The executive finance committee met on Sept. 19, to review the Aug. 31,
financial statements as presented. Although there are variances, the state of
the association finances remains sound and stable.
Income for the month was above projections by $2,458 mainly due
to clubhouse rental services and increased interest income from our
investments.
Expenses for the month were over projections by ($23,950). The variance
is mainly due to water costs for the golf course, common area emergency
tree service, recreation programs, licenses and fees, and contracted staffing
costs for protective services.
The total net variance for the first five months of the fiscal year was
($78,606). Expenses for watering the golf course during the critical grow-in
period and delays in the completion of the project have placed an additional
burden on the overall budget. Renegotiation of contracts to retain current
staffing levels has also contributed to the current deficit. These factors will
continue to have an impact for the remainder of the year and increases in
inflation costs are a growing concern.
| OHCC LIVING | NOVEMBER 2022 | 5
Balance Sheet: 31 Aug. 2022
Operating Cash and Receivables $ 1,371,163
Reserves and Other $ 4,244,254
Total Assets $ 5,615,417
Reserve Obligations $ 4,102,253
Current Liabilities $ 728,956
Total Liabilities & Obligations $ 4,831,209
Equity $ 784,208
Income Statement: Month of Aug. 2022
Budget Actual Variance
Income $ 713,013 $ 715,471 $ 2,458
Expenses $ 800,363 $ 776,413 ($ 23,950)
Net ($ 87,350) ($ 60,942) ($ 26,408)
Fiscal YTD: Five months ended Aug. 31, 2022
Budget Actual Variance
Income $ 3,565,067 $ 3,564,804 $ 263
Expenses $ 3,829,455 $ 3,907,798 ($ 78,343)
Net ($ 264,388) ($ 342,994) ($ 78,606)
Treasurer's Report
By Ann Collins, OHCC Treasurer
