This budget was prepared as of

Vigen Onany MSA

This is a twenty six unit, detached new condominium project located in the City of

Panorama City (LA), County of Los Angeles.

Each unit has an Attached private garage on-grade. Thirteen guest parking spaces have also been

provided on an On-Grade Common Structure.

Please note that the insurance budgeted is for the HOA officers' and common area

liability & officers' fidelity but NOT the contents of each unit.

Data used in preparing this budget is based on the information provided to me by

the developer.

For calculation detail and assumptions, please refer to the footnotes provided in this

report.

Dollar amounts meet or exceed those of the current Operating Cost Manual for

Homeowners Association published by the California Department of Real Estate.

September 6, 2006

Vigen Onany

For annual review of the Homeowners Association Budget, and preparation of an updated reserve study along

with preparation of an updated Operating Budget for the Homeowners Association.

Respectfully Yours,

For preparation of the annual computerized Federal and State of California Tax Returns (State Exempt

Organization Annual Information Statement or Return) and Statement of Income And Expenses and Balance

Sheet (write up work) for your Homeowners Association.

Vigen Onany MSA

Respectfully Yours,

This budget is a good faith estimate from plans prior to construction and/or completion (for new projects) or from a combination of plans and/or

site inspections (for existing projects). For existing projects, there may have been historical data as support for some line items, but changes to

the project may make historical data not applicable or reliable. This budget was prepared for the purpose of obtaining a public report.

This association must adopt a budget in accordance with California Civil Code. If that budget is less than 10% or greater than 20% from this

budget, you should contact the Department of Real Estate. The association may increase or decrease its budget. It is typical for costs to increase

as the project ages. The association should conduct a reserve study after its first year of operation to adjust the reserve funding plan for any

changes which may have taken place during construction.

MASTER DRE FILE #

NAME TO BE USED IN ADVERTISING (IF DIFFERENT THAN NAME OR TRACT NUMBER)

STREET ADDRESS (IF ANY)

NAME

CITY COUNTY

TRACT NUMBER

SIGNATURE OF BUDGET PREPARER DATE

ADDRESS

MAIN ACCESS ROAD(S) NEAREST TOWN/CITY MILES/DIRECTION FROM TOWN/CITY

EAST / WEST:

Condominium Conversion

Planned Development Land Project

Stock Cooperative

Planned Development Mobile Home

Condominium

Limited Equity Housing Corporation

Planned Development

NUMBER OF LOTS/UNITS PHASE # TOTAL # IN PROJECT

Community Apartment

Stock Cooperative Conversion Out-of-State

Undivided Interest Land Project

Undivided Interest

PREVIOUS DRE FILE # # OF ACRES

TELEPHONE NUMBER

CITY ZIP CODE

NAME ATTENTION

1 .

2 . Estimated completion date for the residential units

included in this phase ……………………………………

3 .

4 .

5 .

7 .

9 .

10 .

11 .

12 .

13 .

14 .

Yes No

15 .

Type of roof (i.e., shake, etc.) ……………………………

If this condominium project involves phasing with a

single lot, submit a budget for each phase plus a budget

which will be used if further phases are not completed.

(Commonly referred to as a worst case budget.)

Square footage of units (list number and size of each

unit type, etc.). ……………………

Have you submitted budgets for all phases to be

completed within the next three calendar years and a

built-out budget?.......

Type of parking facilities and number of spaces (i.e.,

detached garage, tuck under, subterranean, carport,

open, etc.)

Number of floors per building …………………………..

Number of bedrooms per unit ……………………………

Number of residential units per building ……………….

Type of exterior wall for residential buildings …………

Type of construction for these buildings (i.e., steel,

concrete, wood frame, etc.)

If this phase will have any line items shown on pages 3, 4 and 5 hereof exempted from payment of assessments under

Regulation 2792.16 (c), asterisk those items on pages 3, 4 and 5 and list any partially deferred costs on a separate sheet

showing calculations and attach. All exempted improvements must be covered by reasonable arrangements for completion.

Include Planned Construction Statement (RE 611A) for review.

Type of residential building for this project (i.e., highrise,

cluster, garden, etc.)

