The detailed financials for the month of June 2021, some 168
pages worth, were reviewed by the Executive Finance Committee in
accordance with the statutory requirements. Copies of the summary
statement are available in the back of the room and have been posted
to the website. June is the third month of our fiscal year, so the year-
to-date totals reflect one-fourth (1/4) of our annual operation.
June revenue is below projections by approximately $900, mainly
driven by interest income from our investments, lack of bad debt (a
good thing), and various reimbursements. Interest income for the
fiscal year-to-date, is lagging behind projections and is an item that
will be closely monitored. Expenses for the month were lower than
expected by $17,000, with the largest savings from irrigation water
costs (golf course is under renovation), contracted staffing costs for
administration, recreation, and maintenance. Over-budget items
include multi-peril insurance costs, emergency tree and contracted
tree services, and natural gas expense at the Clubhouse. Year-to-
date, we have extra income of about $1,000 and reduced expenses
of $112,000 for a difference from budget of $113,000 and an actual
surplus of $60,000 compared to a budgeted loss of $53,000.
Overall, our revenue is about as expected and our expenses are
5.6% below our prediction year-to-date. Most of those savings, as
mentioned before, are due to less water costs for irrigation, and less
staffing costs due to vacancies.
The financial condition of the Association is healthy at this point.
Inflation will present our most challenging issue moving forward.
Expenditures will be closely monitored to provide a sound basis for
our budgetary process for fiscal year 2022.
The Board, in its July 15 open meeting, approved the annual audit
and that audit will be distributed to the Members in accordance with
law.
| OHCC LIVING | AUGUST 2021 | 5
Treasurer's Report By Bob Fisher, OHCC Treasurer
30 June 2021
Operating Cash and Receivables $ 1,283,000
Reserves and Other 4,965,000
Total Assets $ 6,248,000
Reserve Obligations $ 4,779,000
Current Liabilities 527,000
Equity 942,000
June Fiscal Year
Income $ 644,000 $ 1,937,000
Expenses 627,000 1,877,000
Net (surplus) $ 17,000 $ 60,000
