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Home » Announcements » Announcements CCHOA » Treasurer's Report

Announcements

Treasurer's Report


11/30/2018

October 2018 Treasurer's Financial Report


UNAUDITED CCHOA RESULTS
October 2018 Treasurer's Financial Report The unaudited month ending results for the CCHOA for October 2018 and the 4th month of the 2018/2019 year are enclosed for your review. The combined Reserve account is $7,093,025.36. The Reserve balance is less than the balance for October 2017 which was $7,298,340.75, and for October 2016 it was$8,509,883.76. As mentioned in the last several Treasurer reports, the Reserves should continue to increase as loans are repaid from Montego and Antigua, and the normal reserves are added to the account. Of course, Reserves are continually needed for major maintenance projects, and there are currently three significant projects slated for needed repairs. The three Villages are Antigua, Kingston and Mardi Gras, and these three could affect temporarily the Reserve balance for the remainder of this year. All Villages are required by 2023/2024 to have 50% Reserve funding. As previously indicated the CCHOA is budgeting for 100% Reserve funding within a 30 year time frame. It is the CCHOA Boards commitment that Reserves be adequate to insure that deferred maintenance is not a consideration, unless there are no alternatives.


INDIVIDUAL VILLAGE RESULTS
Currently 8 Villages had higher expenses than that which was budgeted. Water was the basic culprit for the over expenditures. The 8 Villages also had various overages such as pest control, gas/electric, outside contractors and grounds. A more detailed accounting can be requested from CCHOA office. The Finance committee, the CCHOA Board, as well as staff remain concerned with individual Villages remaining within the scope of the budgeted amounts but realize that water has been a source of consternation. It can be reasonably assumed that the Finance committee and Board will certainly discuss the possible solutions for future budgeting and individual Villages NOT exceeding their budgeted amounts where alternatives exist.


INVESTMENT PLANNING
The Finance committee and the CCHOA Board, as well as staff continue to monitor investments to insure that the CCHOA investments are as safe as currently possible. The first criteria is safety with yield second. The current investment rationale centers on a laddered approach to investing with a current one-year goal. There have been 8 interest rate increases since December 17, 2015. The latest occurring on September 26, 2018, which brought the Prime Rate to 5.25%. Information indicates that there may be one additional rate increase on December 19, 2018. Should rates NOT increase it is presumed that the CCHOA will begin to move investments out for a longer period of time.
Currently, recent investments have centered on 30 day T-Bills which have been averaging just over 2%. 30 day CD investments available to the CCHOA have not been as high as T-Bills (T-Bills are State/local tax free).






Respectfully,
Bob Rood, CCHOA Treasurer