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4 | OHCC LIVING | NOVEMBER 2023 | President's Message, continued from previous page The Executive Finance Committee met on Sept. 25 to review Aug. 31 financial statements. This review includes comprehensive explanations of variances from the budget. Abbreviated financial statements are posted on the website. The total positive variance from budget as of the fifth month of the fiscal year was $186,201. This was a result of differences in time phasing of the net original budgeted deficit of ($92,956) and the lower net actual expenses of $93,245. Higher interest rates have increased the income variance. The lower expenses variance has mainly been from less water usage and more efficient use of Keystone staff. Expenses are also lower as we are realizing results from bringing in house some previously outsourced activities. The equity balance at Aug. 31, 2023 was $502,937 Currently the state of the Association's finances remains sound and stable. Treasurer's Report By Ann Collins, OHCC Treasurer Balance Sheet: August 31, 2023 Operating Cash and Receivables $ 1,095,093 Reserves and Other $ 5,144,793 Total Assets $6,239,886 Reserve Obligations $ 5,070,053 Current Liabilities $ 666,896 Total Liabilities & Obligations $ 5,736,949 Equity $ 502,937 Income Statement: Five months ended August 31, 2023 Budget Actual Variance Income $ 3,943,757 $ 3,993,567 $ 49,810 Expenses $ 4,036,713 $ 3,900,322 $ 136,391 Net ($ 92,956) $ 93,245 $ 186,201 Work will begin soon on the Lanai Project. Some golf equipment will be relocated, and existing wrought iron fencing will be removed and relocated to accommodate the footprint of the new structure. The current slab will be demolished and new footings and a new slab will be poured. This will require hauling away approximately 200 cubic yards of excavation and drilling holes for the caisson footings. This portion of the work takes surprisingly little time, which will enable us to minimize any disruption to the use of the pool or the casa and the golf course. Safety fence will be erected to separate the activity at the site from curiosity seekers. We will also be doing some minor repairs and sprucing up of the casa during the period of lanai construction so that it does not detract from the new structure. More extensive enhancements to the casa will be considered later when the dust has settled from the current multiple ongoing projects. Similarly, there will be a lot of work on both sides of, under and through Leisure Village Way near the Butterfly Sanctuary. Conduit will be installed under the street connecting the SDG&E vault to a new transformer pad to be poured parallel to the street where the "mystery hole" has been for a couple of years. For part of this work, traffic will have to be rerouted. Traffic announcements will be made at the appropriate time. An executive session of the Board was held Sept. 18 and the following business was transacted: • Approved the Minutes of Aug. 14 • Modified the executive session Minutes of June 17, 2021 and March 23, 2023 to reclassify two Capital Improvement expenditures to reserve expenditures • Authorized contingent non-judicial foreclosure action on two accounts to be considered for liens later on today's agenda • Denied two requests to waive or refund penalty fees or interest • Reviewed the legal status of the golf course contract cancellation • Discussed a recent court ruling regarding email messaging among Directors • Denied a resident request for a hearing on a matter to which they were not a party • Reviewed information regarding the theft of materials from the RV Lot and maintenance areas • Reviewed legal liability issues related to the Automatic Electronic Defibrillators • Accepted a revised pavement management plan from Associated Engineering Consultants and approved a bid from JB Bostick Paving for $449,223 to complete the next two phases • Discussed contract negotiations with Cox for bulk cable and other internet services • Rejected a contract proposed by Iron Mountain for document storage. Thank you for your interest in the affairs of your Association.

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