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4 | OHCC LIVING | MARCH 2023 | Continued from page 3 • Reviewed the delinquency management process with Keystone corporate staff • Authorized the annual audit and tax return for the year ended 3/31/2023 to be completed by Newman and Associates for an amount not to exceed $4,400 • Approved a contract with Associated Engineering Consultants to update the pavement management plan for an amount not to exceed $8,995 • Approved a contract with KAL Resources to provide janitorial services for a monthly amount of $5,413 beginning March 1 • Approved a modification of the Securitas contract rates effective Jan. 1, 2023 to an estimated $1.2 million annually • Approved contracting with Black Diamond Services as general contractor and project manager for the new lanai structure for $100,000 • Accepted a proposal from Dils Roofing to replace a section of Clubhouse hidden rain gutter for $8,035 • Approved a fee increase of 3.5 percent for a 12-month renewal of the contract with O'Connell Landscape Maintenance. Thank you for your interest in the affairs of your association! The Executive Finance Committee met on Jan. 23, 2023 to review the December 31, 2022 financial statements as posted to the website The variance from budget for the first nine months of the fiscal year was ($ 92,517). 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. Although there are variances, the state of the Association's finances remains sound and stable. The Budget and Financial Advisory Committee (BFAC) met numerous times in the past weeks to review projected increases in expenses, the independent reserve study, future capital requirements and equity balance levels. After extensive review and analysis, the final BFAC report for 2023-2024 was presented to the Master Board on Feb. 6. The Master Board voted to approve the recommended increase in 2023-2024 monthly assessments to $477 per month. Details of the budget and the reserve study are posted on the website. Balance Sheet: 31 Dec. 2022 Operating Cash and Receivables $ 1,065,545 Reserves and Other $ 4,833,259 Total Assets $ 5,898,804 Reserve Obligations $ 4,636,497 Current Liabilities $ 748,085 Total Liabilities & Obligations $ 5,384,582 Equity $ 514,222 Income Statement: Fiscal YTD: Nine months ended Dec. 31, 2022 Budget Actual Variance Income $ 6,417,120 $ 6,426,231 $ 9,111 Expenses $ 6,937,583 $ 7,039,211 ($ 101,628) Net ($ 520,463) ($ 612,980) ($ 92,517) Treasurer's Report By Ann Collins, OHCC Treasurer

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