Estimated completion date for the common area and

101 . Property Taxes

102 . Corporation Franchise Taxes

103 . Insurance (attach proposal)

104 . Local License & Inspection Fees

105 . Estimated Income Taxes

201 . Electricity (attach work sheet)

Lighting: Leased

202 . Gas (attach work sheet)

203 . Water (attach work sheet)

204 . Sewer/Septic Tanks (include if not in 203)

205 . Cable TV/Master Antenna

207 . Custodial Area:

209 . Refuse Disposal

210 . Elevators

211 . Private Streets, Driveways, Parking Areas

212 . Heating & Air Conditioning Maintenance

215 . Access Control

PHASE NUMBER

DATE OF BUDGET

NUMBER OF UNITS

TRACT NUMBER / NAME OF PROJECT

DRE FILE NUMBER

216 . Reserve Study - Will Be Done Every 3 Years

217 . Miscellaneous:

Minor Repairs

Pest Control

Water Meter Reading Services & Billing

Lakes/Waterways

Elevator Telephone Lines / Community Network

Fire Sprinkler Monitoring & Telephone Lines

301-313 (attach reserve work sheet)

402 . Legal Services

403 . Accounting

404 . Education

405 . Miscellaneous, Office expense

503 . Revenue Offsets - Water Submetering

1

The budget and management documents indicate (check

appropriate box):

From 10% to 20% … Variable or equal

DRE regulations allow the use of variable assessments

against units only if one unit will derive as much as 10

percent more than another unit in the value of common

goods and services supplied by the association.

After determining the percent of benefit derived from

services provided (page 14) by the association, an easy

chart to follow would be:

Equal assessments

Variable assessments

Less than 10% ……

Over 20%………….

Equal assessments

Variable assessments

The inventory and quantities used in the preparation of this

budget are normally derived from plans completed prior to

construction and may vary slightly from actual field conditions.

The calculated budget is a good faith estimate of the projected

costs and should be deemed reliable for no more than one year.

The Board of Directors should conduct an annual review of the

Association's actual costs and revise the budget accordingly.

Not Applicable

Interior Paint - Common Areas

Not Applicable

Boiler - Common

Water Heaters - Common Areas

Exterior / Building / Outdoor Lights

Interior / Garage Lights

Street Lights

Elevators-Modernization / Cab Renovation

Heating / Cooling / HVAC - Common

Garage Ventilation

Concrete Drives / Walkways

Asphalt Streets / Drives

Pool Re-plaster

Pool Heater

Pool Filter

Spa Re-plaster

Spa Heater

Spa Filter

Pool/Spa Pumps - No:

Motorized Gates - Repair / Replacement

Motorized Gates - Motor / Operator

TRACT NUMBER

DRE FILE NUMBER

Sump Pumps/Motors

Landscaping

-

-

-

-

-

-

Waterproofing - Dex O Tex

Furniture - Recreation Area

Equipment - Gym

Mail Boxes

Individual Water Meters

Water Meter Reading/Data Collecting Device

Water Meter Reading/Data Collecting Software

Note: For space purposes, we have included only the components most frequently found in common-interest subdivisions. Reserve items should not be limited to the list above.

DRE FILE NUMBER

TRACT NUMBER

* Complete schedules 1 through 6 below, then transfer the totals to Site Summary area.

*

1 . Building(s) footprint

2 . Garages or carports sq. ft.

3 . Recreational facilities sq. ft.

4 . Paved surfaces sq. ft.

5 . Restricted common areas sq. ft.

6 . Other: (attach description) sq. ft.

Sub Total (1-6) sq. ft.

1 .

X = X =

1A.

X = X =

X = X =

X = X =

X = X =

Total square feet.

acres x 43,560 =

Area of

Each Bldg.

Total Area

Square Feet

Recreation Buildings

Width

Length Width

Area of

Each Bldg.

No. of

Buildings

# of

Floors

Total Area

Square Feet

No. of

Buildings

Length

Buildings Containing Units

1.999

Frequently several buildings will be repeated in a subdivisions. These may be combined on one line. Wherever additional

space is required attach computations on a separate sheet.

sq. ft.

