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| Sun lakeS lifeStyleS | JanuaRy 2016 | 7 From the Treasurer By John Clark, Master Board Treasurer OPERATIONS: November continues the pattern of previous months with financial performance exceeding expectations. Revenue exceeded expense by $113,507, whereas the plan had anticipated only an excess of $40,348. The difference resulted in $73,159 being added to surplus. All three operations, HOA, Golf and Food & Beverage had positive variances to their budgets for the month. The surplus is now, through November, $737,888. Historically, December has been a positive month and the 2015 annual plan projects a surplus for December of $83,640. NON-OPERATIONS Summary: Homes closing escrow during the month totaled 15; the eleven month total is now 213 against a projected eleven month total of 142. The increase in home resales has added $67,450 in revenue so far. Income: The HOA came up short for the month primarily due to reduced investment income. The Finance Advisory Committee has recommended for the last few months that a significant portion of the Association's investment portfolio be held in money market accounts pending an anticipated rate increase by the Federal Reserve. The revenue shortfall in November was $5,379. Golf revenue was positive to the plan due to increased play by guests and an increase in merchandise sales. Finally, the restaurant and beverage operation came in slightly ahead of plan due to heavy banquet activity in November which offset lower lunch and dinner revenue. Expenses: The lower than anticipated expenses accounted for the November surplus. Salary and related benefit expense for all functions was a combined total of $31,587 less than plan. Irrigation water for the common areas and golf courses were less than plan by $30,000. The water savings for the common areas actually exceeded that saved on the golf courses. Cable TV was lower by $10,428 due to the recently renegotiated contract with Time Warner. The lower cost for November included a partial refund of the September premium plus the reduction of the previously negotiated rate for October and November. The lower rate continues through the contract period. Lastly, a major purchase of seed, projected for October, arrived in November reducing the November savings by $12,132. FUNDS: The total of all funds increased by $228,142 in November. This resulted from the addition of the reserve set-asides included in the monthly homeowner assessment, the November surplus, interest income and fees linked to residence resales. Offsetting a portion of these additions were expenditures on Capital Reserves of $26,134 (there were no expenditures on Capital Improvements during the month). The major Reserve expenditure was a deposit of $17,284 against the golf course bunker renovation now underway. Finally, a toast to the New Year "May all your troubles during the coming year be as short as your New Year's resolutions." Comments, etc., to John Clark - jdclark@dc.rr.com EPAP AnimAl rEscuE: Our next meeting is Jan. 18, at 10 am in the Multi Purpose Room. The guest speaker will be Linda Dixon know as the "Dog Listener." Linda will be bringing in one of her dogs and demonstrating on dog manners, and behavior issues. I also want to give a special thanks to Linda Vieira and Carol Meagher for a great job done at the November meeting. Oh and let's not forget guide dog Lucy! Happy New Year!