| SUN LAKES LIFESTYLES | AUGUST 2024 | 7
TREASURER'S REPORT: MAY 2024 FINANCIAL STATEMENTS
The Association had a net loss (expenses exceeded income) in
May of $170,858 and a year-to-date surplus of $11,683 (see table
below).
At the end of May, the balance in the Operating Fund checking
account was $329,544. On that same date, the Association had
outstanding bills of $1,190.709. If accounts receivable (primarily
amounts due from members' house accounts) and cash are
combined cash and receivables exceed outstanding bills by
$125,602 (see graphic below). Outstanding bills at the end of May
included $792,118 owed to FirstService Residential.
The Restaurant & Lounge had a loss in May of $101,919 which
is $65,933 greater than the May budgeted loss. Year to date the
Restaurant & Lounge has exceeded its budgeted loss by $229,861.
Golf course operations, on the other hand, has performed better
than budget by $111,896 through the end of May.
I am seeing some troubling trends when comparing year-to-date
results for 2024 vs 2023:
• Decrease in net surplus (income less expenses) of $366,116.
• Excess of cash and receivables over bills decreased by $146,614.
• Negative compared to budget through May of 2024 of $72,240
(see budget variance column below) compared to a positive
variance of $342,497 through May of 2023.
• Increase of $78,366 in the amount owed to FirstService
Residential, total $792,118 at May 31, 2024.
Please email any questions to gary.burkel@sunlakescc.com. ~
Gary Burkel, SLCC Treasurer, CPA-Retired
