Treasurer's Report - Six Months Fiscal 2003 (ending April 30, 2003)

The first six months of our fiscal year are recorded on the attached Income Statement. We have been fortunate thus far in that our income has exceeded our budget with 86 households out of 105 paying dues including a past due amount from last year. We also converted the bank account to an interest-bearing account.

Our expenses have been as anticipated. Mowing is expected to amount to the budgeted $5600. 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. We may face an increase next year as mowing on common land, particularly the center strip on Barque Hill Drive, is hampered by dog owners not picking up after their pets.

Our property taxes increased almost 20% 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 do have an agreement with the Town of Norwell, negotiated in 1983, whereby our common land is under a conservation restriction which prohibits any building, dumping or cutting on the common land. In return, the taxes are at a reduced rate and the land is reserved for use by members of the Barque Hill Association.

Other expenses are expected to be in line with last year's experience.

As a result, we expect a surplus in the $1000-$1500 range which will provide a modest amount of flexibility to undertake further improvements to our property.

Respectfully submitted,

Thomas M. Poor, Treasurer