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| SUN LAKES LIFESTYLES | JUNE 2024 | 7 TREASURER'S REPORT: MARCH 2024 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 MARCH 2024 INCOME STATEMENT BY DEPARTMENT The Association had a net surplus (income exceeded expenses) in March of $154,495 and a year-to-date surplus of $162,462. At the end of March, the balance in the Operating Fund checking account was $204,998. On that same date the Association had outstanding bills of $944,069. If accounts receivable (primarily amounts due from members house accounts) and cash are combined cash and receivables exceed outstanding bills by $269,225 (see the graphic below). Outstanding bills at the end of March included $380,926 owed to FirstService Residential. The Restaurant and Lounge had a loss in March of $87,539 which is $58,551 in excess of the March budgeted loss. Year-to-date the Restaurant and Lounge has exceeded its budgeted loss by $162,276 (see table below). The table below reports the surplus in the Operating Fund in March of $154,495. The summary of the March Income Statement, in the budget variance column, reports the amount of budget variance for each department. Through the end of March, the Association has a surplus of $162,461. The Association has two restricted funds, the Reserve and Capital funds. The following table shows the activity in these funds during the three months ended March 31, 2024: RESERVE CAPITAL ASSESSMENT $660,000 INVESTMENT INCOME 75,871 $10,530 EXPENDITURES (960,631) (15,445) NET $(224,760) $ (4,915) Reserve expenditures through the end of March include golf equipment repairs of $331,520, vehicle purchases of $195,124, and a dehumidifier for the South Clubhouse of $190,000. Please email me with any questions at gary.burkel@sunlakescc. com. ~ Gary Burkel, SLCC Treasurer, CPA-Retired

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