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Treasurer's Report



Unaudited CCHOA Results
The unaudited month ending results for the CCHOA for May 2018 and the 11th month of the 2017/2018 year are enclosed for your review. The combined Reserve account balance is $4,051,747.20. The Reserve balance is less than the balances for May 2017 which was $8,393,015,35. The May 2016 Reserve balance was $8,207,634.94. As mentioned in most of this years reports, significant maintenance projects were undertaken in Antigua and Montego which caused the Reserve balance to decline in each of the most recent months. These two major projects are basically completed and after July 1, 2018 the overall Reserves should start to increase as the borrowed funds are repaid. Additionally, both Villages will start to increase their Reserve balances as annual dues are received. One additional note, if history and Reserves are compared one may find a slight variance in the stated Reserve balance as the bank statement can be slightly different from the accounting books depending on when invoices and receipts are accounted for. Currently, the bank statement determines the Reserve balance.

All Villages are slated to have at least 50% of required funding in place by the years 2023/2024. Reserves are terribly important for the CCHOA as the funds enable the CCHOA Board and Management to utilize the funds as maintenance needs are realized so that DEFERRED maintenance will NOT be one of the considerations unless there are no alternatives.

Individual Village Results
Currently the following Villages had higher expenses than that which was budgeted. By way of a reminder, Management has taken steps to attempt to correct the budgeted areas that are over in their expenses for 2018/2019. This is entirely normal in budgetary accounting and the usual practice. It might also be mentioned that once a Village is over their budget in certain areas it is difficult to arrive back within the budget for the year.

The more significant areas where expenses are over that which was budgeted are listed for each of the Villages. A more detailed accounting can be requested from the CCHOA office or on the website after the monthly Board meeting.

Green Turtle Cay, landscape wages, personal leave, temporary landscape help, fertilizer, equipment parts, WATER, and the reserve study.

Trinidad Village, pool wages, pool supplies, landscape wages, personal leave, temporary landscape help, special project wages, plants, fertilizer, equipment parts, termite work, outside plumbing, WATER, and the reserve study.

Blue Anchor Cay, employee burden, landscape wages, personal leave, temporary landscape help, tree trimming, plants, parts, WATER, reserve study, and miscellaneous administrative expenses.

Port Royale Village, Maintenance wages, pool wages, maintenance burden, special projects, maintenance supplies, temporary landscape help, plants, fertilizer, parts, outside plumbing, gas/electric, WATER, and the reserve study.

Mardi Gras Village, maintenance wages, personal leave, pool wages, employee burden, special project wages, temporary landscape help, plants, fertilizer, pest control, termite work, gas/electric, WATER, and the reserve study.
Investment Planning
The CCHOA Finance committee meets Tuesday June 22 at 9:00 am in the conference room at the Cays office. The CCHOA Board meets at 2:00pm on Thursday June 28, 2018 in the large meeting room next to the offices. It is presumed that the committee and Board will concur that as loan repayment funds are received following July 1, 2018 they will be invested in the most safe and secure form of investment currently available. The committee will be reviewing the current form of investment and the future type of investments as the CCHOA moves forward. The past practice has utilized a CD laddered form of investment. Although 25% of the Reserve funds may be invested out 4 years, the current formula is utilizing whatever secure investments are available out no more than 1 year. Hopefully this thinking will allow the CCHOA to take advantage of what appears to be an increasing investment rate environment. Both meetings are always open for the public to attend and have an opportunity to provide input.

The US Prime Rate was changed on March 16, 2017 from 3.75% to 4.00%. On June 15, 2017 it to moved to 4.25%. On December 14, it moved to 4.50%. On March 22, it moved to 4.75%. concluding with the most recent change on June 14, where the rate was adjusted upward to 5.00%.




Bob Rood, CCHOA Treasurer