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We want to remind our members that the statements are available on our website. June is the third month of our new fiscal year, so the year-to-date totals reflect three months of operation. The Executive Finance Committee had not yet reviewed the financial reports for June as of the Board meeting, so the observations in this report are mine alone. June continues the trend of recent months. Revenue remained ahead of projections, and expenses were lower than expected, with the largest single piece being water by about $55,000. We had forecast a loss for this month of about $41,000, but with extra revenue of nearly $6,000 and expenses lower by nearly $55,000, we showed a net difference from budget for the month of a little over $60,000, and an actual surplus of $19,000. Year-to-Date we have extra revenue of $16,000 and reduced expenses of $109,000 compared to budget of ($41,000) for an actual net surplus of $84,000. (Please note that we did not pad the budget to assure a surplus. Without the year-to-date water costs being under budget by $83,000 (thanks purely to Mother Nature) we would have a surplus of $1,000 or 5 hundredths of a per cent variance from predicted.) 8 | OHCC LIVING | AUGUST 2019 | Treasurer's Report By Greg Kusiak, MBA, Treasurer, gregory_kusiak@msn.com 30 June 2019 Operating Cash and Receivables $ 1,306,000 Reserves and Other 5,535,000 Total Assets $ 6,840,000 Reserve Obligations $ 5,473,000 Current Liabilities 796,000 Equity 571,000 June Fiscal Year Income $ 657,000 $ 1,973,000 Expenses 638,000 1,889,000 Net $ 19,000 $ 84,000 There are no noteworthy Under/(Over) Budget Items year-to-date other than the water expense reduction already noted, continued improved interest income and expense timing issues. Your homeowner's association remains on a very sound financial footing. Later in the Agenda, the Board reconsidered the audit for the fiscal year ended 3/31/2019. Our accountant at Keystone noted some items in the audit report we approved at the June meeting. The auditor has addressed those issues and revised the audit report. I recommended the adoption of the audit report as revised, and the Board approved. In addition, I wish to note that Keystone is making a change in the banking relationships on which we rely to pay our bills and integrate with our other accounting functions. Given the technical nature of these relationships, our management contract with Keystone enables them to choose the bank with which they can work most effectively. They have elected to establish a new relationship with Pacific Premier Bank, and we will be establishing new accounts, signature cards, etc. to accommodate this change, effective in October. I am happy to entertain any questions you may have about this report or about the financial status of the Ocean Hills Country Club HOA.

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