purchase charge
(aka "connection charge"): $3,000/unit, one time upon connection to public
sewer. Billed by county to home
owner directly; financing available from county.
2. Debt Service and Retirement on unit's
share of $748,000 capital project cost:
Billed by county to home owner directly. Financing available over 30 years, as
expanded on elsewhere. May be part
of mortgage payment escrow process; check with mortgage company. Loan payments may be transferred to new
owner or balance paid off at any time.
3. Note: Wastewater charges after
conversion become part of Dreams Landing operating budget, as shown
above.
10/25/04