April ended with a $7,107.43 surplus continuing this similar performance in each month of this current fiscal year. More than half of the year to date surplus results from the Pool Rental Expense, which of course, has not been expended since January. The remainder is primarily in landscape and common area maintenance, which will begin to reverse itself during the summer months.

The Lake A restoration project has commenced and the anticipated cost of $56,000 is expected during the month of May.

My focus for the next month will be on our Balance Sheet, and our financial position in advance of the hurricane season, which begins June 1^st. At present, your P.O.A. has slightly over $178,000 in demand deposits at AmSouth Bank. On June 3^rd, our 5.21% $100,000 Certificate of Deposit at SunTrust Bank will mature. The maturing of this CD will provide us with approximately $5,210 in additional cash not including the original principal. I’m recommending to the board that we rollover this Reserve Fund investment into another CD investment at current market rates which should be equal to or better than the 5.21% we’ve earned this past year.

Our Homeowner Maintenance Fee Receivables have slipped very slightly this past month. I do not deem this a serious situation for two reasons. First, my concern relates to only 2 or 3 accounts that have reached the 30 and 60-day overdue categories, and second, our previously adopted collection procedure should resolve this matter in the short term.

The Judicial Circuit Court in Charlotte County issued a final judgment, which resulted in a foreclosure sale on May 3^rd, on a single parcel property here in Seminole Lakes. Typically, at that time, the property would be sold to the highest bidder. However, this final event appears to be in limbo as I’ve received an inquiry from a real estate appraiser indicating that there may be additional unknown stipulations in the bidding process. The financial exposure to our association is slight, as the vast majority of Maintenance Fees for this property have been paid. Because of this, I do not recommend we initiate any attorney inquiries, as our Claim of Lien should still be in force and should protect the slight exposure we currently have on our records.

Our Reserve Balance at April 30, 2007 is $479,059.47 before imputing accrued interest income on CD investments.