As Treasurer of the Board one of my responsibilities was to prepare the budget
for 2003 with the Board's help and approval.  Since my initial look at actual
2002 results was very favorable and there will NOT be an increase in 2003
assessments, the budget was easily prepared and approved.

Attached is a spreadsheet with the 2003 budget compared to the budget for 2002.
You will notice that the expenses for 2003 are more than the assets to be
collected in 2003.  This may cause you to ask "Why are we not increasing
assessments?"  This spreadsheet shows the budget for 2002 but reviewing the
current financial statements and projecting our expense through the end of 2002
shows that we will actually have a "profit" in 2002 of $8,000 or slightly less.
This profit will be used to pay the higher expenses in 2003 and so we will NOT
increase your assessments.  Our expenses should also decrease in 2004.

Also note that there are reserve assets that we have in case of emergencies and
unplanned events.  We will conduct a study in 2003 to assess the level of our
current reserve and whether it is too high or too low.  We will inform the
community of our findings.

If you have any questions, please let me know.

Anna Budnik
Treasurer