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Ocean Hills CC Living August 2024

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| OHCC LIVING | AUGUST 2024 | 5 The Executive Finance Committee met on June 24, 2024 to review May 31, 2024 financial statements. This review included comprehensive explanations of variances from the budget. Abbreviated financial statements are posted on the website. The total variance from budget as of the second month of the fiscal year is $ 84,851. The major reasons for this variance is time-phasing estimates of water usage, more efficient use of Keystone staff and higher interest rates. The Equity balance at May 31, 2024 is $766,625. Currently the state of the Association's finances remains sound and stable. Treasurer's Report By Ann Collins, OHCC Treasurer Balance Sheet: May 31, 2024 Operating Cash and Receivables $ 1,342,760 Reserves and Other $ 4,391,395 Total Assets $5,734,155 Reserve Obligations $ 4,310,612 Current Liabilities $ 656,918 Total Liabilities & Obligations $ 4,967,530 Equity $ 766,625 Income Statement: Two months ended May 31, 2024 Budget Actual Variance Income $ 1,672,648 $ 1,676,296 $3,648 Expenses $ 1,635,418 $ 1,554,215 $81,203 Net $ 37,230 $ 122,081 $ 84,851

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