Al DiSessa, Treasurer
Seminole Lakes Property Owner’s Association, Inc.

I’m going to try a different approach for the Treasurer’s Report this month. It’s my first stab at a Microsoft PowerPoint presentation, so I hope you will bear with me if my timing and slide sequencing needs some adjusting. The presentation is short and to the point.

The first slide is a reflection of our cash position as of the end of September. At 9/30/07, of the $465,987 in reserve cash, $100,000 is in 2, 9-month, $50,000 5.4% CD’s at United Bank. These CD’s matured on September 28^th and have been renewed for 5 months @ 5.41% … a good rate. Today’s rate at United Bank is 3.56%. There are 3 remaining CD investments in this reserve fund, one each at Countrywide, World Savings and SunTrust. Two will mature later this year and I’ll report on their renewals at the appropriate time.

Of the $177,942 in Operating cash, all but $78,942 is invested in 2 separate 2-year 5.35% CD’s at Busey Bank (formerly Tarpon Coast Bank) maturing on 12/28/08. This investment appears to be an excellent return given that interest rates are currently declining and we’ve locked in a 5.35% rate through the end of 2008. Note also the "net" difference in cash … in the right hand column.

This slide summarizes very briefly the cash in’s and out’s during the month of September. Of course, nearly all of our cash "inflow" comes from Maintenance Fees … $57,606. Then we transfer $6420 from the Operating Fund to the Reserve Fund. This happens every month and represents our monthly Reserve Contribution.

Last month I reported that the Lake A component of our Reserve Fund was in a deficit position following the rebuilding of Lake A, while at the same time the Lake A portion of the Operating Fund was in an opposite surplus position. The board rightfully approved my motion last month to transfer this August 31^st surplus into Reserves and eliminate this deficit situation. That’s the $3,639 shown on the 3^rd line.

Our money market account AmSouth bank earned $225 representing August & September interest for the Reserve Fund.

The remaining "outflows" on the next two lines are usual an customary, which result in net "outflows" ($4,941) for Operating Fund and net "inflows" ($10,285) for the Reserve Fund.

"The Bottom Line" … this month a loss of $1,747, which was caused by the Lake A transfer mentioned earlier, legal fees primarily related to the Seminole Lakes Plaza easement, and the republication of the community telephone directory.