24 FOUR SEASONS BREEZE | MARCH 2021
Finance Committee
The Finance Committee held its regular monthly meeting
on Jan. 26. The financial statement for November was reviewed
and recommended for BOD approval. The December financial
statement was reviewed and required adjustments before it could be
recommended for BOD approval. Highlights of the financial report
follows.
As of November, Total Cash is $10,296,658 including operating
cash (checking and CDs) of $2,087,379 and reserve assets of
$8,209,279. Operating money market and CDs totaled $1,712,077.
There was a net income loss for the month of $1,938. Year to date
(YTD) net income reflects a gain of $104,779. Front yard cost center
expenses were over budget by $13,022 and are over budget $19,466
YTD. Springdale cost center expenses were over budget by $8,195
and over budget $12,753 YTD. Although expenses tracked slightly
higher this month, we anticipate expenses to be on target for year
end.
The preliminary financials for December reflect a slight positive
net income for the master cost center. This is a result of the cost
savings associated with the COVID closures of our facilities. The
Front Yard cost center ended the year with a negative net income
resulting from large expenses related to irrigation repairs. This
negative income will be offset from the positive income the previous
year. The final December financial statements will be available
shortly.
At the Finance Committee meeting in January, seven proposals
were reviewed. Six were recommended for BOD approval. One
proposal was returned as this item was included in a previous
proposal approved by the BOD. Additionally, the Committee reviewed
and recommended the approval of four service contracts.
Eight Committee persons and Board Liaisons, Kathy Craven
and Joe Barletta, were present live or via Zoom for the meeting. We
encourage you to attend our meetings which are held on the last
Tuesday of the month.
The next regularly scheduled meeting will be March 30 at 1
pm, most likely via Zoom. Please check Daily Report for more
information. ~ Baron Ginnetti, b2ginnetti@gmail.com
