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Ocean Hills CC Living August 2021

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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

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