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Home » Announcements » Announcements CCHOA » Treasurer's Report

Announcements

Treasurer's Report


12/11/2018

November 2018 Treasurer's Financial Report



UNAUDITED CCHOA RESULTS
The unaudited month ending results for the CCHOA for November 2018 and the 5th month of the 2018/2019 year are enclosed for your review. The combined Reserve account is $7,222,215.96. The Reserve balance is more than  the balance for November 2017 which was $7,107,230.05. The Reserve balance for November 2016 was $8,583,302.14. There are three major maintenance projects that the CCHOA is undertaking that may affect the near term Reserves. The three Villages are Kingston, Antigua and Mardi Gras. 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 Board's commitment that Reserves be adequate to insure that DEFERRED maintenance is not a consideration, unless there are no alternatives.



INDIVIDUAL VILLAGE RESULTS
Individual Village results remain similar with last month. There are 8 Villages that had higher expenses than that which was budgeted. Water, legal. gas/electric and pest control are the primary areas where expenses exceeded the funds that were budgeted.

A more detailed accounting can be requested from the CCHOA office. The CCHOA Board as well as staff are committed to ensuring that the HOA receives quality service for each of your dollars expended. The Board as well as the Finance committee remain concerned about any expenditures that exceed the funds budgeted. The Finance committee meets on January 15, 2019 at 9:00 a.m. to discuss budgeting as well as any expenditures that exceeded the budgeted amount. This is not an abnormal budgeting situation where certain services, such as water, pest control, legal, gas/electric and outside contractors for emergency repairs are encountered.



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 FOMC meets again this month with prospects for another rate increase possible on December 19, 2018. As mentioned previously, it is assumed that the CCHOA will change from a 1 year investment rationale to a longer time frame should the interest rate not be increased. Recently the yield curve for investing over a longer time frame has not been particularly attractive versus the prospect of interest rate increases and the CCHOA remaining flexible to enable the Reserve funds to take advantage of the increased rates. The CCHOA has taken steps to take advantage of funds waiting for invoices to arrive by investing in various money market funds that are currently paying over 2%. Currently over 2 million in Reserve funds are invested in 6 month or less T-Bills all earning over 2%.







Respectfully,
Bob Rood, CCHOA Treasurer