| OHCC LIVING | JANUARY 2020 | 5
Overall, our income is 2 percent above expectations and our expenses
are 3 percent below our predictions year-to-date. As noted above, our
budgeted losses were due to interest and taxes. You may recall that we
changed our policy at the beginning of the fiscal year such that reserve
interest income is now put back into the reserves, while the taxes on that
income are paid out of operations. Year-to-date, this has contributed
$86,000 to reserves, and is projected at fiscal year-end to exceed $125,000.
I am pleased to report that our HOA is in excellent financial condition.
The detailed financials for November (205 pages long!) were
reviewed by the Executive Finance Committee in accordance
with the statutory requirements. Copies of the summary
statements have been posted to the website. November is the
eighth month of our fiscal year, so the year-to-date totals reflect
2/3 year of operations.
November revenue remained ahead of projections by $8,000,
driven by interest income and lack of bad debt. Interest income
fiscal year-to-date is running at an annual rate of $147,000,
which after taxes of about 39 percent is a net of $90,000, or nearly
$5 per residence per month. Expenses were lower than expected
by $9,000, with the largest savings again being irrigation water,
supplemented by an adjustment in shuttle bus service costs.
We had forecast a loss for this month of about $13,000, but
with the extra revenue and higher expenses we showed a net
difference from budget for the month of $17,000, and an actual
gain of about $3,000. Year-to-Date we have extra income of
$96,000 and reduced expenses of $177,000 for a difference from
budget of $273,000, and an actual surplus of $70,000 compared
to a budgeted loss of $203,000. (These operational budgeted
losses are actually due to our payments of excess interest to the
reserves and our associated income tax liabilities.)
Treasurer's Report By Greg Kusiak, MBA, Treasurer, gregory_kusiak@msn.com
30 Nov. 2019
Operating Cash & Receivables $ 1,157,000
Reserves and Other $ 5,652,000
Total Assets $ 6,809,000
Reserve Obligations $ 5,5754,000
Current Liabilities $ 497,000
Equity $ 737,000
November Fiscal Year
Income $ 659,000 $ 5,311,000
Expenses $ 656,000 $ 5,241,000
Net $ 3,000 $ 70,000
