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Greetings from the Bay of Fundy in Nova Scotia! Since this meeting is early in the calendar month, final financial statements were not available until a short time ago. Accordingly, I am basing this report on the draft statements for August, which are materially the same as the final statements. The Executive Finance Committee has reviewed the draft financial reports for August and also completed the review of the July statements. Copies of the final statements are available on the website. August is the fifth month of our fiscal year, so the year-to-date totals reflect five months of operations. August revenue remained ahead of projections, primarily driven this month by interest income. Expenses were lower than expected, with the largest single piece again being water by about $32,000. We had forecast a loss for this month of about $56,000, but with extra revenue of over $10,000 and expenses lower by almost $29,000, we showed a net difference from budget for the month of $39,000, and an actual loss of only $17,000. Year-to-Date we have extra revenue of $52,000 and reduced expenses of $171,000 compared to budget of ($131,000) for a difference from budget of 223,000 and an actual surplus of $92,500. (Please note that since our income is very regular, but our expenses are seasonal, we typically expect to lose money some months and make it up other months to come out even at year-end. That is why you see forecast losses for some of these summer months when the water and utilities costs are typically high.) 8 | OHCC LIVING | OCTOBER 2019 | Treasurer's Report By Greg Kusiak, MBA, Treasurer, gregory_kusiak@msn.com 31 Aug. 2019 Operating Cash & Receivables $ 1,268,000 Reserves and Other $ 5,396,000 Total Assets $ 6,664,000 Reserve Obligations $ 5,344,000 Current Liabilities $ 561,000 Equity $ 759,000 August Fiscal Year Income $ 662,000 $ 3,313,000 Expenses $ 679,000 $ 3,220,000 Net $ (17,000) $ 93,000 There are no noteworthy Under/(Over) Budget Items year-to-date other than the reduced water expense and utility reductions already noted, continued improved interest income with related income taxes and expense timing issues. Last December I reported on the costs of the Inspiration Hill project and said that I expected them to be under $25,000 net. A homeowner raised a question at a recent meeting and cited the financials as showing a much higher cost, and I responded that I would look into it and report back. There were audit adjustments made to correct last year's totals, there were costs that were incurred independent of the beautification of Inspiration Hill and there was substantial income from bricks. In addition, there was over $22,000 in income from the sale of bricks. Taking all of these into account, the net cost has been $24,989.82. (For those who don't have a calculator handy, that is under $25,000 by $10.18.) In other words, it is essentially what I reported to you nine months ago. (A detailed report on those costs was presented to the Board at the meeting on Sept. 16, and is available on the website.) Finally, I wish to report that our homeowner's association is in very good financial condition.

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