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Treasurer's Report


January 2019 – Treasurer’s Financial Report

UNAUDITED CCHOA RESULTS: The unaudited month ending results for the CCHOA for January 2019 and the 7th month of the 2018/2019 year are enclosed for your review. The combined Reserve amount is $7,390,751.22. The Reserves for last month, December 2018 were $7,347,111.35. The January Reserve balance is slightly more than the balance for December 2018. The Reserve balance for December 2017 was $6,446,143.57. The Reserve balance for January 2018 was $5,927,619.11. The Reserve balance for January 2017 was $8,925,608.52 and for January 2016 was $8,022,698.90. During the 2017 year results the CCHOA started the major maintenance projects in Antigua and Montego. The loans to Antigua have been paid to the CCHOA and now the Reserves are being reestablished. The loan to Montego is nearly paid and their Reserves will start accumulating following the final payment to the CCHOA. There remain three major maintenance projects that the CCHOA is undertaking this year and next that will again reduce the Reserve balance. The three Villages are Antigua, Kingston and Mardi Gras. The CCHOA is currently budgeting for 100% Reserve funding within a 30-year time frame. It remains the CCHOA Board'S commitment that Reserves be adequate to ensure that DEFERRED maintenance is not a consideration, unless there are no alternatives.

Individual Village results remain similar with the last couple of months There are 8 Villages that had higher expenses than that which was budgeted. Last month there were 7. Water, legal, outside contractors, gas/electric, and pest control remain the major areas where the funds needed were under budgeted. The rain has helped with the water, but has significantly added to water intrusion problems.

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, and the Controller remain concerned about expenditures that exceed the funds budgeted. The Finance committee again meets on March 19, 2019 to review the proposed budget and to offer input to the CCHOA Board regarding budgeting. Residents are welcome to attend these resident meetings.

INVESTMENT PLANNING: The Finance committee and the CCHOA Board as well as staff continue to monitor investments to ensure 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 now been 9 rate increases since December 17, 2015. The current Prime Rate is 5.50%. The FOMC meets again on March 19-20, and the CCHOA stands ready to modify the investment approach depending on a possible rate increase. Currently the CCHOA has modified our accounts to take advantage of the best rates available, including investments in CDs, T-Bills, and money market funds paying over 2% while these funds are ready for needed expenditures. Should rates not increase it is presumed that the CCHOA will begin to move some available Reserves out for a longer maturity to capture slightly higher rates.

Bob Rood, CCHOA Treasurer