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Home » Announcements » Announcements CCHOA » Treasurer's Report

Announcements

Treasurer's Report


6/20/2019



UNAUDITED CCHOA RESULTS: The unaudited month ending results for the CCHOA for May 2019 and the 11th month of the 2018/2019 year are enclosed for your review. The combined Reserve balance is $7,656,494.95. The Reserve balance for last month, April 2019 was $7,525,228.25. The May balance was slightly more than the April balance. The Reserve balance for May 2018 was $4,051,747.20. The Reserve balance for May 2017 was $8,774,450.94. The Reserve balance for May 2016 was $8,200,359. It is anticipated that combined Reserves will drop in 2019/2020 as a result of anticipated major maintenance in Antigua and Kingston. Following the maintenance projects the Reserves should begin to increase as the projects are paid for through either special assessments or increased annual dues. The CCHOA Board and staff are committed to NO DEFERRED MAINTENANCE, unless there is no alternative. 

INDIVIDUAL VILLAGE RESULTS: Once again, individual village results had 5 Villages with expenses higher than the budgeted amount and 5 Villages were under. The following villages had expenses higher than the amounts budgeted and the basic reasons for the overages are listed below. As previously mentioned, in almost all cases the overages are due to emergency type situations that must be taken care of as they occur. It must be remembered that once the overages occur it is difficult to offset the overages in the ensuing months.  

(1)Antigua = maintenance wages $1,644, temporary maintenance help $2,057, supplies $2,429, special projects $595, sprinkler parts $1,506, monitor pool $1,045, termite $2,062, outside contractors $77,685, outside plumbing $8,811, gas/electric $3,750. (2)Bahama = maintenance wages $3,423, temporary maintenance help $514, maintenance supplies $982, special projects $4,221, and plants $965. (3)Kingston = pool supplies $509, temporary maintenance help $2,057, tree trimming $1,968, plants, $1,335, sprinkler parts $1,321, termite $6,124, outside contractors $25,244, and gas/electric $1,780. (4)Montego = pool $1,154, temporary maintenance help $2,057, maintenance supplies $1,668, sprinkler $1,441, outside contractors $33,002, outside plumbing $1,926, and gas/electric $696. (5)Mardi Gras = temporary maintenance help $2,057, sprinkler $2,753, pool $1,671, termite $1,032, outside contractors $49,777, outside plumbing $2,221, and gas/electric $1,520.  A more comprehensive accounting can be requested from the CCHOA office. 

INVESTMENT PLANNING: The Finance committee and the CCHOA Board as well as the GM and Controller continue to monitor investments to insure that CCHOA investments are as safe as currently possible. The first criteria is safety with yield second. The CCHOA Board recently took action to change the current rationale for HOA investments. Current investments are centered on a laddered investments approach with additional funds being invested for periods that include short term as well as 1, 2, and 3 years. Each meeting of the FOMC (Federal Open Market Committee) is monitored to enable the CCHOA Board to invest in such a way as to garner the best investment results. The prime rate remains at 5.5%. It is currently presumed that the FOMC may drop the prime rate either this month or over the next couple of months. Should this happen, it would be recommended that the CCHOA move additional investments out for 4 years. In the last month the CCHOA has invested $774,000 in 4-week T-Bills, $526,000 in 8-week T-Bills, $416,000 in 2-year CDs, and $300,000 in 3-year CDs.

May 2018

May 2019

%

May 2019

May 2019

%

All

Actual

Actual

change

Actual

Budget

change

Cash

$744,529.08

$218,420.95

-70.66%

Revenue

$3,720,057.72

$3,524,529.18

-5.26%

$3,524,529.18

3,796,180.03

-7.16%

Expense

$3,588,373.79

$3,565,293.54

-0.64%

$3,565,293.54

3,796,180.03

-6.08%

Net Income

$131,683.93

(40,764.36)

-130.96%

Reserves

$4,051,747.20

$7,656,494.95

88.97%

May 2018

May 2019

%

May 2019

May 2019

%

Common

Actual

Actual

change

Actual

Budget

change

Revenue

$1,790,040.68

$1,752,586.37

-2.09%

$1,752,586.37

$1,885,749.34

-7.06%

Expense

$1,762,595.56

$1,714,824.42

-2.71%

$1,714,824.42

$1,885,749.34

-9.06%

Net Income

$27,445.12

$37,761.95

37.59%

Reserves

$1,344,637.47

$1,586,465.91

17.98%


Respectfully,

Bob Rood, CCHOATreasurer