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10 | SUN LAKES LIFESTYLES | MARCH 2023 | Narrative for December 2022 Financials Association unaudited financial results for 2022 resulted in a year- to- year Increase in Total Assets of $407,500 and a decrease in total liabilities of $410,500 resulting in a Net Equity increase of $818,000 for the year. More specifically, HOA total Operations for the month of December resulted in Income of $45,347 and was $18,064 over Budget. This brought total year Net Income/Surplus from total HOA Operations to $259,750 and is $259,750 under or better than Budget for the year. All major Departments were positive with respect to Budget for both the month and full year with the exception of Food & Beverage. Achieving Food and Beverage (F&B) Budget expectations is the current primary financial issue for the Association. The Board and Management are addressing this issue with a F&B analysis/audit committee, consisting of board members, committee members, and operating staff, that will develop a Business Plan for F&B that is intended to be a plan to increase revenues and control costs; and of major importance allow for food and beverage operations to operate within budget. November Reserve/CIP Expenses were $96,066 and less than budgeted, resulting in total year Reserve/CIP spending of $1,442,285 and is $704,708 less than budgeted. Balance Sheet for November remained strong with total assets increasing to $14,715,048 and consisting primarily of Cash and Investments of $14,017,959. Total liabilities were $1,737,868 of which about $500,000 consists of deferred revenues, prepaids, and deposits that will not become actual payables. Month ending HOA Operating funds and Accounts Receivable were $982.694 with current liabilities and accrued payroll of about $925,429.

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