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| SUN LAKES LIFESTYLES | FEBRUARY 2024 | 7 The Association had a surplus (income exceeded expenses) in November of $62,883 and a year-to-date surplus of $213,575. The Association has done better than budget in all departments except the Restaurant and Lounge (see table below). Through November, the Restaurant and Lounge has lost $769,643 which is $285,840 in excess of its 2023 budgeted loss. At the end of November 2023, the balance in the Operating Fund checking account was $209,210. On that same date the Association had outstanding bills of $846,422. If accounts receivable (primarily amounts due from members' house accounts) and cash are combined outstanding bills exceed cash and receivables by $168,168 (see the graphic below). The table and the graphic below report the income and current assets and liabilities of the Operating Fund. The Association has three funds: the Operating Fund, Repair and Replacement Fund (R&R), and the Capital Improvement Fund (CIF). This is much like having separate bank accounts, each of which is for a different purpose. In the case of the Association, the Operating Fund is where all of the daily operations of the association are paid. The R&R Fund and the CIF (bank accounts) can only be used for specific purposes as stated in the Association's CC&Rs and state law. Through the end of November, the R&R and the CIF had the following income and expenditures: R&R Fund CIF Fund Assessments $1,925,000 Interest income $ 152,571 $ 48,221 Expenditures ($1,744,182) ($361,199) Net $ 333,389 ($312,978) At the end of November, the R&R Fund had a cash balance of $12,365,421 and the CIF had a cash balance of $1,805,575. The proposed Lounge expansion will be paid for from the CIF and R&R Fund. The estimated construction costs are $752,456. $587,727 will be paid from the CIF and $164,729 from the R&R Fund. More detailed financial statements are available on the SLCC website. ~ Gary Burkel, SLCC Treasurer, CPA-Retired TREASURER'S REPORT: 11/23 FINANCIAL STATEMENTS * THE OPERATING FUND IS USED TO MANAGE DAILY OPERATIONS OF THE HOA. IT DOES NOT INCLUDE RESTRICTED CASH HELD IN THE RESERVE & REPLACEMENT FUND OR THE CAPITAL FUND. SUMMARY OF NOVEMBER 2023 INCOME STATEMENT BY DEPARTMENT