SEMINOLE LAKES POA TREASURER’S REPORT

Results through the month of April are effectively at breakeven. The current Budget however called for a shortfall of $13,100 dollars through April in order to absorb our 2007 surplus. There are no material differences from Budget, which cannot be explained by timing of projects.

I advised you last month that we would be studying the 2008 budget and previous years surpluses during April. We have completed that study and will be mailing a revised Budget and reduced assessment in the next several weeks. This revision will be on the June Board Meeting Agenda for discussion and approval. If approved, the new assessments will be effective with your July 1 payment. We have calculated the reduced rate for 2008 with consideration of the disruption that repetitive changes in rates can create. It is our judgment that this will not result in significant increases in the 2009 assessment given the contracts we have in place and anticipated projects.

When measured by the number of residents in arrears, our receivables are in good shape. Sherry will report on specifics during her Management report.

Respectfully submitted,

Nick Cole, Treasurer