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The Executive Finance Committee met on Jan. 5, 2023 to review the Nov. 30, 2022 financial statements as posted to the website. The variance from budget for the first eight months of the fiscal year was ($72,185). The year-to-date variance has continued to be a result of previous factors. 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 Financial Advisory Committee (BFAC) is currently meeting to review projected increases in expenses, the independent reserve study and future capital requirements. It is important to maintain a proper balance between equity, expenses, capital and recommended reserves. Initial analysis has indicated that an increase will be necessary. | OHCC LIVING | FEBRUARY 2023 | 5 Balance Sheet: 30 Nov. 2022 Operating Cash and Receivables $ 991,049 Reserves and Other $ 4,611,793 Total Assets $ 5,602,842 Reserve Obligations $ 4,492,202 Current Liabilities $ 524,138 Total Liabilities & Obligations $ 5,016,340 Equity $ 586,502 Income Statement: Fiscal YTD: Seven months ended Nov. 30, 2022 Budget Actual Variance Income $ 5,704,107 $ 5,720,236 $ 16,129 Expenses $ 6,172,622 $ 6,260,936 ($ 88,314) Net ($ 468,515) ($ 540,700) ($ 72,185) Treasurer's Report By Ann Collins, OHCC Treasurer

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