2 .

X = X =

X = X =

3 .

a.

X = sq. ft.

b.

sq. ft.

c.

sq. ft.

d.

sq. ft.

sq. ft.

sq. ft.

e.

sq. ft.

sq. ft.

4 . Paved Area (streets, parking, walkways, etc.)

X =

X =

X =

5 .

6 .

sq. ft.

Other - Describe and attach calculations

Describe and attach calculations

Spas

Number:

Pools

Other: (describe)

Size:

Size:

Number:

Size:

Surface Type:

Tennis Courts

Recreational Facilities

Number:

Recreation Room, Clubhouse, Lanai, or other

Multiple Detached Garages and Carports

1

N/A

Five eights

One half

Three quarters

Take areas of all building listed in Sections 1, 2 and 3a. Add 6% (a 1.06 multiplier) for each foot of roof overhang. In

addition, adjust for roof pitch based upon the table above. The table converts horizontal area to roof area.

One third

One quarter

One eighth

6" in 12"

3 in 12"

1.12

Five 24ths 5" in 12"

One sixth 4: in 12" 1.06

1.08

1.03

1.2

18" in 12"

15" in 12"

12" in 12" 1.42

8" in 12"

1.8

1.6

X 10 ft. X X =

X 10 ft. X X =

X 10 ft. X X =

X 10 ft. X X =

=

X 2 =

X 2 =

X 2 =

X 2 =

X 2 =

X 2 =

Exterior painting area is determined by measuring the structure to find the perimeter (total distance around) and multiplying that by

Residential Buildings (include garages)

Walls

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

X 8 ft. = X

sqft

X 2 =

X 2 =

X 2 =

X 2 =

X 2 =

X 2 =

1

Compute separately using higher cost—put on separate line on page 5 of the Reserve Worksheet.

Interior painting reserve is determined by measuring the room perimeter and multiplying by 8' and adding ceiling area.

Wall

Area

Always multiply by 2 to cover the area for both sides of the wall or fence. If the wall or fence will be painted or stained on

one side only, adjust your calculation and make appropriate notation on the worksheet.

Fence requiring paint or stain (see Item 312 in manual for wood and wrought iron)

A. Lights (see Note 1)

X X X 0.03 =

2 . Garage Lights

X X X 0.03 =

3 . Outdoor, exterior building and walkway lights

X X X 0.03 =

4 . Street Lights

X X X 0.03 =

X X 167 KWH =

X 1000 KWH =

D. Electric Heating

X =

320 KWH X =

X 0.34 KWH =

G. Electrical Motors (see Notes 2 and 3)

G.Ventill

H. Pool/Spa Heating

(Number of heaters x KWH rating x hours of daily use x 30 days = KWH per month)

Motor #1

Motor #3

Motor #4

Motor #2

Motor #5

I.

$

1

2

3

Motors are found in swimming pool pumping systems, circulating hot water systems, ventilation systems in

subterranean garages, security gates, interior hallways, and interior stairwells and also in private water systems and

fountains. (Hours of use for pool pumps - see Item 201 in the Cost Manual.)

Telephone Number:

Monthly common meter charge

Normally 1,000 watts per horsepower should be used. Check plate on motor or manufacturer's specifications. If

wattage is not listed, it can be calculated by multiplying amps x volts.

Total Monthly Cost

Do not include leased lights. Instead use lease agreement with rate schedule with budget work sheet. Put monthly

charge into Item 201 leased lights. Use a minimum of 10 hours per day average usage for exterior lighting.

Utility Company Name:

1 . Water Heaters

2 .

X X X =

X X X =

3 .

X 300 Therms =

X 350 Therms =

X 400 Therms =

4 .

X X =

5 .

X 5 =

X = $

X = $

X = $

$

$

1

Telephone Number:

The presumption is a recreation pool with heating equipment will be used all year or 100%. For very hot or cold climates

where a heater will not or cannot be used all year, a 70% usage should suffice. Less than 70% usage will require a Special

Note in the Subdivision Public Report.

