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| SUN LAKES LIFESTYLES | JULY 2024 | 7 TREASURER'S REPORT: APRIL 2024 FINANCIAL STATEMENTS The Association had a net surplus (income exceeded expenses) in April of $20,079 and a year-to-date surplus of $182,542 (see table below). At the end of April, the balance in the Operating Fund checking account was $151,117. On that same date the Association had outstanding bills of $1,008,190. If accounts receivable (primarily amounts due from members house accounts) and cash are combined cash and receivables exceed outstanding bills by $252,556 (see the graphic below). Outstanding bills at the end of March included $652,863 owed to FirstService Residential. The Restaurant & Lounge had a loss in April of $31,555 which is $1,652 greater than the March budgeted loss. This is an improvement over the loss in April of 2023. The improvement was driven by a reduction in labor cost, primarily the lack of a Food & Beverage Director and closure of the Restaurant & Lounge due to construction. Year to date the Restaurant & Lounge has exceeded its budgeted loss by $163,928 (see table below). The Board has agreed to move forward with a search for a new Food & Beverage management company. A scope of work is being prepared and a request for proposals should be completed in the next month. I am seeing some troubling trends when comparing year-to-date results for 2024 vs 2023: • Excess of cash and receivables over bills decreased by $146,614. • Increase of $9,489 in the amount owed to FirstService Residential, total $652,863 at April 30, 2024. • Associations net surplus through April decreased by $187,755 compared to April 2023. GOOD NEWS — the new home buyer's Replenishment Assessment became effective on June 4. The new assessment will add $2,190 for each home purchased in Sun Lakes to the Repair & Replacement Fund. Please email me with any questions gary.burkel@sunlakescc. com. ~ Gary Burkel, SLCC Treasurer, CPA-Retired

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