My remarks will be brief as our financial status and my projections, reported last month, have not changed since the last Board of Directors meeting September 11^th.

Our preliminary financial reports for September reflect an expected surplus of $8,333.86, which brings our year to date surplus to $75,293.78. Accumulated reserves through September are $417,766.70.

Expenditures during the month of September are all usual and customary and, as indicated by our surplus, well within the dollar levels originally budgeted. The one unfavorable line item in the Entry Payroll account is caused by three pay dates falling in September. This naturally happens every 3 to 4 months, and will likely occur again in December.

I’m happy to report that I recently signed a "Release of Lien" on a property we had in foreclosure. Our settlement of the pending litigation resulted in full payment of all Maintenance Fees, Attorney’s Fees, Interest and administrative costs totaling nearly $6,000. This leaves us with one remaining foreclosure lawsuit pending, however, save this one exception, our delinquency report shows no one else in Seminole Lakes who is significantly delinquent in paying monthly maintenance. It is a performance for which we can all be proud. Thank you.

Finally, on September 26^th, as reported at our last meeting, your Board of Directors held a budget workshop meeting in which I presented several proposed budget scenarios for calendar year 2007. At the meeting all board members discussed our alternatives and opportunities, negotiated and compromised. At the conclusion of the meeting I received direction, which will result in a proposed final budget. I’m in the process of making the numbers work and assembling a matrix balances. This final proposal will be mailed to each resident some time near the end of October, so please watch for it in your mail as the adoption of the budget will be an important agenda item at our next board meeting November 13^th.

Respectfully,

Al DiSessa

Director Treasurer

Seminole Lakes Property Owners Association