Image Up Advertising & Design

OHCC Living April 2020

Issue link: https://imageup.uberflip.com/i/1223652

Contents of this Issue

Navigation

Page 6 of 43

The 204 pages of detailed financials for February have been reviewed by the Executive Finance Committee. Copies of the summary statements have been posted to the website. February is the eleventh month of our fiscal year; by the time this is distributed, we will have begun the new fiscal year. (Please ignore the coincidence that it starts on April Fool's Day!) February revenue was ahead of projections by $6,000. Expenses were lower than expected by $5,000, with the largest savings being in the Golf Course and Administration Departments. Water costs were about as budgeted, as we have increased our watering due to the below- normal rainfall through the end of February. We had forecast a gain for this month of about $56,000, but with the extra revenue and lower expenses we showed an actual gain of about $67,000 for a net difference from budget of $11,000. Year-to-Date we have extra income of $107,000 and reduced expenses of $284,000 for a difference from budget of $391,000, and an actual surplus of $326,000 compared to a cumulative budgeted loss of $65,000. | OHCC LIVING | APRIL 2020 | 5 Overall, our revenue is 1.5 percent higher and our expenses 3.9 percent lower than our predictions year-to-date. There are no expense items of concern which need to be brought to the attention of the Board or the Members. I am pleased to report that our HOA is in excellent financial condition and am always ready to answer any questions you may have about these financial statements or our finances in general. Treasurer's Report By Greg Kusiak, MBA, Treasurer, gregory_kusiak@msn.com 29 Feb. 2020 Operating Cash & Receivables $ 1,341,000 Reserves and Other $ 5,703,000 Total Assets $ 7,044,000 Reserve Obligations $ 5,683,000 Current Liabilities $ 369,000 Equity $ 992,000 February Fiscal Year Income $ 658,000 $ 7,276,000 Expenses $ 591,000 $ 6,950,000 Net $ 67,000 $ 326,000

Articles in this issue

Links on this page

view archives of Image Up Advertising & Design - OHCC Living April 2020