Issue link: https://imageup.uberflip.com/i/1516179
4 | OHCC LIVING | MARCH 2024 | The Executive Finance Committee met on Jan. 29 to review Dec. 31, 2023 financial statements. This review included comprehensive explanations of variances from the budget. Abbreviated financial statements are posted on the website. The total positive variance from budget as of the ninth month of the fiscal year is $385,235. It should be noted that OHCC Keystone's good management has greatly contributed to this positive 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. The equity balance at Dec. 31, 2023 is $662,336 Currently the state of the Association's finances remains sound and stable with equity more than $ 300,000 above our target level. The BFAC (Budget and Financial Advisory Committee) composed of Members and Directors has met with staff to lend their expertise to the preparation of the Master Association budget for 2024-2025. The final recommended budget will be presented to the Master Board for approval. Thank you to this committee for their assistance in this detailed process. Treasurer's Report By Ann Collins, OHCC Treasurer Balance Sheet: December 31, 2023 Operating Cash and Receivables $ 1,212,879 Reserves and Other $ 5,067,887 Total Assets $6,280,766 Reserve Obligations $ 5,041,749 Current Liabilities $ 576,681 Total Liabilities & Obligations $ 5,618,430 Equity $ 662,336 Income Statement: Nine months ended December 31, 2023 Budget Actual Variance Income $ 7,098,763 $7,135,467 $ 36,704 Expenses $7,231,353 $6,882,822 $ 348,531 Net ($ 132,590) $ 252,645 $ 385,235