The Executive Finance Committee met on Nov. 28, 2022 to review the
Oct. 30, 2022 financial statements as posted to the website.
The variance from budget for the first seven months of the fiscal year
was ($88,826). 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. Although there are variances, the
state of the Association's finances remains sound and stable.
The Budget and Finance Advisory Committee (BFAC) will meet in the
next few months. The members have experience in financial and business
matters. They will review costs and reserves in order to prepare the 2023-
2024 annual budget.
| OHCC LIVING | JANUARY 2023 | 5
Balance Sheet: 31 Oct. 2022
Operating Cash and Receivables $ 1,123,666
Reserves and Other $ 4,492,226
Total Assets $ 5,615,892
Reserve Obligations $ 4,367,679
Current Liabilities $ 617,603
Total Liabilities & Obligations $ 4,985,282
Equity $ 630,610
Income Statement:
Fiscal YTD: Seven months ended Oct. 31, 2022
Budget Actual Variance
Income $ 4,991,094 $ 5,005,508 $ 14,414
Expenses $ 5,398,861 $ 5,502,101 ($ 103,240)
Net ($ 407,767) ($ 496,593) ($ 88,826)
Treasurer's Report
By Ann Collins, OHCC Treasurer
