The Executive Finance Committee met on Nov. 2 to review the Sept.
30 financial statements as posted to the website. Although there are
variances, the state of the Association's finances remains sound and
stable.
The variance from budget for the month was ($74,230). 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 variance from budget for the first six months of the fiscal year was
($152,837). Expenses for watering the golf course during the critical
grow-in period due to delays in the completion of the project have
placed an additional burden on the overall budget. In addition, costs for
tree service and several other items occurred before the projected time-
phasing of the budget but will be recouped in the coming months. The
renegotiation of contracts to maintain current staff levels and filling
staff vacancies has also contributed to the current variance. This full
staffing level is providing opportunities to save costs by bringing in-
house some of the items which needed to be outsourced in the past.
Increases in inflation costs continue to be a growing concern.
| OHCC LIVING | DECEMBER 2022 | 5
Balance Sheet: 30 Sept. 2022
Operating Cash and Receivables $ 1,255,821
Reserves and Other $ 4,231,195
Total Assets $ 5,487,016
Reserve Obligations $ 4,231,195
Current Liabilities $ 620,475
Total Liabilities & Obligations $ 4,851,670
Equity $ 635,346
Income Statement: Month of Sept. 2022
Budget Actual Variance
Income $ 713,013 $ 715,178 $ 2,165
Expenses $ 787,645 $ 864,040 ($ 76,395)
Net ($ 74,632) ($ 148,862) ($ 74,320)
Fiscal YTD: Five months ended Aug. 31, 2022
Budget Actual Variance
Income $ 4,278,080 $ 4,279,982 $ 1,902
Expenses $ 4,617,099 $ 4,771,838 ($ 154,739)
Net ($ 339,019) ($ 491,856) ($ 152,837)
Treasurer's Report
By Ann Collins, OHCC Treasurer
