Finances.

On Monday morning I visited Banco Popular and spoke to the Manager, he was very helpful.
I explained that for a few days I wished to suspend any payments from the account, to give time to sort out new signatories for cheques etc. He advised , that although he recognised that I had been elected the New President, he could not comply with my request until I was able to produce the "Acts Book". Pepe was obliged to hand this to the Administrator at the AGM on Saturday, unfortunately he did not do this. I was worried that cheques were going to be presented for payment, signed by Pepe, that we did not know about. The Manager agreed to inform me of any such cheques being presented. My fears were well founded as soon after I had a phone call from the Bank advising me that a cheque for Euro 15oo had been presented, for payment to a Procurator, a Legal representative we need to use in Court cases. It later transpired that this payment was for a bill that should have been paid two years ago.

Later that day another cheque was presented for Euro 700, again relating to some legal fees.
Had I been able to, I would have deferred these payments for a short period until our financial situation had been stabilised. The reason for this you will discover further on in this post.

Today I received an urgent call from Alberto, the Administrator, today was the last day for payment of the Suma account sent to Mi Sol. Failure to pay today would result in a fine of 20% of the total. As I was not on Mi Sol at the time Alberto had written the cheque, Pepe had signed it and Alberto would deliver it to, the Bank. He asked me to visit the Bank before close of business today to countersign the cheque, which I duly did. This cheque was for Euro 724.

This week Euro 2924 has been paid out of Mi Sol Bank Account, and I was unable to prevent it.

Our Lawyer Rosario informed me she has now sent a letter to the Bank confirming the new Administration of Mi Sol, hopefully I will be able to prevent any further drain on our resources.

On Monday morning the Banco Popular account showed a balance in the Current account of Euro 6179 . 82 the Investment account showed a balance of Euro 3979.82, this is because Pepe withdrew Euro 3000 from the original Euro 7000 on the 10th of September to rectify an overdrawn amount in the Current account of Euro 2196 . 34 on the 7th of September.

This means that after the cheques presented this week are paid, we should be left with Euro 3255 . 82 in the Current account and Euro 3979 . 82 in the investment account giving a grand total of Euro 7235 . 64 available to the Community. This is despite a very large number of Owners paying their bills prior to the meeting of last Saturday.

To put things in perspective, last month we paid out the following amounts Electricity Euro 4782 . 88 Water Euro 6913 . 89 Mapfre Insurance Euro 301 . 60 Telephone Euro 115 . 50 giving a total of Euro 12113 . 87. These are bills we must pay every month, and do not include the Euro 1000 per month charges for services provided by APYME the Administrators. Neither does it include the wages and Social Security payments for the Gardener.

So as things stand we are Euro 5878 . 23 short of being able to pay this months bills.
This is an approximate figure as obviously these bills do vary, and maybe a little less this month with the swimming pool now closed, and not so many holidaymakers on the Park. Nonetheless it is a very serious situation the new Administration has inherited, and a very long way from the Euro 40,000 that was in the Current Account only a few short weeks ago !!!