6 | SUN LAKES LIFESTYLES | JUNE 2021 |
Narrative for March Financials
Net Income for the month of March was $17,650 and was $18,573
better than Budget. This brings year to date Net Income to $335,030
and is $204,360 better than Budget. The positive variance is due
to all departments, other than Property Protection, operating at
or lower than Budget. Restaurant and Lounge revenues continue
to be significantly below Budget and continue to be constrained
by COVID-19 mandates. Restaurant and Lounge Revenues were
planned and budgeted at 2019 levels and the Amenity is budgeted
an annual cost of $324,229. The year to date loss through March is
$225,795; and restaurant and lounge utilization will be paramount
in achieving Budget for the year. Food and beverage operations are
and will continue to be monitored on a weekly basis.
As with January and February, revenue reporting for March is
based on FASBI 606, resulting in a reported negative variance in
Assessment Revenue, which is offset by a corresponding negative
reduction in Reserve Expense. It is expected that revenue assessment
in the near future will be recognized and accrued as they are billed.
The Balance Sheet in March remained strong with total assets
increasing to $14,060,685, including cash and cash equivalents of
$13,213,943. At month end, Current Liabilities and Accrued Payroll
were $588,218 with Operating Account Funds at $636,836.
CONSOLIDATED INCOME STATEMENT - ACTUAL VS BUDGET - MONTH ENDING 3/31/21