(8' diameter)

Pool (see note 1)

Spa

Pool #2 0.0003

Pool #1

Utility Company Name:

0.0003

Other

0.0003

Central Heating

(12' diameter)

(10' diameter)

(number of gas barbecues, fireplaces, etc.) x 5 = Therms

X X = $

A1. Recreation Room, Gym, and Pool/Spa Usage

X X = $

B. Irrigation (see Note 1)

X X = $

C. Sewers (see Note 2)

$ X = $

Domestic use alternate calculation (% of A and B, etc.)

(A) X = $

Recreation area / landscaped area alternate calculation (% of A and B, etc.)

(A) X = $

D. Meter Charge

Line size: $

E. Fire Line Charge

$

1

2

10

Utility Company Name:

Telephone Number:

Average usage is four-acre feet of water per acre of landscaping per year. This formula is based on four-acre feet of

usage. Some areas like the low desert will require 8 to 12-acre feet of water per acre of landscaping per year and

the "B" figure should be adjusted accordingly. (Example: 4 X figure for B = 12-acre feet.)

10

0.0033

(2", 3" etc.) Charge per month:

If some other method of billing is used for the sewage charge and/or this will not be a common expense, provide a

letter from the sanitation district and or water company (whichever applicable) which so states.

A.

1 . $

2 . $

3 . $

4 . $

5 . $

6 . $

7 . $

$

B.

C.

A. $

$

$

B. $

- ÷ =

- ÷ =

Less Variable Costs

Monthly Cost

Other

Hot Water Heater (if common)

Insurance

Variable Cost Description

Paint

Domestic Water (if common)

Monthly Base Assessment:

Domestic Gas (if common)

Total Monthly Equal Costs

Total Assessment X number of units of each type. Total Monthly Budget (Section IIA)

Total Monthly Budget

Multiply this factor by each unit size below in Section III.

Variable Assessment

Equal Assessment

From 10% to 20% ……

Over 20% …………….

Total livable square footage of all units from condominium plan:

Roof

Variable or Equal

Less than 10% ………

A.

B.

A.

Bldg

X = X =

X = X =

X = X =

X = X =

B.

Complete chart and transfer "total landscape cost per year" to line #208 on page 3 (cumulative per phase).

Annual Cost

per S.F.

Quality

(in.Overhang)

If there is only one type of roof, with a constant slope factor across all roof surfaces, the following chart may not need to be

completed. When this chart is completed, transfer total to roof line item on page 5.

If a mansard will be/is constructed please provide the measurements and type of material to be used.

Type of

Roof

Total Annual

= Cost

Pitch

X Multiplier

Width of

Overhang = X

Adjusted

S.F.

Please provide information regarding water requirements of drought resistant plants/areas, if any. Indicate as a percentage

of normal or standard watering requirements and provide source of information.

NAME AND/OR TRACT NUMBER PHASE NUMBER

STATE OF CALIFORNIA

Complete the requested information for all common facilities which will be owned

or controlled by an association of lot/unit owners which will be part of this

If this is a multi-phase/incremental filing, submit a separate form for each

phase/increment. Include only the facilities for this phase.

A

B

E H

FACILITIES

C D F G

Description Cost

LOCATION

SIZE

COST

CONSTRUCTIO

N

(beginning date)

EQUIPMENT & FURNISHINGS

TYPE OF

CONSTRUCTION

COMPLETION

DATE

Asphalt Streets /

Concrete Drives /

Walkways

Swimming

Pool

Tennis Court

Spa

Furniture - Recreation Area

Elevators

Equipment - Gym

A B C D E F G H

COMPLETION

DATE

EQUIPMENT & FURNISHINGS

FACILITIES

Description Cost LOCATION

SIZE

COST

CONSTRUCTION

(beginning date)

TYPE OF

CONSTRUCTION

Individual Water

Water Meter

Reading/Data Collecting

Garage Ventilation

Wood Fence

Heating / Cooling /

HVAC - Common

Water Meter

Reading/Data Collecting

Software

PREPARER SIGNATURE DATE

Wrought Iron Fence

Boiler

Access Control

Sump Pumps/Motors