| OHCC LIVING | JANUARY 2024 | 5
e Executive Finance Committee
met on Dec. 7, 2023 to review Oct. 31,
2023 financial statements. is review
included comprehensive explanations of
variances from the budget. Abbreviated
financial statements are posted on the website.
e total positive variance from budget as of the seven month of
the fiscal year was $312,017. It should be noted that OHCC Keystone's
good management has greatly contributed to this positive half year
position by more efficient use of their staff and bringing in house some
previously outsourced activities. Other contributing factors are higher
interest rates and lower water usage.
e equity balance at Oct. 31, 2023 was $571,882
Currently the state of the Association's finances remains sound and
stable with equity more than $200,000 above our target level.
e BFAC (Budget and Financial Advisory Committee) held their
initial meeting on Dec. 6, 2023. ey will be meeting weekly during
the month of January 2024 to add their review and expertise to the
preparation of the Master Budget for 2024-2025.
Treasurer's Report By Ann Collins, OHCC Treasurer
Balance Sheet: October 31, 2023
Operating Cash and Receivables $ 1,143,615
Reserves and Other $ 5,091,968
Total Assets $6,235,583
Reserve Obligations $ 5,050,064
Current Liabilities $ 613,637
Total Liabilities & Obligations $ 5,663,701
Equity $ 571,882
Income Statement:
Seven months ended October 31, 2023
Budget Actual Variance
Income $ 5,521,260 $ 5,561,416 $ 40,156
Expenses $ 5,671,086 $ 5,399,225 $ 271,861
Net ($ 149,826) $ 162,191 $ 312,017
