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22 FOUR SEASONS BREEZE | SEPTEMBER 2015 At our last meeting, the Financial Statements for June 2015 were reviewed and reflected the following significant items: Net Income year-to-date was a loss of $27,538 and total reserves were $4,884,374. The Accounts Receivable (delinquencies) were $53,627. Our total HOA expenses for June (excluding reserve allocations) were $217,583. This was under budget by $70,318. The Front Yard Cost Center expenses for June were under the monthly budget by $13,734. The Springdale Cost Center expenses for June were under the monthly budget by $1,593. There were no CD renewals to be reviewed. There were five vendor proposals presented and recommendations forwarded to our Board. A report on the accounts receivable was given by Wayne Staples indicating that a large payoff of $10,500 was received during the month and that an additional $12,000 account may have gone to foreclosure. A former owner account in the amount of $3,000 will be written off due to no funds available in the estate of the deceased. Len Tavernetti gave a presentation on budget impacts from the drought as they concern the 2016 budget. Len indicated that drought mitigation efforts have resulted in the identification of several candidates for turf removal, drip watering installations and equipment changes. Len also noted that the cost of water is down 20 percent so far this year as a result of watering cutbacks. In answer to a question regarding his expectation of any extraordinary expenses that might be incurred with impact on next years budget, he stated that the piping is getting old and frequent changes in water pressure have resulted in damage to the system; as a result, irrigation repair costs could increase as much as five percent from last year. A working draft has been drawn up for the 2016 budgets for the Springdale and Front Yard Cost Centers but we are waiting on a couple of items to complete the draft. These are expected in a couple of weeks. Sept. 29 at 6 pm is set for this year's Town Hall Budget Meeting in the Lodge Ballroom. Our next regularly scheduled meeting is Sept. 29 at 1 pm in the Lodge Conference Room. ~ Noel Myers Finance Committee

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