Treasurer's Report - Fiscal 2002 (ending April 30, 2002)

We began the fiscal year with a Fund balance of $3,221, the result of previous years' surpluses. This year, we encountered significantly higher costs for mowing and real estate taxes. Our income and expenses are discussed below.

Two dues' notices were sent out to the 105 households in the Barque Hill Association resulting in $8,400, the Association's sole source of income.

Our expenses for mowing this year rose to $5,600 from just under $3,000 last year, primarily due to the extended mowing season of seven months on account of the unusually warm weather we experienced this past fall. Also, On the Green, our mower, charges $200 per week to mow six tracts of Association property. No other bidders were found last fall for the job.

Our property taxes increased almost 50% as the assessed values of the four tracts of Association property bordering the North River were significantly increased. We filed abatements on each, but were denied as Town Assessors asserted that all assessments on riverfront properties such as ours were dramatically increased. We continue to research a possible Conservation Land agreement with the Town which may hold our taxes down.

Other expenses were in line with last year's experience.

An abbreviated expense budget for Fiscal 2003 is as follows: $5,600 Mowing 1,000 Other landscaping 3,800 Real estate taxes 350 Insurance 800 Picnic 150 Halloween 300 Postage, etc. $12,000 Total expenses

To meet these expenses, our dues should be increased to $150 per household. This level of income allows us to meet our expenses which go to keep our neighborhood in attractive condition while at the same time providing funds necessary for items which arise beyond the budget.

Respectfully submitted,

Thomas M. Poor, Treasurer