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6 | SUN LAKES LIFESTYLES | FEBRUARY 2025 | TREASURER'S REPORT: NOVEMBER 2024 FINANCIAL STATEMENTS The Association had a net loss (expenses exceeded income) in November of $121,280 and a year-to-date loss of $548,658 (see table below). This compares to a net surplus through the end of November 2023 of $213,576. At the end of November, the balance in the Operating Fund checking account was $187,945. On that same date, the Association had outstanding bills of $1,364,850. If accounts receivable (primarily amounts due from members house accounts) and cash are combined outstanding bills exceed cash and accounts receivable by $658,687 (see the graphic below). Outstanding bills at the end of November included $1,038,925 owed to FirstService Residential, most of which is unpaid reimbursement for payroll. The Restaurant & Lounge had a loss in November of $104,269 which is $66,693 greater than the November budgeted loss. Year- to-date, the Restaurant & Lounge has a total loss of $835,573 which exceeds its budget loss by $435,541. The Board was informed in mid-December that the Association insurance premium will increase by approximately $150,000 to $551,000 in 2025. In addition, we were also informed that the company providing janitorial services was closing down, forcing management to issue a Request for Proposal for new janitorial services. Due to these and other issues, the Association may experience cash shortages in 2025. Options Management has asked the Board to consider including borrowing from the Reserve Fund, a special assessment, or reduction in services. Please email me with any questions gary.burkel@sunlakescc. com. ~ Gary Burkel, SLCC Treasurer, CPA-Retired

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