The 2004 Budget for Frye Island Incorporated

Account #'s Account Name 2002 2002 2003 2003 2004
    Actuals To Date Estimated Total Budget Estimated Total Budget
40000     INCOME          
  40100   Lease Income          
    40110 Frye's Leap Lease  $        5,250  $        5,250   6,750.00 7,030
    40120 Town Lease  $      13,650  $      13,650  $      46,880 46,880.00 64,544 *
  40200   Loan Income          
    40210 Lot 18 Loan 1    $           363   1,450.00 1,443
    40215 Lot 18 Loan 2    $           438   1,750.00 1,847
  40300   Bank Interest  $           730  $           800  $        2,000   1,200
  40400   Income Tax Refund  $        8,000  $        8,000  -    0
  40500   Lot Sales  $     170,541  $     170,541  $     100,000 173,000.00  
                 
40000     TOTAL INCOME    $     199,042  $     148,880 229,830.00 76,064
                 
50000     EXPENDITURES          
  50100   Taxes          
    50110 Property Tax  $      55,559  $      55,559   43,765.00 50,216
    50120 Federal Income Tax      $        5,000 4,000.00 3,500
    50130 State Income Tax      $           500 1,000.00 1,000
  50120   Insurance  $      28,985    $        3,200 3,176.00 3,652
  50170   Legal  $        1,244  -   $        1,000 650.00 1,500
  50190   Audit      $        1,000 2,975.00 3,000
  50160   Management Services  $      36,524     2,000.00 2,000
  50300   Miscellaneous      $        1,000 3,000.00 1,000
  50900   Capitol Improvements      $     100,000 100,000.00  
      Maint Bldg Mortgage       7,676.00 7,676
      Property Purchase from Treacy       16,000.00  
      Reimburse TFI for GC parking lot       6,500.00  
      Bank Charges       1,200.00 1,200
      Telephone Expense       450.00 450
50000     TOTAL EXPENDITURES      $     111,700 192,392.00 75,194
                 
      NET INCOME      $      37,180 37,438.00 870

 

Approved at 10/11/03 Stockholders meeting except that the $64,544 Town Lease will be changed to three income sources: Town Lease, Golf Club Tax Payment, and Yacht Club Tax Payment (the total of these three payments will equal $64,544).