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Home » Announcements » Announcements CCHOA » Treasurer's Report

Announcements

Treasurer's Report


9/24/2019

August 2019 - Treasurer’s Financial Report 

UNAUDITED CCHOA RESULTS: 
The unaudited month ending
results for the CCHOA for the August 2019 and the second month of the 2019/2020 year are enclosed for your review. The combined Reserve account is $7,506,923.71. The Reserve balance is slightly less than the balance for July 2019 which was $7,651,753.04. The Reserve balance is more than the balance for August 2018 which was $6,845,106.05. The Reserve balance for August 2017 was $7,569,315.93. The Reserve balance for August 2016 was $8,388,862.99, August 2015 was $7,402,701.68, and August 2014 was $6,693,677.95. Beginning two years ago, and again this year the CCHOA has been undergoing 5 major maintenance projects affecting Reserves. The Reserves will, once again begin to increase with the completion of the projects this year. All Villages must be at a Reserve funding level of 50% by the year 2023/2024. Over a 30-year period the Reserves are scheduled to increase to 100%. 

The AUDITED results for the CCHOA were presented at the 48th Annual Homeowner’s meeting in August 2019. If you wish a copy of the audited year end results please stop by the homeowner’s
office.


INDIVIDUAL VILLAGE RESULTS:
Currently one Village had higher expenses than that which was budgeted. Basically, outside contractors and water accounted for the higher expenditures in Montego Village. The excess expenditures were anticipated and approved.

 

INVESTMENT PLANNING:

The Finance committee and the CCHOA Board as well as the General Manager/Controller continue to monitor investments to insure that the CCHOA investments are as safe as currently possible. The first criteria is safety with yield second. Finance committee meeting attendance is always open to CCHOA homeowners and the meeting schedule is posted on the website.


The current investment rationale centers on some investments remaining short term in order to meet funding expenses for the above mentioned significant maintenance projects. As mentioned in July the CCHOA was anticipating that the FOMC (Federal Open Market Committee) might drop rates on September 18, consequently the CCHOA has been moving investments out 2, 3 and 4 years to lock in higher rates to take advantage of a possible continuing Prime Rate decreasing environment. Additionally, some of the investments are frequently rolled over in short term T-Bills in order to remain fully invested yet prepared to have the necessary funds available for continuing expenses. The CCHOA currently invests in T-Bills and longer-term CDs. The Prime Rate is currently 5.0%.   



Respectfully,
Bob Rood, CCHOA Treasurer