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Home » Announcements » Announcements CCHOA » Treasurer's March Financial Report

Announcements

Treasurer's March Financial Report


4/19/2018

 

MARCH 2018
TREASURER’S  FINANCIAL REPORT 


Unaudited CCHOA Results
The unaudited month ending results for the CCHOA for March 2018 and the 9th month of the 2017/2018 year are enclosed for your review. The combined Reserve account balance is $4,497,292.79. The Reserve balances are less than the balance for March 2017 which was $8,902,764.11. As mentioned in previous financial reports, significant maintenance projects were undertaken in Antigua and Montego which caused the Reserve balance to decline for the short term. These two projects are coming to a close and after July 1 the Reserve balances should start increasing as the funds loaned to the two Villages begin to be repaid. In addition, the Reserves for each of the two Villages should also begin to increase significantly as the Reserves are replaced with each months’ regular annual dues payments. Of course all 10 Villages are slated to have at least 50% of required funding in place by the years 2023/24. Currently most Villages exceed that particular requirement. Reserves are terribly important for the CCHOA as the funds enable the Board and Management to utilize the funds as maintenance needs are realized so the DEFERRED maintenance will NOT be one of the considerations unless there are no alternatives.


Individual Village Results
Currently Common Administration, Green Turtle Cay, Antigua Village, Trinidad Village, Blue Anchor Cay, Port Royale Village, and Mardi Gras had higher Expenses than that which was budgeted. The abbreviated explanation for the variance is listed for each Village. 

Common Administration, Jamaica Village, Bahama Village, Kingston Village and Montego Village had current Net Income in excess of the amounts budgeted for. The remaining Villages had less Net Income than that which was budgeted for.

Each month the variances between the budgeted amounts for the 10 Villages, plus the Administration are listed in the more comprehensive detailed accounts which are listed on the CCHOA web page usually following submittal to the CCHOA Board. Homeowner’s are always welcome to stop by the CCHOA office for a printed copy of these reports.


Investment Planning
It is presumed that the CCHOA will resume CD purchases following April and as excess funds become available since the significant maintenance projects may start to return to a more normal schedule of utilization of Reserve funds. Of course these investment decisions initially start with your CCHOA Finance Committee and culminate with the CCHOA Board determining the Safety and Security for your Reserve funds. We currently use Wells Fargo to handle the final placement of your investment funds.

Montego/Antigua Maintenance Obligations
As stated in last month’s report both of these Villages have approved special assessments to repay the borrowed funds from the CCHOA. The special assessments for Montego are $1,742,000 and for Antigua $1,491,480. These amounts will pay off the borrowed amounts and the Villages will resume funding their Reserves in each of the ensuing years.




     

Respectfully,


Bob Rood, CCHOA Treasurer