6 | SUN LAKES LIFESTYLES | MAY 2021 |
Narrative for February Financials
Net Income for the month of February was $164,074 and was
$65,302 better than Budget. This brings year to date net income
to $317,380 and is $185,000 better than Budget. Positive variance
was due to lower than budget operations in all departments other
than Property Protection. It is expected that Restaurant & Lounge
operations will begin to reopen this month. Food & Beverage
operations are and will continue to be monitored on a weekly basis.
As with January, revenue reporting for February is based on FASBI
606 resulting in a reported negative variance in revenue which passes
through as a negative reduction in Reserve Expense, offsetting the
negative Revenue variance. It is expected that revenue assessment
in the near future will be recognized and accrued as they are billed.
Balance Sheet, as in January, remained strong in February with
total assets increasing from $13,738,979 to $13,801,214 with cash
and cash equivalents of $12, 970,620. Current Liabilities and Accrued
Payroll were $554,706 at month end.
CONSOLIDATED INCOME STATEMENT - ACTUAL VS BUDGET - MONTH ENDING FEB. 28, 2021
