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Home » Announcements » Announcements CCHOA » Treasurer's Report

Announcements

Treasurer's Report


9/13/2018

August 2018 Treasurer's Financial Report


UNAUDITED CCHOA RESULTS
The unaudited month ending results for the CCHOA for August 2018 and the 2nd month of the 2018/2019 year are enclosed for your review. The combined Reserve account is $$6,845,106.05 (as mentioned in the July 2018 report the Reserves have started increasing due to loan repayments from Antigua and Montego). The Reserve balance is less than the balances for August 2017 which was $7,583,566.93, and for August 2016 it was $8,388,862.99. The Reserves should continue to increase as the loan repayments are added to the Reserves as well as Antigua and Montego will start to add to their Reserves as the CCHOA nears the 2023/2024 year where all Villages are required to maintain 50% Reserve funding as a result of an earlier Board Resolution. This of course will increase to 100% over 30 years. It is your CCHOA Board's desire that Reserves be adequate to insure that deferred maintenance is not a considered option.


INDIVIDUAL VILLAGE RESULTS
Currently the following Villages had higher expenses than  that which  was budgeted.  By way of a repeat, and  as mentioned at the Annual meeting the CCHOA Board through the General Manager is committed to monitoring operational expenses to insure that the Homeowners are receiving the very best value for the funds expended. This continues to include Reserve projects where three bids are required from competent bidders unless their are not enough bids available. At times projects are not funded if the prices are not within budgeted amounts. This is designed to look for better bids but not delay required maintenance.

Water has basically caused the following Villages to spend more than that which was budgeted-Mardi Gras, Port Royale, Blue Anchor, Trinidad, Bahama, Antigua and Jamaica. In some of the Villages sewer storm drain fees and grounds add-ons were added to the overage amounts. A more detailed accounting can be requested from the CCHOA office or on the website after the monthly Board meeting (September 27 at 2:00 and you are invited to attend).


INVESTMENT PLANNING
The Finance committee and the CCHOA Board continue to monitor investments to insure that the investments are as safe as currently possible. The first criteria is safety with yield second. The current investment rational centers on a laddered approach to investing with a current one year goal. This remains as a result of the FOMC (Federal Open Market Committee) indicating that there is still a possibility of two rates increases this year and three next year. Should rates NOT increase on September 26th the CCHOA most likely will consider seeking investments that mature out more than one year and up to four. As previously mentioned, the Finance committee and the CCHOA Board hope to take advantage of possible future rate increases as the longer term yields change from a flat yield curve to a more desirable yield for longer term investments. The Reserves currently have $1,700,000 in various short term T-Bills. The balance of the Reserves are currently invested in CDs that mature between 9/28/18 and 10/26/20-the latter purchased prior to rate increases). The US Prime Rate is currently 5.0%

        


Respectfully,
Bob Rood, CCHOA Treasurer